RNS Number : 8286A
Maruwa Co Ld
07 August 2008
7 August 2008
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal 2009
MARUWA CO., LTD. today announced its consolidated financial results for the first quarter of Fiscal 2009 as
follows;
I. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
JPY million
1st Quarter 1st Quarter Change %
1 April - 30 June 1 April - 30 June
2007 2008
Net sales 4,719 4,764 1.0%
Operating income 359 195 -45.7%
Income before income taxes 411 244 -40.6%
Net income 272 132 -51.5%
Net income per share: JPY
Basic 25.12 12.25 -51.2%
Diluted 25.03 -- --
(2) Summary of consolidated financial condition
JPY million
As of 30 June (Reference)
2008
As of 31 March 2008
Total net assets 28,007 27,774
Total assets 32,127 32,850
Equity ratio 87.2% 84.5%
JPY
Shareholders' equity per share 2,606.88 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
The forecast figures for business results and dividends announced in 9 May 2008 were not changed.
*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. Review of Operations
1. Review of Operations
Japanese economy in this first quarter slowed affected by soaring oil and raw material prices and decreasing corporate revenues and
consumer spending due to the slowing U.S. economy.
In these circumstances, demands in the electronic components market have recovered from the inventory adjustments which had started in
early 2008; however, the semiconductor equipment market has suffered low demands.
Our consolidated net sales for this first quarter were 4,764 million yen, up 1.0% from the same period last year due to a revenue
increase in the Ceramic Components business. Operating income decreased 45.7% to 195 million yen compared to the same period last year, due
mainly to costs and expenses incurred for commencing new mass production in the Ceramic Components business and the weak semiconductor
equipment market. Net income was 132 million yen, down 51.5% from the same quarter of the previous year.
2. Operating results by business segment
Ceramic Components segment
Total sales of this business segment were 4,607 million yen, up 1.7% from the same period last year, and operating income was 385
million yen, down 35.4%. Although sales increased due to the new mass production, its costs and expenses and the semiconductor equipment
market downturn adversely affected the profits.
Circuit Ceramics
Total sales of the Circuit Ceramics division for this first quarter increased 10.5% to 1,869 million yen from the first 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.
Machinery Ceramics
Total sales of the Machinery Ceramics division were 1,164 million yen, down 12.2% from the same period last year.
The downturn of the semiconductor equipment market influenced the sales of quartz glass products.
Radio Frequency Products
Total sales from the Radio Frequency Products division increased 2.7% to 487 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 period.
EMC Components
Total sales of the EMC Components division were 1,087 million yen, up 4.4% from the first quarter of the previous year.
The main factor for the sales increase was the new mass-produced ferrite sheets which are used for RFID.
Lighting Equipment segment
Total sales from the Lighting Equipment segment decreased 16.0% to 157 million yen compared to the same period last year; operating loss
was 63 million yen.
We are striving to expand sales of LED lighting devices while the market of conventional lighting fixtures is continuously in a
decreasing trend.
Operating results by business segment
JPY million
1st Quarter 1st Quarter
1 April - 30 June 1 April - 30 June
2007 2008
Ceramic Components:
Net sales 4,532 4,607
Operating income 596 386
Lighting Equipment:
Net sales 187 157
Operating income (71) (63)
Total:
Net sales 4,719 4,764
Operating income 525 323
Elimination:
Net sales -- --
Operating income (166) (128)
Consolidated:
Net sales 4,719 4,764
Operating income 359 195
Quarterly sales results of Ceramic Components segment by product division
JPY million
For year ended 31 March
2008 2009
1Q 2Q 3Q 4Q 1Q
Circuit Ceramics 1,692 1,868 1,936 1,673 1,869
Machinery Ceramics 1,325 1,330 1,258 1,186 1,164
RF Products 474 492 500 456 487
EMC Components 1,041 1,064 1,138 1,046 1,087
Total 4,532 4,754 4,832 4,361 4,607
3. Financial Condition
Total assets as of the end of this first quarter were 32,127 million yen, down 723 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 956 million yen to 4,120 million yen from the previous year-end. Total net assets increased 233
million yen to 28,007 million yen because of an increase in foreign currency translation adjustments.
Capital expenditure in this quarter amounted to 529 million yen. Depreciation costs were 475 million yen.
Cash and cash equivalents at the end of this first quarter were 5,425 million yen.
Net income before income taxes was 244 million yen, and depreciation was 475 million yen. As a result, net cash provided from operating
activities was 366 million yen.
Net cash used in investing activities was 974 million yen due especially to payments for purchase of property, plant and equipment, 797
million yen.
Net cash used in financing activities was 187 million yen, mainly used for dividends paid by the parent company, 108 million yen.
Consolidated Balance Sheet
JPY million
1st Quarter (Reference)
As of 30 June As of 31st March
2008 2008
ASSETS
Current assets:
Cash & deposits 5,706 6,263
Trade notes and accounts receivable 6,343 6,649
Inventories:
Merchandise and finished goods 1,422 1,354
Work-in-process 1,530 1,547
Raw materials and supplies 1,446 1,236
Total inventories 4,398 4,137
Other current assets 364 650
Allowance for doubtful accounts (13) (2)
Total current assets 16,798 17,697
Property, plant & equipment:
Land 3,347 3,215
Buildings & structures 7,796 7,550
Machinery & equipment 12,447 11,966
Other 3,430 3,366
Construction in progress 528 423
Total property, plant & equipment 27,548 26,520
Less, accumulated depreciation (14,145) (13,537)
Net property, plant & equipment 13,403 12,983
Investment & other assets:
Total investments & other assets 1,926 2,170
Total assets 32,127 32,850
JPY million
1st Quarter (Reference)
As of 30 June As of 31st March
2008 2008
LIABILITIES
Current liabilities:
Trade notes & accounts payable 1,507 1,708
Current portion of long-term debt 5 5
Accrued income taxes 59 110
Accrued bonus 207 357
Accrued bonus to directors 2 --
Other 1,684 2,088
Total current liabilities 3,464 4,268
Long-term liabilities:
Long-term debt 129 130
Negative goodwill 92 112
Other 435 566
Total long-term liabilities 656 808
Total liabilities 4,120 5,076
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710
Capital surplus 9,747 9,747
Retained earnings 12,303 12,324
Treasury stock, at cost (717) (639)
Total shareholders' equity 28,043 28,142
Valuation and translation adjustments:
Net unrealized gains on available-for-sale (59) (72)
securities
Foreign currency translation adjustments 23 (296)
Total valuation and translation adjustments (36) (368)
Total net assets 28,007 27,774
Total liabilities and net assets 32,127 32,850
Consolidated Statement of Income
JPY million
1st Quarter 1st Quarter
1 April - 30 June 1 April - 30 June
2007 2008
Net sales 4,719 4,764
Cost of sales 3,352 3,592
Gross profit 1,367 1,172
Selling, general & administrative 1,008 977
expenses
Operating income 359 195
Other income (expenses):
Interest & dividend income 17 14
Interest expenses (1) (1)
Rent income 29 29
Rent expenses on real estate for (13) (13)
investments
Foreign exchange gain (loss), net (10) 8
Amortization of negative goodwill 51 21
Gain on sales of property, plant and 45 12
equipment
Loss on disposal or sales of property, (94) (5)
plant and equipment
Loss on valuation of inventories -- (28)
Other, net 28 12
Other income (expenses), net 52 49
Income before income taxes 411 244
Income taxes:
Current 65 54
Deferred 74 58
Total income taxes 139 112
Net income 272 132
Consolidated Statement of Cash Flows
JPY million
1st Quarter
1 April - 30 June
2008
Cash flows from operating activities:
Income before income taxes 244
Adjustments for:
Depreciation 475
Amortization of negative goodwill (21)
Increase in allowance for doubtful accounts 40
Gain on disposal or sales of property, plant & equipment (7)
Interest & dividend income (17)
Foreign exchange loss 0
Decrease in trade notes & accounts receivable 384
Increase in inventories (198)
Decrease in trade notes & accounts payable (273)
Other (210)
Sub-total 417
Interest & dividend income received 20
Interest expenses paid (1)
Income taxes paid (70)
Net cash provided by operating activities 366
Cash flows from investment activities:
Payments into time deposits (146)
Proceeds from withdrawal of time deposits 2
Payments for purchase of property, plant & equipment (797)
Proceeds from sales of property, plant & equipment 30
Payments for purchase of investment securities (51)
Payments for purchase of intangible assets (6)
Other (6)
Net cash used in investing activities (974)
Cash flows from financing activities:
Payments of long-term debt (1)
Cash dividends paid (108)
Payments for purchase of treasury stock (78)
Net cash used in financing activities (187)
Effect of exchange rate changes on cash & cash equivalents 64
Net decrease in cash & cash equivalents (731)
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 5,425
Segment information
(1)Business segments
JPY million
1st Quarter
Ceramic Components Lighting Equipment Total Eliminations or Consolidated
corporate
Net sales:
External customers 4,607 157 4,764 -- 4,764
Inter-segment 8 -- 8 (8) --
Total net sales 4,615 157 4,772 (8) 4,764
Operating income (loss) 386 (63) 323 (128) 195
(2)Geographical segments
JPY million
1st Quarter
Japan Asia Europe & America Total Eliminations or Consolidated
corporate
Net sales:
External customers 3,523 917 324 4,764 -- 4,764
Inter-segment 262 459 1 722 (722) --
Total net sales 3,785 1,376 325 5,486 (722) 4,764
Operating income 241 122 14 377 (182) 195
(3)Overseas sales
JPY million
1st Quarter
Asia Europe Other Total
Overseas sales 1,858 190 145 2,193
Consolidated net sales 4,764
Percentage (%) 39.0% 4.0% 3.0% 46.0%
*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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