TIDMMAW
RNS Number : 6999X
Maruwa Co Ld
27 April 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 Year Ended March 31, 2023
(Based on Japanese GAAP)
April 27, 2023
Company name: MARUWA CO., LTD.
Stock exchange Tokyo, Nagoya
listing:
Stock code: 5344 URL https://www.maruwa-g.com/
Representative: President and Representative Toshiro Kanbe
Director
Inquiries: Director Yukiko Morishita TEL 0561-51-0841
Scheduled date of ordinary general June 22, 2023
meeting of shareholders:
Scheduled date to file Securities June 23, 2023
Report:
Scheduled date to commence dividend June 23, 2023
payments:
Preparation of supplementary material Yes
on financial results:
Holding of financial results meeting: Yes (for institutional investors and
analysts)
(Amounts less than one million yen are
rounded down)
1. Consolidated financial results for the year ended March 31,
2023 (from April 1, 2022 to March 31, 2023)
(1) Consolidated operating results Percentages indicate year-on-year changes
Net sales Operating profit Ordinary profit Profit attributable
to owners of
parent
Millions % Millions % Millions % Millions %
of yen of yen of yen of yen
Year ended March 31,
2023 58,804 8.2 20,142 10.6 21,187 10.5 15,020 12.5
Year ended March 31,
2022 54,344 31.1 18,215 77.7 19,182 85.7 13,350 92.5
-------- ---- ----------- ----- ---------- ----- ------------- ------
Earnings per Diluted earnings Profit attributable Ordinary profit/total Operating
share per share to owners assets profit/net
of parent/equity sales
---------------- ------------------- ---------------------
Yen Yen % % %
Year ended March 31,
2023 1,217.45 - 17.3 20.8 34.3
Year ended March 31,
2022 1,082.11 - 18.3 22.1 33.5
------------ ---------------- ------------------- --------------------- -----------
(2) Consolidated financial position
Total assets Net assets Equity ratio Net assets per
share
Millions of Millions of % Yen
yen yen
As of March 31, 2023 108,031 94,215 87.2 7,636.60
As of March 31, 2022 95,899 79,681 83.1 6,458.45
------------ ----------- ------------ --------------
(3) Consolidated cash flows
Cash flows from Cash flows from Cash flows from Cash and cash
operating activities investing activities financing activities equivalents
at end of period
Millions of Millions of Millions of Millions of
yen yen yen yen
Year ended March 31,
2023 15,647 (8,755) (1,882) 49,585
Year ended March 31,
2022 14,757 (3,522) (1,132) 44,385
---------------------- ---------------------- ---------------------- ------------------
2. Cash dividends
Annual dividends per share Total Dividend Ratio
cash payout of dividends
dividends ratio to net
(Total) (Consolidated) assets
(Consolidated)
1st 2nd 3rd Fiscal Total
quarter-end quarter-end quarter-end year-end
-----------
Yen Yen Yen Yen Yen Millions % %
of yen
Year ended March
31,
2022 - 34.00 - 36.00 70.00 863 6.5 1.2
Year ended March
31,
2023 - 38.00 - 40.00 78.00 962 6.4 1.1
----------- ----------- ----------- -------- ----- --------- -------------- --------------
Year ending March
31, 2024 - 43.00 - 43.00 86.00 -
(Forecast)
----------- ----------- ----------- -------- ----- --------- -------------- --------------
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 Earnings
to owners of per share
parent
Millions % Millions % Millions % Millions % Yen
of yen of yen of yen of yen
Six months ending
September 30,
2023 27,100 (8.7) 9,100 (14.3) - - - - -
Full year 61,500 4.6 21,000 4.3 - - - - -
-------- ----- ---------- ------ ------------ --- ---------------- --- ----------
4. Notes
(1) Changes in significant subsidiaries during the year Yes
ended March 31, 2023
(changes in specified subsidiaries resulting in the
change in scope of consolidation):
(2) Changes in accounting policies, changes in accounting
estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to No
accounting standards and other regulations:
Changes in accounting policies due to other reasons: No
Changes in accounting estimates: No
Restatement of prior period financial statements: No
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period
(including treasury shares)
As of March 31, 2023 12,372,000 shares As of March 31, 2022 12,372,000 shares
---------------------- ---------- --------------------- ----------
Number of treasury shares at the end of the period
As of March 31, 2023 34,649 shares As of March 31, 2022 34,492 shares
---------------------- ------ --------------------- ------
Average number of shares during the period
Year ended March 31, Year ended March 31,
2023 12,337,413 shares 2022 12,337,379 shares
---------------------- ---------- --------------------- ----------
Consolidated financial statements
Consolidated balance sheets
(Millions of yen)
--------------------------------------------------- --------------- -----------------
As of March 31, As of March 31,
2022 2023
--------------------------------------------------- --------------- -----------------
Assets
Current assets
Cash and deposits 44,621 49,795
Notes receivable - trade 473 343
Accounts receivable - trade 12,876 10,701
Electronically recorded monetary
claims - operating 1,810 1,820
Merchandise and finished goods 1,632 2,267
Work in process 2,648 2,905
Raw materials and supplies 3,706 3,767
Other 2,389 3,043
Allowance for doubtful accounts (9) (9)
Total current assets 70,149 74,634
--------------- -----------------
Non-current assets
Property, plant and equipment
Buildings and structures, net 10,101 14,075
Machinery, equipment and vehicles,
net 5,478 7,446
Land 4,699 4,872
Construction in progress 2,653 3,920
Other, net 590 731
--------------- -----------------
Total property, plant and equipment 23,524 31,046
--------------- -----------------
Intangible assets
Other 298 284
Total intangible assets 298 284
--------------- -----------------
Investments and other assets
Investment securities 230 534
Deferred tax assets 637 484
Investment property, net 948 933
Other 111 114
Allowance for doubtful accounts (0) (0)
Total investments and other assets 1,927 2,066
--------------- -----------------
Total non-current assets 25,750 33,397
--------------- -----------------
Total assets 95,899 108,031
--------------- -----------------
(Millions of yen)
------------------------------------------------------ --------------- -----------------
As of March 31, As of March 31,
2022 2023
------------------------------------------------------ --------------- -----------------
Liabilities
Current liabilities
Notes and accounts payable - trade 3,444 2,975
Electronically recorded obligations
- operating 2,419 1,542
Short-term borrowings 100 -
Current portion of long-term borrowings 866 333
Income taxes payable 4,731 2,684
Provision for bonuses 866 914
Provision for bonuses for directors
(and other officers) 71 124
Other 2,455 4,334
Total current liabilities 14,953 12,910
--------------- -----------------
Non-current liabilities
Long-term borrowings 733 400
Deferred tax liabilities 153 141
Other 377 364
Total non-current liabilities 1,264 905
--------------- -----------------
Total liabilities 16,218 13,816
--------------- -----------------
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,017 12,018
Retained earnings 59,274 73,381
Treasury shares (207) (209)
Total shareholders' equity 79,732 93,838
--------------- -----------------
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities 104 125
Foreign currency translation adjustment (155) 251
Total accumulated other comprehensive
income (51) 377
--------------- -----------------
Total net assets 79,681 94,215
--------------- -----------------
Total liabilities and net assets 95,899 108,031
--------------- -----------------
Consolidated statements of income and consolidated statements of
comprehensive income
Consolidated statements of income
(Millions of yen)
------------------------------------------------- ----------------- -----------------
Fiscal year ended Fiscal year ended
March 31, 2022 March 31, 2023
------------------------------------------------- ----------------- -----------------
Net sales 54,344 58,804
Cost of sales 27,018 28,396
Gross profit 27,326 30,408
----------------- -----------------
Selling, general and administrative
expenses 9,110 10,266
Operating profit 18,215 20,142
----------------- -----------------
Non-operating income
Interest income 58 107
Rental income 95 98
Foreign exchange gains 810 861
Other 66 45
Total non-operating income 1,029 1,112
----------------- -----------------
Non-operating expenses
Interest expenses 7 5
Rent expenses on real estate for
investments 44 48
Other 11 12
Total non-operating expenses 63 66
----------------- -----------------
Ordinary profit 19,182 21,187
----------------- -----------------
Extraordinary income
Gain on sale of non-current assets 3 0
Gain on sale of investment securities 9 -
Gain on liquidation of subsidiaries - 3
Subsidy income 481 515
Compensation income 186 -
----------------- -----------------
Total extraordinary income 680 519
----------------- -----------------
Extraordinary losses
Loss on sale and retirement of non-current
assets 16 61
Loss on tax purpose reduction entry
of non-current assets 463 481
Loss related to infectious disease 41 -
Other 8 -
Total extraordinary losses 531 542
----------------- -----------------
Profit before income taxes 19,331 21,164
----------------- -----------------
Income taxes - current 6,208 5,977
Income taxes - deferred (227) 166
Total income taxes 5,980 6,143
----------------- -----------------
Profit 13,350 15,020
----------------- -----------------
Profit attributable to owners of
parent 13,350 15,020
----------------- -----------------
Consolidated statements of comprehensive income
(Millions of yen)
------------------------------------------------- ----------------- -----------------
Fiscal year ended Fiscal year ended
March 31, 2022 March 31, 2023
------------------------------------------------- ----------------- -----------------
Profit 13,350 15,020
Other comprehensive income
Valuation difference on available-for-sale
securities (15) 20
Foreign currency translation adjustment 851 407
Total other comprehensive income 835 428
----------------- -----------------
Comprehensive income 14,186 15,448
----------------- -----------------
Comprehensive income attributable
to
Comprehensive income attributable
to owners of parent 14,186 15,448
Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital Capital surplus Retained Treasury Total shareholders'
earnings shares equity
-------------
Balance at beginning
of period 8,646 12,005 46,796 (217) 67,231
------------- --------------- --------- -------- -------------------
Cumulative effects
of changes in
accounting policies (8) (8)
------------- --------------- --------- -------- -------------------
Restated balance 8,646 12,005 46,787 (217) 67,222
------------- --------------- --------- -------- -------------------
Changes during
period
------------- --------------- --------- -------- -------------------
Dividends of surplus (863) (863)
------------- --------------- --------- -------- -------------------
Profit attributable
to owners of parent 13,350 13,350
------------- --------------- --------- -------- -------------------
Purchase of treasury
shares (2) (2)
------------- --------------- --------- -------- -------------------
Disposal of treasury
shares 12 12 24
------------- --------------- --------- -------- -------------------
Net changes in
items other than
shareholders'
equity
------------- --------------- --------- -------- -------------------
Total changes
during period - 12 12,486 10 12,509
------------- --------------- --------- -------- -------------------
Balance at end
of period 8,646 12,017 59,274 (207) 79,732
------------- --------------- --------- -------- -------------------
Accumulated other comprehensive Total net
income assets
Valuation Foreign currency Total accumulated
difference translation other comprehensive
on available-for-sale adjustment income
securities
----------------------
Balance at beginning
of period 119 (1,006) (886) 66,344
---------------------- ---------------- -------------------- ---------
Cumulative effects
of changes in
accounting policies (8)
---------------------- ---------------- -------------------- ---------
Restated balance 119 (1,006) (886) 66,335
---------------------- ---------------- -------------------- ---------
Changes during
period
---------------------- ---------------- -------------------- ---------
Dividends of surplus (863)
---------------------- ---------------- -------------------- ---------
Profit attributable
to owners of parent 13,350
---------------------- ---------------- -------------------- ---------
Purchase of treasury
shares (2)
---------------------- ---------------- -------------------- ---------
Disposal of treasury
shares 24
---------------------- ---------------- -------------------- ---------
Net changes in
items other than
shareholders'
equity (15) 851 835 835
---------------------- ---------------- -------------------- ---------
Total changes
during period (15) 851 835 13,345
---------------------- ---------------- -------------------- ---------
Balance at end
of period 104 (155) (51) 79,681
---------------------- ---------------- -------------------- ---------
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital Capital surplus Retained Treasury Total shareholders'
earnings shares equity
-------------
Balance at beginning
of period 8,646 12,017 59,274 (207) 79,732
------------- --------------- --------- -------- -------------------
Changes during
period
------------- --------------- --------- -------- -------------------
Dividends of surplus (912) (912)
------------- --------------- --------- -------- -------------------
Profit attributable
to owners of parent 15,020 15,020
------------- --------------- --------- -------- -------------------
Purchase of treasury
shares (2) (2)
------------- --------------- --------- -------- -------------------
Disposal of treasury
shares 0 0 1
------------- --------------- --------- -------- -------------------
Net changes in
items other than
shareholders'
equity
------------- --------------- --------- -------- -------------------
Total changes
during period - 0 14,107 (1) 14,106
------------- --------------- --------- -------- -------------------
Balance at end
of period 8,646 12,018 73,381 (209) 93,838
------------- --------------- --------- -------- -------------------
Accumulated other comprehensive Total net
income assets
Valuation Foreign currency Total accumulated
difference translation other comprehensive
on available-for-sale adjustment income
securities
----------------------
Balance at beginning
of period 104 (155) (51) 79,681
---------------------- ---------------- -------------------- ---------
Changes during
period
---------------------- ---------------- -------------------- ---------
Dividends of surplus (912)
---------------------- ---------------- -------------------- ---------
Profit attributable
to owners of parent 15,020
---------------------- ---------------- -------------------- ---------
Purchase of treasury
shares (2)
---------------------- ---------------- -------------------- ---------
Disposal of treasury
shares 1
---------------------- ---------------- -------------------- ---------
Net changes in
items other than
shareholders'
equity 20 407 428 428
---------------------- ---------------- -------------------- ---------
Total changes
during period 20 407 428 14,534
---------------------- ---------------- -------------------- ---------
Balance at end
of period 125 251 377 94,215
---------------------- ---------------- -------------------- ---------
Consolidated statements of cash flows
(Millions of yen)
------------------------------------------------ ----------------- -----------------
Fiscal year ended Fiscal year ended
March 31, 2022 March 31, 2023
------------------------------------------------ ----------------- -----------------
Cash flows from operating activities
Profit before income taxes 19,331 21,164
Depreciation 2,570 3,087
Increase (decrease) in allowance
for doubtful accounts (34) (0)
Loss (gain) on sale of investment
securities (0) -
Loss (gain) on sale and retirement
of non-current assets 13 61
Loss on tax purpose reduction entry
of non-current assets 463 481
Interest and dividend income (63) (112)
Interest expenses 7 5
Subsidy income (481) (515)
Compensation income (186) -
Decrease (increase) in trade receivables (3,883) 2,388
Decrease (increase) in inventories (1,527) (917)
Increase (decrease) in trade payables 1,519 (1,324)
Other, net 277 (1,007)
Subtotal 18,005 23,310
----------------- -----------------
Interest and dividends received 63 112
Interest paid (7) (5)
Income taxes refund (paid) (3,489) (7,769)
Proceeds from compensation 186 -
Net cash provided by (used in) operating
activities 14,757 15,647
----------------- -----------------
Cash flows from investing activities
Net decrease (increase) in time deposits (12) 31
Purchase of property, plant and equipment (3,738) (8,697)
Proceeds from sale of property, plant
and equipment 6 0
Purchase of intangible assets (70) (27)
Purchase of investment securities (235) (286)
Proceeds from sale of investment
securities 232 -
Subsidies received 285 211
Other, net 9 12
Net cash provided by (used in) investing
activities (3,522) (8,755)
----------------- -----------------
Cash flows from financing activities
Repayments of short-term borrowings - (100)
Repayments of long-term borrowings (266) (866)
Purchase of treasury shares (2) (2)
Dividends paid (863) (912)
Net cash provided by (used in) financing
activities (1,132) (1,882)
----------------- -----------------
Effect of exchange rate change on
cash and cash equivalents 394 188
Net increase (decrease) in cash and
cash equivalents 10,497 5,199
----------------- -----------------
Cash and cash equivalents at beginning
of period 33,888 44,385
Cash and cash equivalents at end
of period 44,385 49,585
----------------- -----------------
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