|
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,
2024
(Based on Japanese
GAAP)
|
|
|
|
|
|
April 25,
2024
|
|
Company name:
|
MARUWA CO., LTD.
|
|
|
Stock exchange listing:
|
Tokyo, Nagoya
|
|
Stock code:
|
5344
|
URL
https://www.maruwa-g.com/
|
|
Representative:
|
President
|
Toshiro Kanbe
|
|
Inquiries:
|
Corporate Officer
|
Daisuke Yamaguchi
|
TEL 0561-51-0841
|
|
Scheduled date of ordinary general
meeting of shareholders:
|
June 20, 2024
|
|
Scheduled date to file Securities
Report:
|
June 21, 2024
|
|
Scheduled date to commence dividend
payments:
|
June 21, 2024
|
|
Preparation of supplementary material
on financial results:
|
Yes
|
|
|
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, 2024 (from April 1, 2023 to March 31,
2024)
|
(1) Consolidated operating
results
|
Percentages indicate year-on-year changes
|
|
|
Net
sales
|
Operating
profit
|
Ordinary
profit
|
Profit
attributable to owners of parent
|
|
|
Millions
of yen
|
%
|
Millions
of yen
|
%
|
Millions
of yen
|
%
|
Millions
of yen
|
%
|
|
Year ended March 31, 2024
|
61,564
|
4.7
|
19,801
|
(1.7)
|
21,121
|
(0.3)
|
15,216
|
1.3
|
|
Year ended March 31, 2023
|
58,804
|
8.2
|
20,142
|
10.6
|
21,187
|
10.5
|
15,020
|
12.5
|
|
|
Earnings
per share
|
Diluted
earnings per share
|
Profit
attributable to owners of parent/equity
|
Ordinary
profit/total assets
|
Operating
profit/net sales
|
|
|
Yen
|
Yen
|
%
|
%
|
%
|
|
Year ended March 31, 2024
|
1,233.30
|
-
|
15.0
|
18.3
|
32.2
|
|
Year ended March 31, 2023
|
1,217.45
|
-
|
17.3
|
20.8
|
34.3
|
(2) Consolidated financial
position
|
|
Total
assets
|
Net
assets
|
Equity
ratio
|
Net
assets per share
|
|
|
Millions
of yen
|
Millions
of yen
|
%
|
Yen
|
|
As of March 31, 2024
|
122,515
|
109,203
|
89.1
|
8,851.10
|
|
As of March 31, 2023
|
108,031
|
94,215
|
87.2
|
7,636.60
|
(3) Consolidated cash
flows
|
|
Cash
flows from operating activities
|
Cash
flows from investing activities
|
Cash
flows from financing activities
|
Cash and
cash equivalents at end of period
|
|
|
Millions
of yen
|
Millions
of yen
|
Millions
of yen
|
Millions
of yen
|
|
Year ended March 31, 2024
|
17,222
|
(10,814)
|
(1,363)
|
55,013
|
|
Year ended March 31, 2023
|
15,647
|
(8,755)
|
(1,882)
|
49,585
|
2. Cash dividends
|
|
Annual
dividends per share
|
Total
cash dividends (Total)
|
Dividend
payout ratio (Consolidated)
|
Ratio of
dividends to net assets (Consolidated)
|
|
1st
quarter-end
|
2nd
quarter-end
|
3rd
quarter-end
|
Fiscal
year-end
|
Total
|
|
|
Yen
|
Yen
|
Yen
|
Yen
|
Yen
|
Millions
of yen
|
%
|
%
|
|
Year ended March 31, 2023
|
-
|
38.00
|
-
|
40.00
|
78.00
|
962
|
6.4
|
1.1
|
|
Year ended March 31, 2024
|
-
|
43.00
|
-
|
43.00
|
86.00
|
1,061
|
7.0
|
1.0
|
|
Year ending March 31,
2025
(Forecast)
|
-
|
47.00
|
-
|
47.00
|
94.00
|
|
-
|
|
3. Forecast of consolidated financial
results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
|
|
Percentages indicate year-on-year changes
|
|
|
Net
sales
|
Operating
profit
|
Ordinary
profit
|
Profit
attributable to owners of parent
|
Earnings
per share
|
|
|
Millions
of yen
|
%
|
Millions
of yen
|
%
|
Millions
of yen
|
%
|
Millions
of yen
|
%
|
Yen
|
|
Six
months ending
September
30, 2024
|
30,800
|
9.8
|
10,000
|
15.6
|
-
|
-
|
-
|
-
|
-
|
|
Full
year
|
70,300
|
14.2
|
23,000
|
16.2
|
-
|
-
|
-
|
-
|
-
|
4. Notes
|
(1) Changes in significant
subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries
resulting in the change in scope of consolidation):
|
No
|
(2) Changes in accounting policies,
changes in accounting estimates, and restatement of prior period
financial statements
|
Changes in accounting policies due to
revisions to accounting standards and other regulations:
|
No
|
|
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, 2024
|
12,372,000
|
shares
|
As of March 31, 2023
|
12,372,000
|
shares
|
Number of treasury shares at the end
of the period
|
|
As of March 31, 2024
|
34,125
|
shares
|
As of March 31, 2023
|
34,649
|
shares
|
Average number of shares during the
period
|
|
Year ended March 31, 2024
|
12,337,609
|
shares
|
Year ended March 31, 2023
|
12,337,413
|
shares
|
Consolidated financial statements
Consolidated balance sheets
|
|
|
(Millions of yen)
|
|
|
As of March 31, 2023
|
As of March 31, 2024
|
|
Assets
|
|
|
|
Current assets
|
|
|
|
Cash and deposits
|
49,795
|
55,250
|
|
Notes receivable - trade
|
343
|
360
|
|
Accounts receivable - trade
|
10,701
|
13,960
|
|
Electronically recorded monetary claims -
operating
|
1,820
|
1,746
|
|
Merchandise and finished goods
|
2,267
|
2,248
|
|
Work in process
|
2,905
|
2,960
|
|
Raw materials and supplies
|
3,767
|
4,575
|
|
Other
|
3,043
|
2,516
|
|
Allowance for doubtful accounts
|
(9)
|
(133)
|
|
Total current assets
|
74,634
|
83,485
|
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
|
|
|
Buildings and structures, net
|
14,075
|
15,947
|
|
Machinery, equipment and vehicles, net
|
7,446
|
12,040
|
|
Land
|
4,872
|
5,005
|
|
Construction in progress
|
3,920
|
2,952
|
|
Other, net
|
731
|
786
|
|
Total property, plant and equipment
|
31,046
|
36,733
|
|
Intangible assets
|
|
|
|
Other
|
284
|
318
|
|
Total intangible assets
|
284
|
318
|
|
Investments and other assets
|
|
|
|
Investment securities
|
534
|
433
|
|
Deferred tax assets
|
484
|
487
|
|
Investment property, net
|
933
|
935
|
|
Other
|
114
|
121
|
|
Allowance for doubtful accounts
|
(0)
|
(0)
|
|
Total investments and other assets
|
2,066
|
1,977
|
|
Total non-current assets
|
33,397
|
39,029
|
|
Total assets
|
108,031
|
122,515
|
|
|
|
(Millions of yen)
|
|
|
As of March 31, 2023
|
As of March 31, 2024
|
|
Liabilities
|
|
|
|
Current liabilities
|
|
|
|
Notes and accounts payable - trade
|
2,975
|
2,957
|
|
Electronically recorded obligations - operating
|
1,542
|
2,355
|
|
Current portion of long-term borrowings
|
333
|
400
|
|
Income taxes payable
|
2,684
|
2,851
|
|
Provision for bonuses
|
914
|
1,042
|
|
Provision for bonuses for directors (and other
officers)
|
124
|
124
|
|
Other
|
4,334
|
3,091
|
|
Total current liabilities
|
12,910
|
12,821
|
|
Non-current liabilities
|
|
|
|
Long-term borrowings
|
400
|
-
|
|
Deferred tax liabilities
|
141
|
127
|
|
Other
|
364
|
361
|
|
Total non-current liabilities
|
905
|
489
|
|
Total liabilities
|
13,816
|
13,311
|
|
Net assets
|
|
|
|
Shareholders' equity
|
|
|
|
Share capital
|
8,646
|
8,646
|
|
Capital surplus
|
12,018
|
12,031
|
|
Retained earnings
|
73,381
|
87,573
|
|
Treasury shares
|
(209)
|
(210)
|
|
Total shareholders' equity
|
93,838
|
108,042
|
|
Accumulated other comprehensive income
|
|
|
|
Valuation difference on available-for-sale
securities
|
125
|
171
|
|
Foreign currency translation adjustment
|
251
|
989
|
|
Total accumulated other comprehensive income
|
377
|
1,161
|
|
Total net assets
|
94,215
|
109,203
|
|
Total liabilities and net assets
|
108,031
|
122,515
|
Consolidated statements of income and consolidated statements
of comprehensive income
Consolidated statements of income
|
|
|
(Millions of yen)
|
|
|
Fiscal year ended
March 31, 2023
|
Fiscal year ended
March 31, 2024
|
|
Net sales
|
58,804
|
61,564
|
|
Cost of sales
|
28,396
|
30,570
|
|
Gross profit
|
30,408
|
30,994
|
|
Selling, general and administrative expenses
|
10,266
|
11,192
|
|
Operating profit
|
20,142
|
19,801
|
|
Non-operating income
|
|
|
|
Interest income
|
107
|
225
|
|
Rental income
|
98
|
119
|
|
Foreign exchange gains
|
861
|
958
|
|
Other
|
45
|
90
|
|
Total non-operating income
|
1,112
|
1,394
|
|
Non-operating expenses
|
|
|
|
Interest expenses
|
5
|
1
|
|
Rent expenses on real estate for investments
|
48
|
55
|
|
Other
|
12
|
16
|
|
Total non-operating expenses
|
66
|
73
|
|
Ordinary profit
|
21,187
|
21,121
|
|
Extraordinary income
|
|
|
|
Gain on sale of non-current assets
|
0
|
0
|
|
Gain on sale of investment securities
|
-
|
39
|
|
Gain on liquidation of subsidiaries
|
3
|
-
|
|
Subsidy income
|
515
|
209
|
|
Other
|
-
|
14
|
|
Total extraordinary income
|
519
|
264
|
|
Extraordinary losses
|
|
|
|
Loss on sale and retirement of non-current assets
|
61
|
158
|
|
Loss on tax purpose reduction entry of non-current
assets
|
481
|
202
|
|
Other
|
-
|
8
|
|
Total extraordinary losses
|
542
|
369
|
|
Profit before income taxes
|
21,164
|
21,016
|
|
Income taxes - current
|
5,977
|
5,767
|
|
Income taxes - deferred
|
166
|
33
|
|
Total income taxes
|
6,143
|
5,800
|
|
Profit
|
15,020
|
15,216
|
|
Profit attributable to owners of parent
|
15,020
|
15,216
|
Consolidated statements of comprehensive
income
|
|
|
(Millions of yen)
|
|
|
Fiscal year ended
March 31, 2023
|
Fiscal year ended
March 31, 2024
|
|
Profit
|
15,020
|
15,216
|
|
Other comprehensive income
|
|
|
|
Valuation difference on available-for-sale
securities
|
20
|
46
|
|
Foreign currency translation adjustment
|
407
|
737
|
|
Total other comprehensive income
|
428
|
784
|
|
Comprehensive income
|
15,448
|
16,000
|
|
Comprehensive income attributable to
|
|
|
|
Comprehensive income attributable to owners of
parent
|
15,448
|
16,000
|
Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
|
|
|
|
|
(Millions
of yen)
|
|
|
Shareholders' equity
|
|
|
Share
capital
|
Capital
surplus
|
Retained
earnings
|
Treasury
shares
|
Total
shareholders' 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 income
|
Total net
assets
|
|
|
Valuation
difference on available-for-sale securities
|
Foreign
currency translation adjustment
|
Total
accumulated other comprehensive income
|
|
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
|
Fiscal year ended March 31, 2024
|
|
|
|
|
(Millions
of yen)
|
|
|
Shareholders' equity
|
|
|
Share
capital
|
Capital
surplus
|
Retained
earnings
|
Treasury
shares
|
Total
shareholders' equity
|
|
Balance at beginning of
period
|
8,646
|
12,018
|
73,381
|
(209)
|
93,838
|
|
Changes during period
|
|
|
|
|
|
|
Dividends of surplus
|
|
|
(1,024)
|
|
(1,024)
|
|
Profit attributable to owners of
parent
|
|
|
15,216
|
|
15,216
|
|
Purchase of treasury
shares
|
|
|
|
(5)
|
(5)
|
|
Disposal of treasury
shares
|
|
13
|
|
4
|
17
|
|
Net changes in items other than
shareholders' equity
|
|
|
|
|
|
|
Total changes during
period
|
-
|
13
|
14,192
|
(1)
|
14,203
|
|
Balance at end of period
|
8,646
|
12,031
|
87,573
|
(210)
|
108,042
|
|
|
Accumulated other comprehensive income
|
Total net
assets
|
|
|
Valuation
difference on available-for-sale securities
|
Foreign
currency translation adjustment
|
Total
accumulated other comprehensive income
|
|
Balance at beginning of
period
|
125
|
251
|
377
|
94,215
|
|
Changes during period
|
|
|
|
|
|
Dividends of surplus
|
|
|
|
(1,024)
|
|
Profit attributable to owners of
parent
|
|
|
|
15,216
|
|
Purchase of treasury
shares
|
|
|
|
(5)
|
|
Disposal of treasury
shares
|
|
|
|
17
|
|
Net changes in items other than
shareholders' equity
|
46
|
737
|
784
|
784
|
|
Total changes during
period
|
46
|
737
|
784
|
14,988
|
|
Balance at end of period
|
171
|
989
|
1,161
|
109,203
|
Consolidated statements of cash flows
|
|
|
(Millions of yen)
|
|
|
Fiscal year ended
March 31, 2023
|
Fiscal year ended
March 31, 2024
|
|
Cash flows from operating activities
|
|
|
|
Profit before income taxes
|
21,164
|
21,016
|
|
Depreciation
|
3,087
|
4,138
|
|
Increase (decrease) in allowance for doubtful
accounts
|
(0)
|
123
|
|
Loss (gain) on sale of investment securities
|
-
|
(31)
|
|
Loss (gain) on sale and retirement of non-current
assets
|
61
|
158
|
|
Loss on tax purpose reduction entry of non-current
assets
|
481
|
202
|
|
Interest and dividend income
|
(112)
|
(239)
|
|
Interest expenses
|
5
|
1
|
|
Subsidy income
|
(515)
|
(209)
|
|
Decrease (increase) in trade receivables
|
2,388
|
(3,106)
|
|
Decrease (increase) in inventories
|
(917)
|
(784)
|
|
Increase (decrease) in trade payables
|
(1,324)
|
441
|
|
Other, net
|
(1,007)
|
840
|
|
Subtotal
|
23,310
|
22,551
|
|
Interest and dividends received
|
112
|
213
|
|
Interest paid
|
(5)
|
(1)
|
|
Income taxes refund (paid)
|
(7,769)
|
(5,555)
|
|
Proceeds from compensation
|
-
|
14
|
|
Net cash provided by (used in) operating
activities
|
15,647
|
17,222
|
|
Cash flows from investing activities
|
|
|
|
Net decrease (increase) in time deposits
|
31
|
(9)
|
|
Purchase of property, plant and equipment
|
(8,697)
|
(11,167)
|
|
Proceeds from sale of property, plant and
equipment
|
0
|
8
|
|
Payments for retirement of property, plant and
equipment
|
-
|
(83)
|
|
Purchase of intangible assets
|
(27)
|
(74)
|
|
Purchase of investment securities
|
(286)
|
(123)
|
|
Proceeds from sale of investment securities
|
-
|
320
|
|
Subsidies received
|
211
|
309
|
|
Other, net
|
12
|
5
|
|
Net cash provided by (used in) investing
activities
|
(8,755)
|
(10,814)
|
|
Cash flows from financing activities
|
|
|
|
Repayments of short-term borrowings
|
(100)
|
-
|
|
Repayments of long-term borrowings
|
(866)
|
(333)
|
|
Purchase of treasury shares
|
(2)
|
(5)
|
|
Dividends paid
|
(912)
|
(1,024)
|
|
Net cash provided by (used in) financing
activities
|
(1,882)
|
(1,363)
|
|
Effect of exchange rate change on cash and cash
equivalents
|
188
|
382
|
|
Net increase (decrease) in cash and cash
equivalents
|
5,199
|
5,427
|
|
Cash and cash equivalents at beginning of period
|
44,385
|
49,585
|
|
Cash and cash equivalents at end of period
|
49,585
|
55,013
|