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Maruwa Co Ld (MAW)

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Wednesday 30 October, 2019

Maruwa Co Ld

Half-year Report

RNS Number : 6111R
Maruwa Co Ld
30 October 2019
 

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 Six Months Ended September 30, 2019

(Based on Japanese GAAP)





October 30, 2019

Company name:

MARUWA CO., LTD.


Stock exchange listing:

Tokyo, Nagoya

Stock code:

5344

URL  https://www.maruwa-g.com/

Representative:

President and Representative Director

Sei Kanbe

Inquiries:

Director, General Manager of Administrative Division

Tamaki Nozoki

TEL  0561-51-0839

Scheduled date to file Quarterly Securities Report:

November 8, 2019

Scheduled date to commence dividend payments:

December 6, 2019

Preparation of supplementary material on quarterly financial results:

No


Holding of quarterly financial results meeting:

No


 


(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2019 (from April 1, 2019 to September 30, 2019)

(1) Consolidated operating results (cumulative)

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

%

Six months ended September 30, 2019

20,340

4.6

4,148

(6.1)

4,176

(12.1)

2,868

(11.3)

Six months ended September 30, 2018

19,454

11.5

4,419

13.4

4,750

19.4

3,233

22.4

 

 


Earnings per share

Diluted earnings per share


Yen

Yen

Six months ended September 30, 2019

232.51

-

Six months ended September 30, 2018

261.53

-

 

(2) Consolidated financial position


Total assets

Net assets

Equity ratio


Millions of yen

Millions of yen

%

As of September 30, 2019

65,457

56,930

87.0

As of March 31, 2019

64,627

54,954

85.0

 

 

2. Cash dividends

 


Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total


Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2019

-

24.00

-

24.00

48.00

Year ending March 31, 2020

-

26.00




Year ending March 31, 2020 (Forecast)



-

26.00

52.00

 

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)


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

Full year

38,000

(7.8)

7,800

(18.4)

7,800

(21.4)

5,300

(21.7)

429.39

 



4. Notes

(1) Changes in significant subsidiaries during the six months ended September 30, 2019

(changes in specified subsidiaries resulting in the change in scope of consolidation):

No

 

(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No

 

(3) 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

 

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)


As of September 30, 2019

12,372,000

 shares

As of March 31, 2019

12,372,000

 shares

Number of treasury shares at the end of the period


As of September 30, 2019

40,113

 shares

As of March 31, 2019

28,920

 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)


Six months ended September 30, 2019

12,334,929

 shares

Six months ended September 30, 2018

12,362,177

 shares



Quarterly consolidated financial statements

Consolidated balance sheets



(Thousands of yen)


As of March 31, 2019

As of September 30, 2019

Assets



Current assets



Cash and deposits

22,627,403

25,940,228

Notes and accounts receivable - trade

10,266,096

8,896,200

Electronically recorded monetary claims - operating

1,476,219

1,115,121

Merchandise and finished goods

3,161,672

2,725,516

Work in process

2,337,293

2,561,188

Raw materials and supplies

4,277,629

3,374,192

Other

1,430,685

802,584

Allowance for doubtful accounts

(1,920)

(4,088)

Total current assets

45,575,080

45,410,945

Non-current assets



Property, plant and equipment



Buildings and structures

12,583,053

12,722,174

Accumulated depreciation

(6,512,559)

(6,618,467)

Buildings and structures, net

6,070,494

6,103,707

Machinery, equipment and vehicles

20,957,313

21,629,041

Accumulated depreciation

(16,322,648)

(16,516,333)

Machinery, equipment and vehicles, net

4,634,664

5,112,707

Land

4,003,430

4,034,929

Construction in progress

813,830

1,313,784

Other

4,615,622

4,618,397

Accumulated depreciation

(3,790,482)

(3,841,324)

Other, net

825,140

777,073

Total property, plant and equipment

16,347,560

17,342,202

Intangible assets



Goodwill

249,423

222,699

Other

283,871

278,462

Total intangible assets

533,294

501,162

Investments and other assets

2,171,586

2,203,180

Total non-current assets

19,052,442

20,046,545

Total assets

64,627,522

65,457,491



 



(Thousands of yen)


As of March 31, 2019

As of September 30, 2019

Liabilities



Current liabilities



Notes and accounts payable - trade

2,827,288

2,503,992

Electronically recorded obligations - operating

1,704,169

1,069,637

Income taxes payable

1,590,551

1,448,368

Provision for bonuses

627,985

643,641

Provision for bonuses for directors (and other officers)

63,000

7,000

Other

2,047,119

2,072,281

Total current liabilities

8,860,114

7,744,920

Non-current liabilities



Deferred tax liabilities

452,364

408,906

Other

360,543

372,730

Total non-current liabilities

812,907

781,636

Total liabilities

9,673,021

8,526,557

Net assets



Shareholders' equity



Share capital

8,646,720

8,646,720

Capital surplus

11,994,350

11,992,492

Retained earnings

35,249,658

37,821,474

Treasury shares

(188,864)

(239,092)

Total shareholders' equity

55,701,864

58,221,595

Accumulated other comprehensive income



Valuation difference on available-for-sale securities

117,622

132,045

Foreign currency translation adjustment

(864,986)

(1,422,706)

Total accumulated other comprehensive income

(747,363)

(1,290,661)

Total net assets

54,954,500

56,930,933

Total liabilities and net assets

64,627,522

65,457,491

 



Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)



(Thousands of yen)


Six months ended

September 30, 2018

Six months ended

September 30, 2019

Net sales

19,454,451

20,340,966

Cost of sales

11,047,244

12,124,683

Gross profit

8,407,206

8,216,282

Selling, general and administrative expenses

3,987,551

4,067,286

Operating profit

4,419,655

4,148,996

Non-operating income



Interest income

13,184

28,652

Rental income

38,518

47,906

Foreign exchange gains

257,184

-

Other

56,322

20,453

Total non-operating income

365,209

97,011

Non-operating expenses



Foreign exchange losses

-

31,667

Rent expenses on real estate for investments

27,451

26,879

Other

6,965

11,018

Total non-operating expenses

34,417

69,565

Ordinary profit

4,750,446

4,176,442

Extraordinary income



Gain on sales of non-current assets

2,947

1,059

Gain on sales of investment securities

3,469

-

Total extraordinary income

6,416

1,059

Extraordinary losses



Loss on sales and retirement of non-current assets

1,577

28,485

Loss on valuation of investment securities

-

27,510

Retirement benefit expenses

11,437

-

Total extraordinary losses

13,014

55,995

Profit before income taxes

4,743,848

4,121,506

Income taxes - current

1,437,390

1,367,200

Income taxes - deferred

73,329

(113,743)

Total income taxes

1,510,719

1,253,457

Profit

3,233,129

2,868,049

Profit attributable to owners of parent

3,233,129

2,868,049

 



Consolidated statements of comprehensive income (cumulative)



(Thousands of yen)


Six months ended

September 30, 2018

Six months ended

September 30, 2019

Profit

3,233,129

2,868,049

Other comprehensive income



Valuation difference on available-for-sale securities

(16,303)

14,422

Foreign currency translation adjustment

(16,291)

(557,720)

Total other comprehensive income

(32,595)

(543,297)

Comprehensive income

3,200,534

2,324,752

Comprehensive income attributable to



Comprehensive income attributable to owners of parent

3,200,534

2,324,752

 



Consolidated statements of cash flows



(Thousands of yen)


Six months ended

September 30, 2018

Six months ended

September 30, 2019

Cash flows from operating activities



Profit before income taxes

4,743,848

4,121,506

Depreciation

949,949

1,140,487

Amortization of goodwill

-

26,723

Increase (decrease) in allowance for doubtful accounts

(624)

1,114

Increase (decrease) in provision for environmental measures

(3,436)

-

Loss (gain) on sales of investment securities

(3,469)

-

Loss (gain) on valuation of investment securities

-

27,510

Loss (gain) on sales and retirement of non-current assets

(1,370)

27,425

Increase (decrease) in retirement benefit liability

(40,142)

-

Interest and dividend income

(46,660)

(31,607)

Foreign exchange losses (gains)

(84,723)

(5,929)

Decrease (increase) in trade receivables

578,790

1,620,188

Decrease (increase) in inventories

(820,210)

1,010,896

Increase (decrease) in trade payables

(158,961)

(823,121)

Other, net

395,665

207,952

Subtotal

5,508,654

7,323,147

Interest and dividends received

46,654

31,608

Income taxes paid

(2,063,456)

(1,429,303)

Net cash provided by (used in) operating activities

3,491,852

5,925,452

Cash flows from investing activities



Net decrease (increase) in time deposits

13,832

(1,585)

Purchase of property, plant and equipment

(1,391,537)

(2,081,015)

Proceeds from sales of property, plant and equipment

6,007

1,038

Purchase of investment securities

(8,148)

(2,034)

Proceeds from sales of investment securities

9,469

-

Purchase of intangible assets

(30,390)

(29,023)

Other, net

258,057

7,435

Net cash provided by (used in) investing activities

(1,142,709)

(2,105,184)

Cash flows from financing activities



Purchase of treasury shares

(1,506)

(62,145)

Dividends paid

(271,970)

(296,233)

Net cash provided by (used in) financing activities

(273,477)

(358,379)

Effect of exchange rate change on cash and cash equivalents

84,519

(145,095)

Net increase (decrease) in cash and cash equivalents

2,160,185

3,316,793

Cash and cash equivalents at beginning of period

21,799,447

22,448,629

Cash and cash equivalents at end of period

23,959,633

25,765,423

 

 


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