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Maruwa Co Ld (MAW)

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Tuesday 28 April, 2020

Maruwa Co Ld

Final Results

RNS Number : 1432L
Maruwa Co Ld
28 April 2020
 

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, 2020

(Based on Japanese GAAP)





April 28, 2020

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 of ordinary general meeting of shareholders:

June 25, 2020

Scheduled date to file Securities Report:

June 26, 2020

Scheduled date to commence dividend payments:

June 26, 2020

Preparation of supplementary material on financial results:

No


Holding of financial results meeting:

No


 


(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)

(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, 2020

41,231

0.1

9,345

(2.2)

9,520

(4.1)

5,893

(12.9)

Year ended March 31, 2019

41,193

7.0

9,556

4.2

9,924

11.9

6,770

22.1

 


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, 2020

477.88

-

10.3

14.1

22.7

Year ended March 31, 2019

547.87

-

13.0

16.1

23.2

 

(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, 2020

70,681

59,453

84.1

4,821.14

As of March 31, 2019

64,627

54,954

85.0

4,452.25

 

(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, 2020

10,719

(5,272)

1,420

29,114

Year ended March 31, 2019

6,967

(5,691)

(694)

22,448

 

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, 2019

-

24.00

-

24.00

48.00

592

8.8

1.1

Year ended March 31, 2020

-

26.00

-

26.00

52.00

641

10.9

1.1

Year ending March 31, 2021

(Forecast)

-

28.00

-

28.00

56.00


12.7


 



3. Forecast of consolidated financial results for the year ending March 31, 2021 ( from April 1, 2020 to March 31, 2021)


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, 2020

16,500

(18.9)

3,400

(18.1)

3,400

(18.6)

2,300

(19.8)

186.50

Full year

36,500

(11.5)

7,900

(15.5)

7,900

(17.0)

5,450

(7.5)

441.94

 

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2020

(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, 2020

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 March 31, 2020

40,163

 shares

As of March 31, 2019

28,920

 shares

Average number of shares during the period


Year ended March 31, 2020

12,333,398

 shares

Year ended March 31, 2019

12,356,998

 shares

 



 

Consolidated financial statements

Consolidated balance sheets



(Thousands of yen)


As of March 31, 2019

As of March 31, 2020

Assets



Current assets



Cash and deposits

22,627,403

29,334,349

Notes and accounts receivable - trade

10,266,096

9,542,199

Electronically recorded monetary claims - operating

1,476,219

1,295,434

Merchandise and finished goods

3,161,672

2,061,801

Work in process

2,337,293

2,393,622

Raw materials and supplies

4,277,629

2,756,758

Other

1,430,685

1,757,311

Allowance for doubtful accounts

(1,920)

(8,180)

Total current assets

45,575,080

49,133,297

Non-current assets



Property, plant and equipment



Buildings and structures

12,583,053

12,650,214

Accumulated depreciation

(6,512,559)

(6,505,584)

Buildings and structures, net

6,070,494

6,144,629

Machinery, equipment and vehicles

20,957,313

20,998,043

Accumulated depreciation

(16,322,648)

(16,567,320)

Machinery, equipment and vehicles, net

4,634,664

4,430,722

Land

4,003,430

4,421,234

Construction in progress

813,830

3,445,592

Other

4,615,622

3,499,670

Accumulated depreciation

(3,790,482)

(2,898,143)

Other, net

825,140

601,527

Total property, plant and equipment

16,347,560

19,043,706

Intangible assets



Goodwill

249,423

195,975

Other

283,871

254,672

Total intangible assets

533,294

450,648

Investments and other assets



Investment securities

340,439

239,134

Deferred tax assets

644,164

707,858

Investment property

997,257

980,003

Buildings and structures

695,399

695,399

Accumulated depreciation

(396,012)

(412,064)

Buildings and structures, net

299,386

283,334

Land

688,832

688,832

Other

42,067

42,067

Accumulated depreciation

(33,029)

(34,231)

Other, net

9,037

7,835

Other

201,241

130,222

Allowance for doubtful accounts

(11,516)

(3,240)

Total investments and other assets

2,171,586

2,053,978

Total non-current assets

19,052,442

21,548,333

Total assets

64,627,522

70,681,631



 



(Thousands of yen)


As of March 31, 2019

As of March 31, 2020

Liabilities



Current liabilities



Notes and accounts payable - trade

2,827,288

1,898,714

Electronically recorded obligations - operating

1,704,169

1,619,355

Short-term borrowings

-

900,000

Income taxes payable

1,590,551

827,864

Provision for bonuses

627,985

608,949

Provision for bonuses for directors (and other officers)

63,000

63,000

Other

2,047,119

3,382,929

Total current liabilities

8,860,114

9,300,813

Non-current liabilities



Long-term borrowings

-

1,200,000

Deferred tax liabilities

452,364

351,419

Other

360,543

375,829

Total non-current liabilities

812,907

1,927,248

Total liabilities

9,673,021

11,228,062

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

40,526,723

Treasury shares

(188,864)

(239,524)

Total shareholders' equity

55,701,864

60,926,411

Accumulated other comprehensive income



Valuation difference on available-for-sale securities

117,622

70,521

Foreign currency translation adjustment

(864,986)

(1,543,364)

Total accumulated other comprehensive income

(747,363)

(1,472,842)

Total net assets

54,954,500

59,453,569

Total liabilities and net assets

64,627,522

70,681,631

 



 

Consolidated statements of income and consolidated statements of comprehensive income

Consolidated statements of income



(Thousands of yen)


Fiscal year ended

March 31, 2019

Fiscal year ended

March 31, 2020

Net sales

41,193,338

41,231,431

Cost of sales

23,264,386

23,685,411

Gross profit

17,928,952

17,546,020

Selling, general and administrative expenses

8,372,881

8,200,209

Operating profit

9,556,071

9,345,810

Non-operating income



Interest income

35,322

65,785

Rental income

79,282

94,361

Foreign exchange gains

219,615

45,346

Other

97,381

34,405

Total non-operating income

431,602

239,899

Non-operating expenses



Interest expenses

-

305

Rent expenses on real estate for investments

48,361

49,924

Bad debts expenses

-

6,636

Other

14,927

8,576

Total non-operating expenses

63,289

65,443

Ordinary profit

9,924,383

9,520,266

Extraordinary income



Gain on sales of non-current assets

4,042

29,529

Gain on sales of investment securities

3,469

11,986

Settlement received

-

100,000

Total extraordinary income

7,511

141,515

Extraordinary losses



Loss on sales and retirement of non-current assets

6,374

77,797

Loss on valuation of investment securities

-

27,510

Loss on liquidation of business

-

773,648

Retirement benefit expenses

51,447

-

Other

-

86,461

Total extraordinary losses

57,821

965,418

Profit before income taxes

9,874,073

8,696,363

Income taxes - current

3,139,919

2,928,470

Income taxes - deferred

(35,928)

(126,034)

Total income taxes

3,103,991

2,802,435

Profit

6,770,081

5,893,928

Profit attributable to owners of parent

6,770,081

5,893,928

 



 

Consolidated statements of comprehensive income



(Thousands of yen)


Fiscal year ended

March 31, 2019

Fiscal year ended

March 31, 2020

Profit

6,770,081

5,893,928

Other comprehensive income



Valuation difference on available-for-sale securities

(48,782)

(47,101)

Foreign currency translation adjustment

(113,902)

(678,378)

Total other comprehensive income

(162,684)

(725,479)

Comprehensive income

6,607,396

5,168,449

Comprehensive income attributable to



Comprehensive income attributable to owners of parent

6,607,396

5,168,449

 



 

Consolidated statements of changes in equity

Fiscal year ended March 31, 2019





(Thousands of yen)


Shareholders' equity


Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Balance at beginning of period

8,646,720

11,996,407

29,048,238

(77,131)

49,614,235

Changes during period






Dividends of surplus



(568,661)


(568,661)

Profit attributable to owners of parent



6,770,081


6,770,081

Purchase of treasury shares




(125,731)

(125,731)

Disposal of treasury shares


(2,057)


13,997

11,940

Net changes in items other than shareholders' equity






Total changes during period

-

(2,057)

6,201,420

(111,733)

6,087,629

Balance at end of period

8,646,720

11,994,350

35,249,658

(188,864)

55,701,864

 


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

166,404

(751,083)

(584,678)

49,029,556

Changes during period





Dividends of surplus




(568,661)

Profit attributable to owners of parent




6,770,081

Purchase of treasury shares




(125,731)

Disposal of treasury shares




11,940

Net changes in items other than shareholders' equity

(48,782)

(113,902)

(162,684)

(162,684)

Total changes during period

(48,782)

(113,902)

(162,684)

5,924,944

Balance at end of period

117,622

(864,986)

(747,363)

54,954,500



Fiscal year ended March 31, 2020





(Thousands of yen)


Shareholders' equity


Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Balance at beginning of period

8,646,720

11,994,350

35,249,658

(188,864)

55,701,864

Changes during period






Dividends of surplus



(616,862)


(616,862)

Profit attributable to owners of parent



5,893,928


5,893,928

Purchase of treasury shares




(62,577)

(62,577)

Disposal of treasury shares


(1,857)


11,917

10,060

Net changes in items other than shareholders' equity






Total changes during period

-

(1,857)

5,277,065

(50,660)

5,224,547

Balance at end of period

8,646,720

11,992,492

40,526,723

(239,524)

60,926,411

 


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

117,622

(864,986)

(747,363)

54,954,500

Changes during period





Dividends of surplus




(616,862)

Profit attributable to owners of parent




5,893,928

Purchase of treasury shares




(62,577)

Disposal of treasury shares




10,060

Net changes in items other than shareholders' equity

(47,101)

(678,378)

(725,479)

(725,479)

Total changes during period

(47,101)

(678,378)

(725,479)

4,499,068

Balance at end of period

70,521

(1,543,364)

(1,472,842)

59,453,569

 



 

Consolidated statements of cash flows



(Thousands of yen)


Fiscal year ended

March 31, 2019

Fiscal year ended

March 31, 2020

Cash flows from operating activities



Profit before income taxes

9,874,073

8,696,363

Loss on liquidation of business

-

773,648

Depreciation

2,059,593

2,319,896

Amortization of goodwill

17,815

53,447

Increase (decrease) in retirement benefit liability

(53,456)

-

Increase (decrease) in allowance for doubtful accounts

(1,571)

(2,015)

Increase (decrease) in provision for environmental measures

(3,436)

-

Loss (gain) on sales of investment securities

(3,469)

(11,986)

Loss (gain) on valuation of investment securities

-

27,510

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

2,332

48,268

Interest and dividend income

(71,583)

(71,699)

Interest expenses

-

305

Foreign exchange losses (gains)

(97,148)

(7,174)

Decrease (increase) in trade receivables

(333,772)

762,701

Decrease (increase) in inventories

(1,455,567)

2,084,047

Increase (decrease) in trade payables

706,459

(1,016,862)

Other, net

(128,574)

716,742

Subtotal

10,511,694

14,373,193

Interest and dividends received

71,576

71,695

Interest paid

-

(305)

Income taxes paid

(3,615,982)

(3,725,511)

Net cash provided by (used in) operating activities

6,967,287

10,719,072

Cash flows from investing activities



Net decrease (increase) in time deposits

13,794

(40,710)

Purchase of property, plant and equipment

(4,320,988)

(5,408,367)

Proceeds from sales of property, plant and equipment

18,459

156,643

Purchase of investment securities

(10,152)

(4,043)

Proceeds from sales of investment securities

9,473

32,504

Purchase of intangible assets

(58,791)

(32,104)

Payments for acquisition of businesses

(1,603,834)

-

Other, net

260,967

23,591

Net cash provided by (used in) investing activities

(5,691,072)

(5,272,485)

Cash flows from financing activities



Proceeds from short-term borrowings

-

900,000

Proceeds from long-term borrowings

-

1,200,000

Purchase of treasury shares

(125,731)

(62,577)

Dividends paid

(568,661)

(616,862)

Net cash provided by (used in) financing activities

(694,392)

1,420,559

Effect of exchange rate change on cash and cash equivalents

67,098

(200,924)

Net increase (decrease) in cash and cash equivalents

648,921

6,666,221

Cash and cash equivalents at beginning of period

21,799,447

22,448,368

Cash and cash equivalents at end of period

22,448,368

29,114,590

 

 


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