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Maruwa Co Ld (MAW)

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Wednesday 28 October, 2020

Maruwa Co Ld

Half-year Report

RNS Number : 4665D
Maruwa Co Ld
28 October 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 Six Months Ended September 30, 2020

(Based on Japanese GAAP)





October 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:

Executive Officer

Tamaki Nozoki

TEL  0561-51-0839

Scheduled date to file Quarterly Securities Report:

November 9, 2020

Scheduled date to commence dividend payments:

December 4, 2020

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, 2020 (from April 1, 2020 to September 30, 2020)

(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, 2020

19,533

(4.0)

4,685

12.9

4,644

11.2

3,154

10.0

Six months ended September 30, 2019

20,340

4.6

4,148

(6.1)

4,176

(12.1)

2,868

(11.3)

 

 


Earnings per share

Diluted earnings per share


Yen

Yen

Six months ended September 30, 2020

255.80

-

Six months ended September 30, 2019

232.51

-

 

(2) Consolidated financial position


Total assets

Net assets

Equity ratio


Millions of yen

Millions of yen

%

As of September 30, 2020

74,181

62,464

84.2

As of March 31, 2020

70,681

59,453

84.1

 

 

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, 2020

-

26.00

-

26.00

52.00

Year ending March 31, 2021

-

28.00




Year ending March 31, 2021 (Forecast)



-

28.00

56.00

 

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

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 six months ended September 30, 2020

(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, 2020

12,372,000

 shares

As of March 31, 2020

12,372,000

 shares

Number of treasury shares at the end of the period


As of September 30, 2020

38,198

 shares

As of March 31, 2020

40,163

 shares

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


Six months ended September 30, 2020

12,332,859

 shares

Six months ended September 30, 2019

12,334,929

 shares

 



 

Quarterly consolidated financial statements

Consolidated balance sheets



(Thousands of yen)


As of March 31, 2020

As of September 30, 2020

Assets



Current assets



Cash and deposits

29,334,349

32,791,077

Notes and accounts receivable - trade

9,542,199

8,555,814

Electronically recorded monetary claims - operating

1,295,434

1,201,831

Merchandise and finished goods

2,061,801

1,785,452

Work in process

2,393,622

2,475,917

Raw materials and supplies

2,756,758

2,511,785

Other

1,757,311

1,365,837

Allowance for doubtful accounts

(8,180)

(7,959)

Total current assets

49,133,297

50,679,756

Non-current assets



Property, plant and equipment



Buildings and structures

12,650,214

12,724,294

Accumulated depreciation

(6,505,584)

(6,695,078)

Buildings and structures, net

6,144,629

6,029,215

Machinery, equipment and vehicles

20,998,043

21,274,287

Accumulated depreciation

(16,567,320)

(16,750,753)

Machinery, equipment and vehicles, net

4,430,722

4,523,534

Land

4,421,234

4,487,945

Construction in progress

3,445,592

5,737,976

Other

3,499,670

3,618,608

Accumulated depreciation

(2,898,143)

(3,050,865)

Other, net

601,527

567,742

Total property, plant and equipment

19,043,706

21,346,414

Intangible assets



Goodwill

195,975

169,251

Other

254,672

241,947

Total intangible assets

450,648

411,199

Investments and other assets

2,053,978

1,743,712

Total non-current assets

21,548,333

23,501,326

Total assets

70,681,631

74,181,083



 



(Thousands of yen)


As of March 31, 2020

As of September 30, 2020

Liabilities



Current liabilities



Notes and accounts payable - trade

1,898,714

2,148,717

Electronically recorded obligations - operating

1,619,355

1,779,811

Short-term borrowings

900,000

900,000

Current portion of long-term borrowings

-

266,624

Income taxes payable

827,864

1,371,273

Provision for bonuses

608,949

647,419

Provision for bonuses for directors (and other officers)

63,000

5,500

Other

3,382,929

2,369,151

Total current liabilities

9,300,813

9,488,497

Non-current liabilities



Long-term borrowings

1,200,000

1,733,376

Deferred tax liabilities

351,419

151,897

Other

375,829

342,771

Total non-current liabilities

1,927,248

2,228,044

Total liabilities

11,228,062

11,716,542

Net assets



Shareholders' equity



Share capital

8,646,720

8,646,720

Capital surplus

11,992,492

11,997,067

Retained earnings

40,526,723

43,360,875

Treasury shares

(239,524)

(228,163)

Total shareholders' equity

60,926,411

63,776,500

Accumulated other comprehensive income



Valuation difference on available-for-sale securities

70,521

131,158

Foreign currency translation adjustment

(1,543,364)

(1,443,116)

Total accumulated other comprehensive income

(1,472,842)

(1,311,958)

Total net assets

59,453,569

62,464,541

Total liabilities and net assets

70,681,631

74,181,083

 



 

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, 2019

Six months ended

September 30, 2020

Net sales

20,340,966

19,533,722

Cost of sales

12,124,683

10,942,900

Gross profit

8,216,282

8,590,822

Selling, general and administrative expenses

4,067,286

3,905,268

Operating profit

4,148,996

4,685,553

Non-operating income



Interest income

28,652

26,950

Rental income

47,906

44,858

Other

20,453

33,735

Total non-operating income

97,011

105,545

Non-operating expenses



Interest expenses

-

1,542

Foreign exchange losses

31,667

101,077

Rent expenses on real estate for investments

26,879

22,958

Other

11,018

21,458

Total non-operating expenses

69,565

147,036

Ordinary profit

4,176,442

4,644,061

Extraordinary income



Gain on sales of non-current assets

1,059

1,276

Gain on liquidation of subsidiaries

-

11,887

Total extraordinary income

1,059

13,163

Extraordinary losses



Loss on sales and retirement of non-current assets

28,485

20,583

Loss on valuation of investment securities

27,510

-

Loss related to infectious disease

-

67,802

Total extraordinary losses

55,995

88,385

Profit before income taxes

4,121,506

4,568,839

Income taxes - current

1,367,200

1,269,136

Income taxes - deferred

(113,743)

144,923

Total income taxes

1,253,457

1,414,060

Profit

2,868,049

3,154,779

Profit attributable to owners of parent

2,868,049

3,154,779

 



 

Consolidated statements of comprehensive income (cumulative)



(Thousands of yen)


Six months ended

September 30, 2019

Six months ended

September 30, 2020

Profit

2,868,049

3,154,779

Other comprehensive income



Valuation difference on available-for-sale securities

14,422

60,636

Foreign currency translation adjustment

(557,720)

100,247

Total other comprehensive income

(543,297)

160,884

Comprehensive income

2,324,752

3,315,664

Comprehensive income attributable to



Comprehensive income attributable to owners of parent

2,324,752

3,315,664

 



 

Consolidated statements of cash flows



(Thousands of yen)


Six months ended

September 30, 2019

Six months ended

September 30, 2020

Cash flows from operating activities



Profit before income taxes

4,121,506

4,568,839

Depreciation

1,140,487

1,003,185

Amortization of goodwill

26,723

26,723

Increase (decrease) in allowance for doubtful accounts

1,114

4,379

Loss (gain) on liquidation of subsidiaries

-

(11,887)

Loss (gain) on valuation of investment securities

27,510

-

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

27,425

19,307

Interest and dividend income

(31,607)

(29,448)

Interest expenses

-

1,542

Foreign exchange losses (gains)

(5,929)

577

Decrease (increase) in trade receivables

1,620,188

1,093,242

Decrease (increase) in inventories

1,010,896

444,997

Increase (decrease) in trade payables

(823,121)

204,882

Other, net

207,952

(497,803)

Subtotal

7,323,147

6,828,538

Interest and dividends received

31,608

29,448

Interest paid

-

(1,542)

Income taxes (paid) refund

(1,429,303)

(536,612)

Net cash provided by (used in) operating activities

5,925,452

6,319,832

Cash flows from investing activities



Net decrease (increase) in time deposits

(1,585)

-

Purchase of property, plant and equipment

(2,081,015)

(3,401,297)

Proceeds from sales of property, plant and equipment

1,038

3,801

Purchase of investment securities

(2,034)

(1,643)

Proceeds from liquidation of subsidiaries

-

34,582

Purchase of intangible assets

(29,023)

(8,428)

Other, net

7,435

(18,846)

Net cash provided by (used in) investing activities

(2,105,184)

(3,391,833)

Cash flows from financing activities



Proceeds from long-term borrowings

-

800,000

Purchase of treasury shares

(62,145)

(1,167)

Dividends paid

(296,233)

(320,627)

Net cash provided by (used in) financing activities

(358,379)

478,204

Effect of exchange rate change on cash and cash equivalents

(145,095)

48,150

Net increase (decrease) in cash and cash equivalents

3,316,793

3,454,353

Cash and cash equivalents at beginning of period

22,448,629

29,114,590

Cash and cash equivalents at end of period

25,765,423

32,568,944

 

 

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