RNS Number:6911R
Maruwa Co Ld
05 November 2003
5 November 2003
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
FOR IMMEDIATE RELEASE
Nagoya- MARUWA CO., LTD. today announced its consolidated business results for
the first half of fiscal 2004, the six-month period ended 30 September, 2003 is
as follows;
*The financial statements are prepared in conformity with the accounting
principles generally accepted in Japan.
*US dollar amounts are converted for convenience only at the rate of
US$1 = 118.08 yen.
*Consolidated subsidiaries: 5 companies
1. Summary of Consolidated Results
(1) Summary of consolidated statement of income
JPY million JPY million USD thousand
---------- ---------- ------- -----------
For six-month For six-month For six-month
period ended period ended period ended
30th Sept. 30th Sept. Change % 30th Sept.
2003 2002 2003
---------- ---------- ------- ------------
Net sales 5,723 5,430 5.4% 48,470
Operating income 128 272 -52.9% 1,081
Income before income taxes 224 227 -1.3% 1,895
Net income 115 139 -17.3% 973
JPY USD
Net income per share 10.45 12.62 0.10
(2) Summary of consolidated financial condition
JPY million JPY million USD thousand
---------- ---------- ------- -----------
As of 30th As of 30th Change % As of 30th
Sept. Sept. Sept.
2003 2002 2003
---------- ---------- ------- ---------
Total Assets 26,750 26,447 1.1% 226,538
Shareholders' equity 23,520 23,746 -1.0% 199,184
Shareholders' equity ratio 87.9% 89.8% -2.1% 87.9%
JPY USD
Shareholders' equity per 2,139.55 2,160.06 18.10
share
(3) Summary of consolidated statement of cash flows
JPY million JPY million USD thousand
---------- ---------- ------- -----------
For six-month For six-month For six-month
period ended period ended period ended
30th Sept. 30th Sept. Change % 30th Sept.
2003 2002 2003
---------- ---------- ------- ---------
Cash flows from operating 1,125 975 15.4% 9,527
activities
Cash flows from investing (432) (358) -- (3,657)
activities
Cash flows from financing (155) (245) -- (1,316)
activities
Cash and cash equivalents 5,782 5,841 -1.0% 48,969
at the end of the period
2. Projections
Consolidated earnings forecast for full fiscal 2004 ending 31st March 2004
JPY million
Net sales 11,600
Net income 300
*Cautionary statements: the above forecasts are forward-looking statements
involving risks and uncertainties. Due to a number of factors, actual results
may differ significantly from these estimates.
3. Management Policies
(1) Basic management policy
'MARUWA OF CERAMIC MATERIAL TECHNOLOGY' is MARUWA's corporate vision. MARUWA
strives to enhance the corporate value by following consistently 'quality first'
policy, which entails constant technological innovation and to meet the
expectations of all the stakeholders including shareholders, customers, and
employees as well as local communities.
Under this vision, it is MARUWA's management policy to survive among severe
business competition by reinforcing its core business with 'selection and
concentration' strategy, building up a highly profitable structure, and boosting
the share of the global niche markets.
(2) Dividend policy
The basic principle of MARUWA's dividend policy is to share profits stably with
shareholders. Dividend ratio will be determined based on the comprehensive
assessment of the financial conditions and operation results. At the same time,
as stated in the basic management policy, the company continues aggressive
investment on R&D activities, especially on technological innovation, to fill
the needs from the market.
As for retained earnings, MARUWA considers effective uses, while keeping high
availability, to promote further improvements of the corporate structure so that
MARUWA meets market needs more appropriately and promptly.
(3) The number of shares per unit
MARUWA's basic policy for company shares is to increase liquidity at the stock
market since the company is currently on a growth phase. Based on this policy,
MARUWA lowered the number of shares per unit to 100 in August 1999 to increase
the accessibility of shares for individual investors. As a result, the number of
total shareholders doubled from 2,800 in August 1999 to 6,059 in September 2003,
proving that the individual shareholder base was successfully broadened.
(4) Business strategy and management issues
As for management issues, MARUWA is determined to make intensive and collective
efforts on management objectives set our as plain as possible, taking advantage
of small corporate size that is right for company-wide efforts. In regard to
manufacturing, the company started to focus on 'reduction of production lead-
time' in fiscal 2003. This effort has been continued in fiscal 2004 to promote
its effect. It is MARUWA's primary commitment to meet resiliently the needs from
the electronic components market that are dynamically shifting to high-mix low-
volume production and quick delivery along with electronics' progress in multi-
functioning, downsizing, and shortening the life-cycles. MARUWA has enhanced the
manufacturing system for prompt supply of products by improving manufacturing
process and inventory control in addition to reducing lead-time.
In fiscal 2003, 'material technological innovation' is adopted as a new
commitment. This means to enhance MARUWA's core competence, material technology,
in order to survive among both severe price competition to come centered around
China and quality competition with rivals. MARUWA focuses on the reconstruction
of the flexible material-manufacturing system and the R&D system that is
directly linked to the needs from the market.
Regarding management, the paradigm-shift is currently progressing from
management with emphasis on consolidated operating income to management that
values consolidated cash flows. MARUWA, as a growing company, is not focusing
only on the amount of profits that the company gains, but on the structural
strength of the company as a manufacturer. According to this policy, MARUWA
builds up itself as a strong company by introducing indicators for asset
efficiency in each production division and enhancing human resources
development.
In addition, M&A is considered as an important strategy for further growth of
the company, and is continuously planned especially for material technological
development. MARUWA holds larger amounts of retained earnings than other
companies do, but this purposes to deal with M&A issues timely and successfully
with adequate funds.
(5) Corporate governance policy and current issues
MARUWA's corporate governance policy is also based on the company's primary
commitment to respond to the rapidly changing market and to realize flexible
management. Taking advantage of small corporate size, every each production
division was reorganized as a mini-company in order to foster greater
profitability of a division and swift communication of the management's
decisions throughout a division. The reorganization leads to realize open and
transparent management system, including division-based evaluation. In addition,
the term of company directors was cut to one year for greater exercise of
directorship with clear roles and responsibilities.
MARUWA is determined to continue to enhance the corporate governance for more
transparent and open management as a global company.
Review of Operations and Financial Condition
I. Interim Operating Results
JPY million
Previous Current
-----------------------------------------------------------------
1Q 2Q 3Q 4Q 1Q 2Q
------ ------ ------ ------ ------ ------
Net sales 2,797 2,633 2,445 2,462 2,852 2,871
Operating income 102 170 16 19 43 84
Net income 92 47 15 (49) 54 60
JPY million
Previous Current Previous Current
--------------------------------------------------------------------------------
For six-month For six-month For six-month For fiscal year
peiod ended peiod ended peiod ended 2003 2004
30th Sept. 2002 31st Mar. 2003 30th Sept. 2003 (forecast*)
--------------- -------------- --------------- --------- ------------
Net sales 5,430 4,907 5,723 10,337 11,600
Operating income 272 35 128 307 640
Net income 139 (34) 115 105 300
*Issued on 9 May 2003.
(1) Review of operations
In this term, electronic components market showed a strong recovery in Asia as
well as a recovery trend at global markets. Especially, information
communications equipment and digital devices became the drivers in Asian
markets while computerization of automobile-related parts has been promoted. On
the other hand, however, markets require prompt response at components' level
since multi-functioning, miniaturization and integration of end products are
promoted at an accelerating pace. Also, cost pressure at components level from
users is becoming severer with acceleration of the domestic deflation and brisk
Chinese market.
At MARUWA, corporate management policy was more clarified that the Company
achieves profits by expanding global market shares that are already high in the
core businesses such as Circuit Ceramics and Machinery Ceramics and by such
profits continually invensts in research and developement activities for the
growing businesses such as Radio Frequency Products and EMC Components.
As a result, net sales in the first half of this year ended in 5,723 million
yen, a slight increase of 293 million yen (5.4%) compared with the previous
interim result. In comparison with net sales of the second half of the previous
year, 4,907 million yen, net sales increased 816 million yen (16.6%), showing
that sales are generally on a recovery trend. As for profits, operating income
decreased 144 million yen compared to the previous interim result to 128
million yen because the transition and restructuring costs for MARUWA TFG Co.,
Ltd. (former TOKYO FINE GLASS, the name was changed in June 2003), a new
consolidated subsidiary after acquiring all the shares in March 2003, worked as
a negative factor. Net income was 115 million yen, a decrease of 24 million yen
compared to the first half of the last year. There is no important item for
other income and loss.
In addition, the Company previously forecasted that MARUWA TFG Co., Ltd. would
become profitable in the second half of this fiscal year; however, the
subsidiary already turned into black and is expected to contribute to overall
corporate profits in the next six months period in this year.
Meanwhile, interim dividend will be 7.00 yen per share.
(2) Review of interim operating results by product divisions
Consolidated sales results by product divisions
JPY million
Previous Current
-----------------------------------------------------------------
1Q 2Q 3Q 4Q 1Q 2Q
------- ------- ------ ------- ------- -------
Circuit Ceramics 1,194 1,157 1,137 1,194 1,239 1,288
Machinery Ceramics 326 407 288 264 637 673
RF Products 421 334 262 251 253 203
EMC Components 856 735 758 753 723 660
------- ------- ------ ------- ------- ------
Total 2,797 2,633 2,445 2,462 2,852 2,824
JPY million
Previous Current Previous Current
-------------------------------------------------------------------------------
For six-month For six-month For six-month For fiscal year
period period period
ended 30th ended 31st ended 30th 2003 2004
Sept. 2002 Mar. 2003 Sept. 2003 (forecast*)
------------- -------------- ------------- ------ -----------
Circuit Ceramics 2,351 2,331 2,545 4,682 5,056
Machinery Ceramics 733 552 1,308 1,285 2,219
RF Products 755 513 462 1,268 1,200
EMC Components 1,591 1,511 1,408 3,102 3,125
------------- -------------- ------------- ------ -----------
Total 5,430 4,907 5,723 10,337 11,600
*Issued on 9 May 2003.
Circuit Ceramics
Circuit Ceramics include ceramic substrates for chip resistors which are
essential for a wide range of electronic appliances, glazed ceramic substrates
for thermal printer head (TPH) which are used for FAX or bar code label
printers, large ceramic substrates for hybrid ICs, and Aluminium Nitride for
power modules and automobiles.
Total sales of this division were 2,545 million yen, an increase of 193 million
yen (8.3%) compared with the first half period of the last year. The first
quarter enjoyed solid demand mainly for ceramic high value-added or 1005-sized
general-purpose ceramic substrates for resistors as the shift to high-
functioning mobile phones became apparent in the Taiwan market in addition to
favorable demand for Playstation 2. Since the second quarter, sales of Alumina
substrates and Aluminum Nitride substrates for power modules have tended to
increase. Also, substrates for resistors for PCs started to recover in Taiwan
and Chinese markets.
Machinery Ceramics
Machinery Ceramics include quarts glass products mainly for semiconductor
equipment, magnetic head-supporting blocks for personal computers, and ceramic
facet valves. The products in this division require high precision process
techniques.
Quarts glass products sold well with the recovery of demand for semiconductor
equipment. Although ceramics for supporting magnetic heads struggled amid a
long inventory adjustment period at MARUWA's main customers, sales showed a
recovery trend as orders restarted from the third quarter. As a result, total
sales for the first half of this year were 1,308 million yen, an increase of
575 million yen (78.6%) compared with the previous year's first half result.
Radio Frequency Products
Radio Frequency Products include dielectric ceramic filters for mobile phones,
base stations and GPS (global positioning system,) electronic devices such as
VCO (voltage controlled oscillator) for mobile phones and other wireless
communication appliances, and thin film substrates for optical information
devices and communications.
Dielectric ceramics for filters are greatly affected by fluctuations in demand
at mobile phone parts manufacturers. Orders remained flat throughout the first
half period of this year that put us into a difficult condition; in the second
half period, however, sales are on a moderate recovery trend as there were
orders to new antenna-related products. As for device products, the market of
VCOs for mobile phones has contracted due to the shift in the market since the
second quarter. Currently sales are recovered by VCOs for general use including
wireless communications while sales expansion for LTCC multi-layer ceramic
substrates is planned. Sales of thin film substrates are increasing as DVD
devices grew due to recovery of the optical information market from the second
quarter. As a result, total interim sales are 462 million yen, a decrease of
293 million yen (38.8%) compared to the previous interim result.
EMC Components
EMC Components include EMI filters for circuit-protection against
electromagnetic waves, chip varistors as a solution for noise/surge, and multi-
layer ceramic capacitors of high-voltage high-capacitance types mainly used for
digital cameras and power supply of computers.
Chip varistors sold well for customer products and communications from the
second quarter, expanding other applications. Multi-layer ceramic capacitors
are supplied as strobe parts of digital cameras that have kept good demands. In
this first half period, MARUWA had a tough time of switching characteristics
among the market where multi-functioning and downsizing of capacitors were
promoted. Although sales decreased especially in the Taiwan market, improvement
measures at the material level successfully progressed in addition to a sales
expansion plan for the semiconductor equipment market in the second half
period. Total sales were 1,408 million yen, a decrease of 183 million yen
(11.5%) compared to the previous interim result.
II. Outlook of the Full Fiscal 2004
In regard to outlook for full fiscal year, at the electronic components market,
laptop PCs recovered boldly and kept favorable sales; as for mobile phones,
colorization started in a full swing in Europe, and mass production of high-
function mobile devices has been expanded. In household appliances markets, DVD
devices and digital cameras increased replacement demand with further high
functioning of such products. In automobile industry, computerization was
accelerated as well as such trend for mechanical components. Amid both full
recovery of the entire electronic components market and speeding up deflation
trend, MARUWA considers that it is required to achieve results by responding
promptly to changing market needs rather than to seek for volume efficiency. For
this purpose, the company intends to deal accurately with orders of small lots
or quick delivery, taking maximum advantage of the small, practical corporate
size. Circuit Ceramics had favorable sales since the second quarter thanks to a
brisk laptop PCs market and demands regarding a shift to mobile phones with high
functions. MARUWA will keep stable profits by improving response to new orders
and enhancing global market shares. Machinery Ceramics are expected to recover
with resumption of orders to magnetic head-supporting parts; quarts glass
products, which have solid sales for semiconductor equipment, will expand sales
including overseas. Radio Frequency Products will enhance a system for prompt
supply targeting markets in Asia and Europe and promote to provide products
developed at MARUWA or samples in small lot for the information communications
industry. EMC Components are on increasing trend of orders from automobile
components and customer electronics markets as well as digital cameras and
mobile phones markets.
Considering the above, operating results for full fiscal year are expected to
exceed the f orecasts at May 2003 that net sales 11,600 million yen (an increase
of 12% compared to the previous year), operating income 640 million yen (an
increase of 109 %), and net income 300 million yen (an increase of 186 %).
*Cautionary statements: the above forecasts are forward-looking statements
involving risks and uncertainties.
Due to a number of factors, actual results may differ significantly from these
estimates.
III. Financial Condition
JPY million
As of 30th As of 31st As of 30th
Sept. 2002 Mar.2003 Sept. 2003
---------- ---------- ----------
Total assets 26,447 26,880 26,750
Total liabilities 2,701 3,392 3,230
Total shareholders' equity 23,746 23,488 23,520
Shareholders' equity ratio 89.8% 87.4% 87.9%
For six-month For six-month For six-month
period period period
ended 30th ended 31st ended 30th
Sept. 2002 Mar. 2003 Sept. 2003
------------- ------------- -------------
Net cash provided by 975 916 1,125
operating activities
Net cash used in (358) (688) (432)
investing activities
Net cash used in (245) (768) (155)
financing activities
Cash and cash equivalents 5,841 5,291 5,782
at end of term
Net sales 5,430 4,907 5,723
Capital investment 430 621 372
Depreciation 683 777 714
Total assets at the end of the first half of this year were 26,750 million yen,
down 130 million yen compared to the end of the previous year. Cash and
deposits increased 491 million yen while inventories decreased 311 million yen.
Net property, plant and equipment declined 653 as the result of expenditure in
selected areas.
Considering operating results, MARUWA holds the relatively large amount of
internal reserve and consequently high shareholders' ratio since the company
aims to pursue high proactiveness and timely M&A strategies as important
corporate growth strategies.
Net cash provided from operating activities rose 150 million yen to 1,125
million yen from the previous interim result.
For the first half of this year, income before income taxes was 224 million yen,
a decrease of 33 million yen compared to the first half of the previous year
while cash increased 256 million yen thanks to contraction of inventories and a
decrease of accounts receivable. Depreciation cost increased 31 million yen to
714 million yen compared to the first half of the last year. Taxes paid were 59
million yen while cash increased 159 million yen due to the receipt of tax
refunds for the first half of the previous year.
Net cash used in investing activities totaled 432 million yen, up 74 million
yen compared to the previous interim result. The majority of expenditure went
to payments for the purchase and the renewal of property, plant and equipment,
primarily metal molds both domestically and overseas worth a total of 358
million yen, up 67 million yen compared to the last year.
Net cash used in financing activities amounted to 155 million yen, down 90
million yen compared to the first half of the previous year due especially to
the payments for the long-term debt of 78 million yen and dividends paid of 78
million yen.
Consequently, cash and cash equivalents at the end of the first half period of
this year decreased 59 million yen compared to the previous interim result to
5,782 million yen.
Consolidated Balance Sheet
JPY million JPY million JPY million USD thousand
--------- --------- ------- --------- ------- --------
As of As of As of As of
30th Sept. 30th Sept. 31st Mar. 30th Sept.
2003 2002 Change % 2003 Change % 2003
--------- --------- ------- --------- -------- ---------
ASSETS
Current assets:
Cash & deposits 5,782 5,741 0.7% 5,291 9.3% 48,969
Notes and accounts 3,261 2,889 12.9% 3,249 0.4% 27,620
receivable, trade
Inventories 3,536 3,451 2.5% 3,847 -8.1% 29,947
Other current assets 365 505 -27.7% 311 17.4% 3,079
Allowance for doubtful (1) (2) -- (2) -- (5)
accounts
--------- --------- --------- ----------
Total current assets 12,943 12,584 2.9% 12,696 1.9% 109,610
--------- --------- --------- ----------
Property, plant & equipment:
Building & structures 3,597 3,701 -2.8% 3,789 -5.1% 30,461
Machinery & equipments 4,381 4,908 -10.7% 4,890 -10.4% 37,104
Land 2,536 2,471 2.6% 2,541 -0.2% 21,477
Other 591 586 0.9% 564 4.8% 5,003
Construction in progress 154 85 81.2% 128 20.3% 1,303
--------- -------- --------- ----------
Net property, plant & 11,259 11,751 -4.2% 11,912 -5.5% 95,348
equipment --------- -------- --------- ----------
Investment & other assets:
Investment securities 630 580 8.6% 661 -4.7% 5,339
Other 1,918 1,532 25.2% 1,611 19.1% 16,241
--------- -------- --------- ----------
Total investments & 2,548 2,112 20.6% 2,272 12.1% 21,580
other assets --------- -------- --------- ----------
Total assets 26,750 26,447 1.1% 26,880 -0.5% 226,538
--------- -------- --------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes & accounts 482 711 -32.2% 489 -1.4% 4,083
payable, trade
Accrued bonus 127 119 6.7% 136 -6.6% 1,076
Other 1,312 1,054 24.5% 1,326 -1.1% 11,113
-------- -------- -------- ---------
Total current liabilities 1,921 1,884 2.0% 1,951 -1.5% 16,272
-------- -------- -------- ---------
Long-term liabilities:
Long-term debt 556 705 -21.1% 630 -11.7% 4,710
Accrued pension & 143 30 376.7% 139 2.9% 1,208
severance costs
Other 610 82 643.9% 672 -9.2% 5,164
-------- -------- -------- ---------
Total long-term liabilities 1,309 817 60.2% 1,441 -9.2% 11,082
-------- -------- -------- ---------
Total liabilities 3,230 2,701 19.6% 3,392 -4.8% 27,354
-------- -------- -------- ---------
Shareholders' equity:
Common stock, authorized: 6,683 6,683 0.0% 6,683 0.0% 56,601
26,000,000 shares; issued & outstanding:
11,050,000 shares in 2002
Additional paid-in capital 9,710 9,710 0.0% 9,710 0.0% 82,236
Retained earnings 8,232 7,859 4.7% 7,748 6.2% 69,716
Net unrealized gains on 28 22 27.3% (7) -- 233
other securities
Foreign currency (931) (327) -- (444) -- (7,891)
translation adjustment
Treasury stock, at cost (202) (201) -- (202) -- (1,711)
-------- -------- -------- ---------
Total shareholders' equity 23,520 23,746 -1.0% 23,488 0.1% 199,184
-------- -------- -------- ---------
Total liabilities & 26,750 26,447 1.1% 26,880 -0.5% 226,538
-------- -------- -------- ---------
shareholders' equity
Consolidated Statements of Income
JPY million JPY million USD thousand
----------- ----------- -------- -----------
Six-month Six-month Six-month
period ended period ended period ended
30th Sept. 30th Sept. Change % 30th Sept.
2003 2002 2003
--------- -------- -------- ----------
Net sales 5,723 5,430 5.4% 48,470
Cost of sales 4,463 4,165 7.2% 37,800
--------- -------- ---------
Gross profit 1,260 1,265 -0.4% 10,670
--------- -------- ---------
Selling, general & 1,132 993 14.0% 9,589
administrative expenses --------- -------- ---------
Operating income 128 272 -52.9% 1,081
--------- -------- ---------
Other income (expenses):
Interest & dividend income 5 2 150.0% 39
Interest expenses 8 8 0.0% 65
Foreign exchange gain 6 (63) -- 51
(loss), net
Other, net 77 8 862.5% 659
--------- -------- ---------
Other income, net 96 (45) -- 814
--------- -------- ---------
Income before income taxes 224 227 -1.3% 1,895
Income taxes:
Current 65 6 983.3% 552
Deferred 44 82 -46.3% 370
--------- -------- ---------
109 88 23.9% 922
--------- -------- ---------
Net income 115 139 -17.3% 973
--------- -------- ---------
Consolidated Statement of Cash Flows
JPY million JPY million JPY million USD thousand
--------- -------- -------- --------- ------------
Six-month Six-month Six-month
period ended period ended Year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2003 2002 2003 2003
--------- -------- -------- --------- ------------
Operating activities:
Income before income taxes 224 227 -1.3% 233 1,895
Adjustments for:
Depreciation 714 683 4.5% 1,460 6,044
Increase (decrease) in (1) (18) -- (13) (11)
allowance for doubtful accounts
Decrease in accrued 3 13 -76.9% 28 27
pension & severance costs
Loss on disposal of 22 25 -12.0% 82 184
property, plant & equipment
Interest & dividend income (6) (2) -- (6) (51)
Foreign exchange (gain) loss 5 35 -85.7% 43 44
(Increase) decrease in (76) (476) -- (310) (641)
notes & accounts receivable
(Increase) decrease in 256 (18) -- (46) 2,164
inventories
Increase (decrease) in 2 222 -99.1% (66) 21
accounts payable
Other 42 131 -67.9% 375 358
Sub total 1,185 822 44.2% 1,780 10,034
--------- -------- --------- ---------
Interest & dividend income 6 2 200.0% 7 52
received
Interest expenses paid (7) (8) -- (15) (63)
Income taxes paid (refund) (59) 159 -- 119 (496)
--------- -------- --------- ---------
Net cash provided by 1,125 975 15.4% 1,891 9,527
--------- -------- --------- ---------
operating activities
Investment activities:
Payments for purchase of (358) (291) -- (783) (3,032)
property, plant & equipment
Proceeds from sales of 21 58 -63.8% 88 178
property, plant & equipment
Payments for purchase of (26) (108) -- (267) (217)
investment securities
Acquisition of new subsidiary -- (16) -- -- --
Acquisition of new -- -- (55) --
consolidated subsidiary
Increase in intangible fixed (103) -- -- (33) (872)
assets
Other 34 (1) -- 4 286
--------- -------- --------- ---------
Net cash used in investing (432) (358) -- (1,046) (3,657)
--------- -------- --------- ---------
activities
Financing activities:
Payments of long-term (78) (168) -- (858) (663)
debt
Purchase of treasury stock 0 0 -- (1) (1)
Cash dividends paid (77) (77) -- (154) (652)
--------- -------- --------- ---------
Net cash provided by (155) (245) -- (1,013) (1,316)
--------- -------- --------- ---------
(used in) financing activities
Effect of exchange rate (47) (23) -- (33) (392)
--------- -------- --------- ---------
changes on cash & cash equivalents
Net increase (decrease) in 491 349 40.7% (201) 4,162
cash & cash equivalents
Cash and cash equivalents 5,291 5,492 -3.7% 5,492 44,807
at beginning of year
--------- -------- --------- ---------
Cash and cash equivalents 5,782 5,841 -1.0% 5,291 48,969
--------- -------- --------- ---------
at end of the period
Segment Information
(1) Consolidated business segment information
MARUWA's business is comprised of one segment. Therefore, segment breakdown is
not applicable.
(2) Consolidated geographic segment information
JPY million JPY million USD thousand
--------- -------- -------- ---------
Six-month Six-month Six-month
period ended period ended period ended
30th Sept. 30th Sept. Change % 30th Sept.
2003 2002 2003
--------- -------- -------- ---------
JAPAN
Net sales:
Unaffiliated customers 4,316 3,798 13.6% 36,550
Intersegment 192 293 -34.5% 1,628
--------- -------- ---------
Total 4,508 4,091 10.2% 38,178
Operating cost 4,267 3,715 14.9% 36,141
--------- -------- ---------
Operating income (loss) 241 376 -35.9% 2,037
--------- -------- ---------
ASIA
Net sales:
Unaffiliated customers 1,231 1,494 -17.6% 10,423
Intersegment 413 457 -9.6% 3,498
--------- -------- ---------
Total 1,644 1,951 -15.7% 13,921
Operating cost 1,458 1,760 -17.2% 12,344
--------- -------- ---------
Operating income (loss) 186 191 -2.6% 1,577
--------- -------- ---------
EUROPE
Net sales:
Unaffiliated customers 176 138 27.5% 1,496
Intersegment 1 1 0.0% 6
--------- -------- ---------
Total 177 139 27.3% 1,502
Operating cost 225 187 20.3% 1,910
--------- -------- ---------
Operating income (loss) (48) (48) -- (408)
--------- -------- ---------
TOTAL
Net sales:
Unaffiliated customers 5,723 5,430 5.4% 48,470
Intersegment 606 751 -19.3% 5,132
--------- -------- ---------
Total 6,329 6,181 2.4% 53,602
Operating cost 5,950 5,662 5.1% 50,395
--------- -------- ---------
Operating income (loss) 379 519 -27.0% 3,207
--------- -------- ---------
ELIMINATION
Net sales:
Total 606 751 -19.3% 5,132
Operating cost 355 504 -29.6% 3,006
--------- -------- ---------
Operating income (loss) 251 247 1.6% 2,126
--------- -------- ---------
CONSOLIDATED
Net sales:
Total 5,723 5,430 5.4% 48,470
Operating cost 5,595 5,158 8.5% 47,389
--------- -------- ---------
Operating income (loss) 128 272 -52.9% 1,081
--------- -------- ---------
(3) Net overseas sales by customer's geographic location
JPY million JPY million JPY million USD thousand
--------- -------- -------- ---------- ---------
Six-month Six-month Six-month
period ended period ended Year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2003 2002 2003 2003
--------- -------- -------- ---------- ---------
Overseas sales:
Asia 2,294 2,603 -11.9% 4,925 19,426
Europe 128 114 12.3% 294 1,085
Others 170 120 41.7% 143 1,443
Total 2,592 2,837 -8.6% 5,362 21,954
Consolidated net sales 5,723 5,430 5.4% 10,337 48,470
% to consolidated net sales:
Asia 40.1% 48.0% 47.7%
Europe 2.2% 2.1% 2.8%
Others 3.0% 2.2% 1.4%
Total 45.3% 52.3% 51.9%
*Overseas sales indicate net sales of the Company and its subsidiaries to
customers outside Japan.
*Countries are divided in geographical vicinity.
*Main countries included in each area are indicated below;
Asia - Malaysia, Taiwan, Korea, Hong Kong
Europe - Germany, England
Others - United States
END.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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