Summary of Consolidated Financial Results for the Three Months Ended June 30, 2023 | ||
July 31, 2023 | ||
Company Name : | MARUBUN CORPORATION | |
Listing : | Tokyo Stock Exchange | |
Securities Code : | 7537 | |
URL : | https://www.marubun.co.jp | |
Representative : | Toru Iino, CEO and Representative Director | |
Contact : | Toshihiro Shibuya, Officer, Director, Corporate Planning Dept. | |
TEL : | +81-3-3639-3010 | |
Preparation of supplementary material : | Yes | |
Holding of investor meeting : | No |
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1,2023 - June 30,2023)
(1) Consolidated䚷Operating Results | |||||||||
Net Sales | Operating Income | Ordinary Income | Profit Attributable | ||||||
to Owners of Parent | |||||||||
For the Three Months ended | Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | |||||
June 30, 2023 | 60,414 | 30.9 | 3,131 | 54.6 | (97) | - | (330) | - | |
June 30, 2022 | 46,156 | 23.6 | 2,024 | 88.1 | (252) | - | (350) | - |
(Note) | |||||||||||||||
Comprehensive income | Three Months ended June 30, 2023 | 318 | Millions of Yen | (40.9)% | |||||||||||
Three Months ended June 30, 2022 | 539 | Millions of Yen | (55.8)% | ||||||||||||
Earnings per Share | Earnings Per Share | ||||||||||||||
-Basic- | -Diluted- | ||||||||||||||
For the Three Months ended | Yen | Yen | |||||||||||||
June 30, 2023 | (12.65) | - | |||||||||||||
June 30, 2022 | (13.42) | - | |||||||||||||
(2) Financial Position | |||||||||||||||
Total Assets | Total Net Assets | Equity Ratio | |||||||||||||
Millions of Yen | Millions of Yen | % | |||||||||||||
As of June 30, 2023 | 175,675 | 51,825 | 26.4 | ||||||||||||
As of March 31, 2023 | 175,998 | 53,084 | 27.1 | ||||||||||||
(Reference) | |||||||||||||||
Tangible net worth | As of June 30, 2023 | 46,291 | Millions of Yen | ||||||||||||
As of March 31, 2023 | 47,747 | Millions of Yen | |||||||||||||
2. Dividends | |||||||||||||||
Dividend Per Share | |||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | Year-end | Annual | |||||||||||
Yen | Yen | Yen | Yen | Yen | |||||||||||
Year ended March 31, 2023 | - | 20.00 | - | 60.00 | 80.00 | ||||||||||
Year ended March 31, 2024 | - | ||||||||||||||
Year ending March 31, 2024 | 25.00 | - | 25.00 | 50.00 | |||||||||||
(Forecast) | |||||||||||||||
3. Consolidated Financial Forecasts for the Fiscal Year Ending March 31, 2024 | |||||||||||||||
Net Sales | Operating Income | Ordinary Income | Profit Attributable | Earnings per Share | |||||||||||
to Owners of Parent | -Basic- | ||||||||||||||
Millions of Yen | Millions of Yen | Millions of Yen | Millions of Yen | Yen | |||||||||||
Six Months ending | 113,500 | 12.4 | 3,400 | (35.5) | 1,300 | 14.5 | 645 | 37.4 | 24.68 | ||||||
September 30, 2023 | |||||||||||||||
Year ending March 31, 2024 | 236,000 | 4.3 | 8,750 | (20.4) | 4,500 | (36.8) | 3,000 | (42.3) | 114.79 | ||||||
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. Summary of operating results for the fiscal year under review
- During the first quarter of the consolidated fiscal year under review (April 1 to June 30, 2023), the employment and income environment in Japan improved and consumer spending and capital investment rebounded as economic activity normalized with the downgrading of COVID-19 to Category 5 in severity classification and the removal of movement restrictions. However, the outlook for the Japanese economy remained uncertain, mainly reflecting the prolonged inflation, the effects of sharp foreign exchange rate changes, and concern over downside risks due to global monetary tightening.
- In the electronics sector, in which the Marubun Group (the "Group") operates, demand for servers increased with the development of generative AI and increasing amounts of data handled, although PC shipments declined. Demand for products for vehicles recovered, mainly reflecting a shift to EVs and electrification of cars. In the semiconductor market, polarization continued in terms of the product supply-demand balance. While the shortage of supply of automotive semiconductors was being eliminated, demand for semiconductors for PCs and smartphones remained sluggish. Adjustments of inventories of multi-purpose semiconductors were moderate.
- In this situation, consolidated net sales of the Group during the first quarter of the fiscal year under review increased 30.9 year on year, to 60,414 million yen, reflecting the increase in demand for semiconductor and electronic components for consumer equipment, industrial
equipment and automobiles. On the profit side, operating profit increased 54.6 year on year, to 3,131 million yen, attributable to the increase in sales. Because of the depreciation of the yen that continued from the beginning of the fiscal year, foreign exchange losses of 2,348 million yen were posted in non-operating expenses, reflecting settlement losses during the first quarter due to the repayment of borrowings in foreign currency and a loss on valuation of borrowings in foreign currency at the end of the first quarter. In addition, interest expenses increased 681 million yen year on year due to the higher US dollar interest rate. Consequently, an ordinary loss of 97 million yen was posted (compared to an ordinary loss of 252 million yen in the prior year). The loss attributable to owners of parent stood at 330 million yen (compared to a loss attributable to owners of parent of 350 million yen in the prior year).
- Operating results by business segment are as follows: Electronic Devices Business
- In the Electronic Devices Business, demand for semiconductors for consumer equipment grew significantly. Semiconductors for automobiles, particularly new products, increased. Semiconductor and electronic components for industrial equipment, particularly factory automation equipment, were firm. As a result, net sales increased 39.5% year on year, to 49,383
million yen. Segment profit increased 49.2 | year on year, to 3,002 million yen, due to an |
increase in sales. | |
Electronic Systems Business |
- In the Electronic Systems Business, sales declined in the field of space and defense electronics. In the laser equipment field, demand for optical sensors and diode lasers increased. In the industrial equipment field, demand for industrial embedded computers and devices for analyzing and mounting electronic components increased. Consequently, net sales stood at 10,700 million yen, an increase of 2.6% from the same period of the previous year. Segment profit increased 92.8% year on year, to 253 million yen,due to an increase in sales and an improvement in the gross profit ratio..
Electronic Solutions Business - In the Electronic Solutions business, demand for communications modules and millimeter wave radar products was firm. Net sales rose 3.1% year on year, to 330 million yen. A segment loss of 122 million yen was posted (compared to a segment loss of 117 million yen in the same
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period of the previous fiscal year) due to an increase in selling, general and administrative expenses caused primarily by active marketing.
. Summary of consolidated financial conditions for the fiscal year under review
Assets
- Current assets at the end of the first quarter of the fiscal year under review stood at 165,470 million yen, a decrease of 672 million yen from the end of the previous fiscal year. This result was mainly attributable to decreases in cash and deposits of 4,141 million yen and in notes and accounts receivable - trade of 2,891 million yen, which more than offset increases in electronically recorded monetary claims - operating of 5,390 million yen and in Other in current assets. Non-current assets amounted to 10,205 million yen, an increase of 350 million yen from the end of the previous fiscal year. This was primarily due to a 344 million yen increase in investment securities.
- As a result, total assets decreased by 322 million yen from the end of the previous fiscal year, to 175,675 million yen.
Liabilities - Current liabilities at the end of the first quarter of the consolidated fiscal year under review came to 118,039 million yen, an increase of 950 million yen from the end of the previous fiscal year. This was attributable largely to an increase of 5,096 million yen in short-term borrowings and an increase in Other in current liabilities, more than offsetting decreases of 5,449 million yen in notes and accounts payable - trade and 988 million yen in income taxes payable. Non-current liabilities amounted to 5,810 million yen, a decrease of 14 million yen from the end of the previous fiscal year.
- As a result, total liabilities increased by 936 million yen from the end of the previous fiscal year, to 123,850 million yen.
Net assets - Net assets totaled 51,825 million yen at the end of the first quarter of the consolidated fiscal year under review, a decrease of 1,258 million yen from the end of the previous consolidated fiscal year. This was largely a result of a decrease of 1,898 million yen in retained earnings, partially offset by increases of 232 million yen in valuation difference on available-for-sale securities and 197 million yen in non-controlling interests.
- As a result, the equity ratio stood at 26.4% (compared to 27.1% at the end of the previous fiscal year).
. Future outlook
There has been no revision to the consolidated financial forecasts for the fiscal year ending March 31, 2024, which were announced on May 12, 2023.
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Consolidated Financial Statements
(1) Consolidated Balance Sheet
(Millions of yen) | |||
As of March 31, 2023 | As of June 30, 2023 | ||
Assets | |||
Current assets | |||
Cash and deposits | 21,253 | 17,111 | |
Notes and accounts receivable - trade | 51,426 | 48,534 | |
Electronically recorded monetary claims - | 7,989 | 13,379 | |
operating | |||
Merchandise and finished goods | 54,558 | 54,300 | |
Work in process | 79 | 175 | |
Accounts receivable - other | 28,914 | 28,718 | |
Other | 1,940 | 3,262 | |
Allowance for doubtful accounts | 17 | 12 | |
Total current assets | 166,143 | 165,470 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures | 3,651 | 3,666 | |
Accumulated depreciation | 2,464 | 2,488 | |
Buildings and structures, net | 1,186 | 1,178 | |
Machinery, equipment and vehicles | 9 | 9 | |
Accumulated depreciation | 9 | 9 | |
Machinery, equipment and vehicles, net | 0 | 0 | |
Tools, furniture and fixtures | 2,253 | 2,281 | |
Accumulated depreciation | 1,770 | 1,805 | |
Tools, furniture and fixtures, net | 483 | 475 | |
Land | 1,411 | 1,411 | |
Leased assets | 34 | 34 | |
Accumulated depreciation | 17 | 19 | |
Leased assets, net | 16 | 15 | |
Right of use assets | 206 | 226 | |
Accumulated depriciation | 105 | 109 | |
Right of use assets,net | 100 | 116 | |
Construction in progress | 4 | 11 | |
Total property, plant and equipment | 3,203 | 3,208 | |
Intangible assets | 898 | 864 | |
Investments and other assets | |||
Investment securities | 2,317 | 2,662 | |
Deferred tax assets | 505 | 368 | |
Retirement benefit asset | 232 | 244 | |
Other | 2,807 | 3,074 | |
Allowance for doubtful accounts | 109 | 216 | |
Total investments and other assets | 5,753 | 6,133 | |
Total non-current assets | 9,855 | 10,205 | |
Total assets | 175,998 | 175,675 |
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(1) Consolidated Balance Sheet
(Millions of yen) | ||
As of March 31, 2023 | As of June 30, 2023 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 28,005 | 22,556 |
Short-term borrowings | 69,423 | 74,520 |
Current portion of long-term borrowings | 25 | 12 |
Lease liabilities | 72 | 80 |
Accounts payable - other | 14,738 | 15,238 |
Income taxes payable | 1,114 | 125 |
Provision for bonuses | 1,020 | 569 |
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Retirement benefit liability
Provision for retirement benefits for directors (and other officers)
2,688 | 4,936 |
117,089 | 118,039 |
5,000 | 5,000 |
122 | 123 |
365 | 367 |
107 | 108 |
Asset retirement obligations | 113 | 113 | |
Other | 116 | 97 | |
Total non-current liabilities | 5,824 | 5,810 | |
Total liabilities | 122,913 | 123,850 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 6,214 | 6,214 | |
Capital surplus | 6,353 | 6,353 | |
Retained earnings | 34,388 | 32,489 | |
Treasury shares | 1,631 | 1,631 | |
Total shareholders' equity | 45,325 | 43,426 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale | 821 | 1,054 | |
securities | |||
Deferred gains or losses on hedges | 26 | 99 | |
Foreign currency translation adjustment | 1,684 | 1,752 | |
Remeasurements of defined benefit plans | 56 | 42 | |
Total accumulated other comprehensive income | 2,422 | 2,864 | |
Non-controlling interests | 5,336 | 5,534 | |
Total net assets | 53,084 | 51,825 | |
Total liabilities and net assets | 175,998 | 175,675 |
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Marubun Corporation published this content on 04 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2023 07:22:10 UTC.