Maruwa : FY2023 Final Financial Results

Final Results of FY2023

May 8, 2024 MARUWA CO., LTD.

Disclaimer

This material is not aimed at recommending any investment.

There are forward-looking statements based on current assumptions. Actual results may differ by changes of the environment.

１．Overview

				(Unit: Millions; Currency: Yen)
		FY2023	Increase/Decrease	FY2022
			from last year
	Net sales	61,564	＋4.7%	58,804
	Operating profit	19,801	△1.7%	20,142
	profit	21,121	△0.3%	21,187
	Ordinary
	owners of parent	15,216	＋1.3%	15,020
	Profit attributable to

2024 MARUWA CO., LTD.

２．Sales breakdown by market

■Sales amount by market

			(Unit: 100 Million; Currency: Yen)
	FY2023 total	FY2022 total	Quarter to
		Increase/Decrease	quarter ratio
	211.7	from last year	211.6	4Q/3Q
communication	＋0%	△4.6%
Tele-
Automobile	133.0	＋10.9%	119.9	△4.2%
SPE	106.8	＋12.5%	94.9	＋5.9%
Industrial	80.6	＋8.5%	74.3	△19.9%
equipment
Lighting	83.3	△4.3%	87.0	13.4%

■By market

14.8%

FY2022 12.6% 36.0% 16.1% 20.4%

FY2023	13.5%	34.4%
13.1%
		Telecommunication
		17.3% 21.6%
		SPE
		Automobile

Industrial equipment

Lighting

2024 MARUWA CO., LTD.

３．Quarterly consolidated operating results

		FY2021				FY2022				FY2023		80.0%
16,000
													60.0%
12,000
8,000													40.0%
4,000													20.0%
0	FY20211				FY2022				FY2023				0.0%
	2Q	3Q	4Q	2Q	3Q	4Q	2Q	3Q	4Q
	Q	1Q	1Q
Net sales
11,112	13,610	15,347	14,273	13,954	15,714	14,908	14,227	12,722	15,341	16,962	16,537
Operating profit	3,182	4,744	5,434	4,854	4,749	5,866	5,423	4,102	3,530	5,118	5,744	5,408
Operating profit %	28.6%	34.9%	35.4%	34.0%	34.0%	37.3%	36.4%	28.8%	27.7%	33.4%	33.9%	32.7%	(Unit: Millions; Currency: Yen)

2024 MARUWA CO., LTD.

４．Inventory value

【Inventory value】

12,000
10,000
8,000	2,267	2,452	2,503			2,509	2,248
6,000	2,905	3,014	3,084			3,086	2,960
4,000
2,000	3,767	4,259	4,450			4,488	4,575
0
	As of March 31, 2024	As of Dec. 31, 2023	As of Sep.30, 2023	As of June 30, 2023	As of March 31, 2023
		Raw materials and supplies		work in progress		Marchandice and finished products

(Unit: Million; Currency: Yen)

We continue to strategically secure raw materials mainly for automotive and semiconductor-related businesses.

Total inventory is operating within normal range.

2024 MARUWA CO., LTD.

５．FY2024 forecast

						(Unit: Millions; Currency: Yen)
	FY total				1H		2H
		Increase/Decrease		Increase/Decrease		Increase/Decrease
			from last year		from last year		from last year
Net sales	70,300		＋14.2%	30,800	＋9.8%	39,500	＋17.9%
Profit	23,000		＋16.2%	10,000	＋15.6%	13,000	＋16.6%
Operating

※Exchange assumption: 1 dollar = 147 yen

※Regarding "Ordinary income" and "Profit attributable to owners of parent", they are expected to fluctuate mainly due to foreign exchange factors. Therefore, we have omitted to describe forecasts due to the uncertainty of exchange rate trends at this time.

2024 MARUWA CO., LTD.

６．Outlook for FY2024 (Market trends)

	Market	Trends
		・Recovery in China's telecommunication market is uncertain.
	Telecommunication	・Demand continues to be strong for next-generation high speed
		communications.
	Automobile	・The growth rate for BHV is expected to be slow.
	Although the growth rate for HV and PHV will accelerate.
		・Focus on further strengthening profitability through automation.
	SPE	・We expect our business to expand due to the demand for generative AI and
	semiconductor subsidy policies in various countries.
		・Future demand related to China is unclear.
	Industrial equipment	・We will strengthen our differentiation toward medium- to long-term growth
		in the power semiconductor industry.
	Lighting	・We will focus on high value-added products targeting the wealthy.

2024 MARUWA CO., LTD.

７．Capital investment/Depreciation

■Capital investment

Investment in new plants and building for mid to long-term growth, and focusing on investment to improve productivity.

■ Depreciation/Percentage of sales

Steadily lead to improved competitiveness and productivity.

（Depreciation）

（Depreciation/Year-end sales amount）

（Capital investment）

16,000

12,000

8,000
…
4,000

0

FY2019	FY2020	FY2021	FY2022	FY2023 From FY24
（Unit：Millions of YEN）				onwards

6,000						30.0%
5,000
4,000						20.0%
3,000
2,000						10.0%
1,000						0.0%
0
	FY2019	FY2020	FY2021	FY2022	FY2023

2024 MARUWA CO., LTD.

８．New Plant

	Market		Plant	Purpose	Schedule
	Next generation		Seto plant	To launch new products	Mass production has begun
	（Tele-		Seto Plant
communication）	NEW	R&D	Scheduled for completion in March 2026
		R&D
			Toki plant	To increase capacity	Mass production has begun
	xEV		New building	(Ceramic substrate)
（Automobile）		Toki plant	To increase capacity	Scheduled for completion in March 2026
			New building	(Ceramic substrate)
			Miharu Plant	To increase capacity	Scheduled for completion in March 2026
			New building	(Quartz products)
	SPE	NEW	Miharu plant	To increase capacity	The schedule is undecided at this time.
	New building	(Quartz products)
		NEW	Toki plant	For new products	Scheduled for completion in March 2026
		New building	(High purity SiC sintered body)

2024 MARUWA CO., LTD.

９．Shareholder return

■Dividends

FY2024 is scheduled to be the 12th consecutive year of increased dividends.

We aim to continue steadily increasing dividends in the future.

				20	22	24
		18	19
	17
15
				22	24
15	17	18	19	20

47

				43
		36	40
	36
26
			43	47
		34	38
26	28

（Unit：YEN） 13/3

14/3

15/3

16/3

17/3

18/3

19/3

20/3

21/3

22/3

23/3

24/3

25/3

2024 MARUWA CO., LTD.

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