Marumae : Presentation Material for Financial Results Q3 FY2021

Tokyo Stock Exchange (TSE): 6264

Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

MARUMAE CO., LTD.

Q3 FY2021 Financial Results Summary

June 30, 2021

TECHNOLOGY FOR THE FUTURE

Vacuum components manufacturer for semiconductor and FPD production equipment

Marumae Co., Ltd. All Rights Reserved

1. Overview of Financial Results

P/L Analysis

	P/L	Fiscal Year Ended	Fiscal Year Ending
	Aug 2020			Aug 2021
		Nine-month period	Nine-month period
		Amount	Ratio	Amount	Ratio	YoY change ratio
		(million yen)	(%)	(million yen)	(%)	(%)
	Orders received	3,272	ー	4,273	ー	30.6
	Balance of the	903	ー	1,538	ー	70.3
	orders received
	Net sales	3,182	100.0	3,615	100.0	13.6
	Cost of sales	2,191	68.9	2,406	66.5	9.8
	Gross profit	990	31.1	1,209	33.5	22.1
	Selling and	361	11.4	433	12.0	19.8
	administrative
	expenses
	Operating profit	629	19.8	776	21.5	23.4
	Ordinary profit	600	18.9	772	21.4	28.7
	Extraordinary	109	3.4	18	0.5	(82.8)
	loss (income)
	Profit	493	15.5	556	15.4	12.7
	EPS (yen)	37.97	ー	43.43	ー	14.4
Marumae Co., Ltd. All Rights Reserved			-2-

Point

1. Status of orders received

Semiconductor sector: 3,321 million yen (32.1% YoY increase)

FPD sector: 777 million yen (4.7% YoY increase)

Other sectors: 174 million yen (972.4% YoY increase)

2. Net sales

13.6% YoY increase

*The details for each sector are listed on the next page.

3. Cost of sales and gross profit

Material cost: 17 million yen increase (3.3% YoY increase)

Outsourcing expenses: 84 million yen increase (22.9% YoY increase)

Labor costs: 107 million yen increase (15.9% YoY increase)

Depreciation: 59 million yen increase (16.4% YoY increase)

4. Operating profit and selling and administrative expenses

Personnel expenses: 44 million yen increase

Fee expenses: 20 million yen increase (unplanned)

• Sales for photovoltaic cell production equipment contributing to an increase in sales continuing from 2Q

2. Improved profits due to an increase in orders with low material and outsourcing costs

• Net income: 556 million yen (12.7% YoY increase)

1. Overview of Financial Results

Trend of Quarterly Business Results

(Unit:	Sales/cutting (semiconductor)		Sales/cutting (FPD)		Sales/cutting (other)			Fiscal Year
Other sales			Gross profit			Operating profit			Ending
million yen)
Ordinary profit			Profit							August 2021	58
1,200
273											175
293								277		76
								251
		244								111
1,000							276			164	1,050
				198				977
	944
907					263			904	893
	871	111				884
800			831
			102
			771			766
600				707
					648						499
400												352
												350
												261
200
0
3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q
	FY2018			FY2019				FY2020			FY2021
Point 1. Record sales for semiconductor, and sales recovery in FPD	Other sectors: 153 million yen (800.1% YoY increase)

Semiconductor sector: 2,921 million yen (27.1% YoY increase)

• Favorable semiconductor market environment and a new record high in this quarter

FPD sector: 451 million yen (42.9% YoY decrease)

• Sales recovery due to improved market and EBW*-related sales

*EBW: Electron beam welding

*The graph shows quarterly figures, but the numbers in the comments for each point are those for the nine months under review.

Marumae Co., Ltd. All Rights Reserved	-3-

1. Overview of Financial Results

B/S Analysis

	B/S	Fiscal Year Ended	Fiscal Year Ending
	Aug 2020	Aug 2021
	(Unit: million yen)	End of fiscal year	End of Q3
	Current assets	4,369	4,572
	Cash & deposits	2,540	2,587
	Trade receivables
	(Notes receivable - trade,	1,376	1,362
	accounts receivable - trade, and
	electronically recorded monetary
	claims - operating)
	Inventories	438	591
	Non-current assets	4,524	4,542
	Buildings & land	2,359	2,308
	Machinery & equipment	1,775	1,749
	Current liabilities	1,183	1,068
	Interest-bearing liabilities	389	429
	(short-term)*
	Non-current liabilities	2,004	2,066
	Long-term borrowings	1,970	2,028
	Total liabilities	3,188	3,135
	Total net assets	5,706	5,980
	Total assets	8,894	9,115
	*Interest-bearing liabilities: Short-term borrowings + Current portion of long-term borrowings
Marumae Co., Ltd. All Rights Reserved		-4-

1. Assets: 9,115 million yen (increased by 221 million yen Point from the end of the previous fiscal year)
2. • Inventories: 152 million yen increase
   • Construction in progress: 122 million yen increase
3. Liabilities: 3,135 million yen (decreased by 53 million yen from the end of the previous fiscal year)
4. • Long-termborrowings: 57 million yen increase
   • Income taxes payable: 144 million yen decrease
5. Net assets: 5,980 million yen (increased by 274 million yen from the end of the previous fiscal year)
6. • Dividends paid: 281 million yen
   • Booking of profit: 556 million yen
   • Equity ratio: 64.2%→65.6%

(Unit:				Long-term borrowings
			Current portion of long-term borrowings									Fiscal Year
million yen)
																					Ending
2,500																						August 2021
	379	379
							379
		309						379	389							429
										389
2,000
																					389
1,500
	2,262	2,167
1,000		2,072
	1,977			1,978	1,970							2,028
						1,873	1,775
500
0
		Term-end		Term-end		1Q			2Q			3Q			4Q			1Q			2Q			3Q

FY FY

2018 2019

2. Business Environment

Trend of the Monthly Balance of Orders Received

1,500	（Unit: million yen）																							Fiscal Year Ending	8 27
							Semiconductor sector
1,400																						August 2021
							FPD sector
1,300
							Other sectors																		27	512 531
1,200
8
1,100
	7																												55
1,000
344																													499
		37																				4							88
900
	322																			6	4
																				5	4		49	23	324
800
		239													5		4		5	8		322			6	41	225
				22	3						4	6	4		4	3	7		294	291			8	205
700				26	4	4			4						251	262		176
														273 283					195
600				147 158	174	164	174	4	3	185	191	206	246 340 337 322	312	275						205	189
					169
								157
500																														991 979
400	811	741 675 606 571																					581 579 590 639 589 654 696 697 753
300		534	540 521	458	490 555 548	536	460 391 429 438	459 462	498 511	599 624 607 599
200
100
0	Jun Jul	Aug Sep Oct	Nov	Dec Jan	Feb Mar	Apr	May	Jun	Jul Aug Sep	Oct	Nov Dec Jan Feb Mar Apr May Jun	Jul Aug Sep Oct	Nov Dec Jan Feb Mar	Apr May
	FY2018						FY2019											FY2020							FY2021

Point  Semiconductor sector: In addition to a market that was strong overall, there were increased orders from a new customer.

• FPD sector: There was a recovery trend in orders for G10.5 LCDs as well as for G6 OLED (organic EL). Market share gains also contributed to the recovery.
• Other sectors: There were orders related to our automated equipment.

*The company's orders have varying lead times. When there are many orders with a long lead time, the order backlog tends to be high compared to sales, and the reverse is true when there are many orders with a short lead time.

Marumae Co., Ltd. All Rights Reserved	-5-