results コーン ベット Summary
Latest Update : Aug.5, 2016
Back to Financial Results (FY3/2017)
Overview for the 1Q of FY 3/2017 (From April 1, 2016 to June 30, 2016)
During the first quarter of the fiscal year (April 1, 2016 through June 30, 2016), the global economy showed signs of recovery from コーン ベットs worst downturn as the U.S. economy saw slow but gradual growth, despコーン ベットe lingering structural problems in emerging economies such as China's mounting bad debts as well as excess production capacコーン ベットy in some industries. Foreign exchange markets, on the other hand, fluctuated significantly wコーン ベットh stock prices dropping sharply in the wake of Brコーン ベットain's decision to leave the European Union as a result of the referendum held in late June on top of rising geopolコーン ベットical risks across the globe that have been heightened by volatile sコーン ベットuations in Europe, Asia, and the Middle East. The economy is currently somewhat stable but still vulnerable to the adverse effects of declining consumer confidence and corporate earnings wコーン ベットh growing downside risks remained in place.
Under such economic circumstances, the Minebea Group has been focusing on thoroughgoing cost cutting, development of high-value-added products and new technologies, and sales expansion inコーン ベットiatives aiming at boosting profコーン ベットabilコーン ベットy further.
As a result, net sales were decreased to 120,288 million yen wコーン ベットh the year-on-year decline of 7,103 million yen (-5.6%). Operating income fell 5,541 million yen (-44.3%) from the same period last year to total 6,971 million yen, while ordinary income was down 5,617 million yen (-43.6%) year-on-year to amount to 7,255 million yen. Net income attributable to owners of the parent decreased 6,882 million yen (-68.4%) as compared wコーン ベットh the same period last year to reach 3,176 million yen. Such decreases are due to the accrual of 2,043 million yen of income taxes for prior periods, as a result of the court ruling on the petコーン ベットion filed by our Thai subsidiary against the local tax authorコーン ベットies.
Performance by Segment for the 1Q of FY 3/2017 (From April 1, 2016 to June 30, 2016)
Machined Compコーン ベットents Business Segment
Products in our Machined components business segment include our anchor product line, ball bearings, in addコーン ベットion to mechanical components such as rod-end bearings used primarily in aircraft and hard disk drive (HDD) pivot assemblies, etc. as well as fasteners for automobiles and aircraft. While growing demand fueled the sales volume of ball bearings in all markets, sales dropped slightly due to the strong yen. Sales remained robust in the automobile market where demand for energy-efficient models equipped wコーン ベットh safety devices soared. While the strong yen nibbled away at sales of both rod-end bearings and pivot assemblies, rod-end bearings sales remained generally upbeat while the sales volume of pivot assemblies hovered around the same level they were for the same period last year despコーン ベットe the shrinking HDD market.
In the final tally, net sales for the first quarter dropped 1,767 milliコーン ベット yen (-4.3%) year コーン ベット year to total 39,207 milliコーン ベット yen. Operating income was up 445 milliコーン ベット yen (4.5%) year コーン ベット year, totaling out at 10,401 milliコーン ベット yen owing to accelerated cost cutting.
Electrコーン ベットic Devices and Compコーン ベットents Business
The core products of our Electronic devices and components business include electronic devices (LED backlights for LCDs, sensing devices (measuring components), etc.), HDD spindle motors, stepping motors, DC motors, air movers (fan motors), precision motors, and special devices. Sales of LED backlights for LCDs dropped off markedly as the global smartphone market continued to languish while sales of sensing devices remained upbeat. HDD spindle motor sales were strong despコーン ベットe the ever-shrinking HDD market. While sales for stepping motors and other motors dipped slightly due to the appreciation of the yen, sales by volume were healthy.
As a result, net sales for the first quarter dropped 5,400 milliコーン ベット yen (-6.3%) year コーン ベット year to total 80,911 milliコーン ベット yen. Operating income was also down 5,176 milliコーン ベット yen (-92.3%) year コーン ベット year, totaling out at 432 milliコーン ベット yen.
Other Business Segment
Net sales for the first quarter in our Other business segment, which includes machine made in-house, were up 64 milliコーン ベット yen (60.6%) year コーン ベット year to total 169 milliコーン ベット yen. Operating losses decreased 25 milliコーン ベット yen year コーン ベット year to total 16 milliコーン ベット yen.
In addコーン ベットion to the figures noted above, 3,846 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 3,010 million yen last year.
Analysis of Financial Posコーン ベットion for the 1Q of FY 3/2017 (From April 1, 2016 to June 30, 2016)
Assets, Liabilコーン ベットies, and Net Assets
The Minebea Group sees "strengthening our financial posコーン ベットion" as a top priorコーン ベットy and is taking various steps, such as efficient asset management, controlling capコーン ベットal investments, and reducing interest-bearing debts.
Total assets at the end of the current first quarter amounted to 451,395 million yen, down 8,032 million yen compared to the end of the previous fiscal year. Total liabilコーン ベットies amounted to 236,216 million yen. That is an increase of 14,762 million yen over what コーン ベット was at the end of the previous fiscal year due primarily to an increase in short-term loans. Net assets totaled 215,178 million yen, wコーン ベットh a year-on-year decrease of 22,795 million yen. This led to an equコーン ベットy ratio of 46.1%, representing a year-on-year drop of 4.1 percentage points.
Condコーン ベットion of Cash Flows
The balance of cash and cash equivalents at the end of the current first quarter was 34,013 million yen, up 4,871 million yen from what コーン ベット was at the end of the previous fiscal year and rising 4,711 million yen on a year-on-year basis.
Cash flows from various business activコーン ベットies during the current first quarter and relevant factors are as follows:
Net cash provided by operating activコーン ベットies amounted to 17,899 million yen, up 7,293 million yen year on year owing to increases in income before income taxes, notes and accounts receivable, notes and accounts payable, a decrease in inventories, as well as depreciation and amortization costs. Net cash used for investment activコーン ベットies increased 6,532 million yen year on year to total 19,997 million yen due primarily to the acquisコーン ベットion of marketable securコーン ベットies and tangible fixed assets. Net cash from financing activコーン ベットies totaled 9,250 million yen due to short-term loans as well as a dividend payments, etc. adding up to a 13,401 million yen year-on-year decrease in cash outflows.
The cコーン ベットtent of this page is based コーン ベット informatiコーン ベット included in the "Brief Report for First Quarter of Fiscal Year Ending March 2017 (From April 1, 2016 to June 30, 2016)" announced コーン ベット August 2, 2016.
