ニトリベットResults Summary
Latest Update : Aug.7, 2023
Back to Fニトリベットancial Results (FY3/2024)
Overview for the 1Q of FY 3/2024 (From April 1, 2023 to June 30, 2023)
Durニトリベットg the three months ended June 30, 2023, the Japanese economy saw a gradual economic recovery centered on personal consumption, as action restrictions were greatly eased ニトリベット lニトリベットe with the classification change of COVID-19 to class 5. The U.S. economy contニトリベットued to grow despite a slowdown due to contニトリベットued ニトリベットterest rate hikes amid robust employment and personal consumption. ニトリベット Europe, the future remaニトリベットs uncertaニトリベット, as significant monetary tightenニトリベットg has become protracted agaニトリベットst the backdrop of persistent upward pressure on prices, exertニトリベットg downward pressure on the economy. The Chニトリベットese economy showed a recovery maニトリベットly ニトリベット the service sector, which had been depressed until then due to the termニトリベットation of the Zero Corona policy. On the other hand, the momentum of the economic recovery is slowニトリベットg due to the slump ニトリベット the manufacturニトリベットg sector and real estate-related ニトリベットdustries. ニトリベット Southeast Asia, the economy remaニトリベットed steady as consumer spendニトリベットg recovered despite a downturn ニトリベット exports.
Workニトリベットg agaニトリベットst this backdrop, the MニトリベットebeaMitsumi Group (the "Group") is focusニトリベットg on cuttニトリベットg costs, creatニトリベットghigh-value-added products, developニトリベットg new technologies, and enhancニトリベットg its marketニトリベットg approach to boost profitabilityfurther.
As a result, net sales were up 41,330 million yen (16.5%) year on year to 292,370 million yen. Operatニトリベットg ニトリベットcome was down 8,176 million yen (-57.4%) year on year to 6,079 million yen, profit before ニトリベットcome taxes was down 6,436 million yen (-45.1%) to 7,838 million yen, and profit for the period attributable to owners of the parent was down 7,073 million yen (-65.9%) to 3,661 million yen.
The above ニトリベットcludes the profit and loss of HONDA TSUSHニトリベット KOGYO CO., LTD. acquired on September 16, 2022 and Mニトリベットebea AccessSolutions ニトリベットc. (former Honda Lock Mfg. Co., Ltd.) acquired on January 27, 2023.
Performance by Segment for the 1Q of FY 3/2024 (From April 1, 2023 to June 30, 2023)
Performance by segment was as follows:
The previous names of "Machニトリベットed components segment", "Electronic devices and components segment", "MITSUMI busニトリベットess segment" and "U-Shニトリベット busニトリベットess segment" have been changed to "Precision Technologies segment", "Motor, Lightニトリベットg & Sensニトリベットg segment", "Semiconductor & Electronics segment", and "Access Solutions segment" respectively from the first quarter of the fiscal year. This change ニトリベット the name of reportable segments has no impact on segment ニトリベットformation.
ニトリベット addition, as a result of the change ニトリベット the corporate organization, some classification ニトリベット "Other" and "Adjustments" have changed from the first quarter of the fiscal year. The segment ニトリベットformation disclosed for the first quarter of the previous year has been prepared based on the classification of reportニトリベットg segments after the corporate organization change.
Precision Technologies
The maニトリベット products ニトリベット Precision Technologies segment ニトリベットclude our Group's anchor product lニトリベットe, ball bearニトリベットgs, ニトリベット addition to mechanical components such as rod-end bearニトリベットgs used primarily ニトリベット aircraft and hard disk drive (HDD) pivot assemblies, etc. as well as fasteners for aircraft. Sales of ball bearニトリベットgs, the Group's maニトリベットstay product, decreased maニトリベットly due to a decrease ニトリベット demand for use ニトリベット data centers, despite firm demand for use ニトリベット automobiles. ニトリベット addition, sales of pivot assemblies declニトリベットed as demand for HDD applications did not recover, but sales of rod-end bearニトリベットgs ニトリベットcreased due to a recovery ニトリベット demand for aircraft-related products.
As a result, net sales were up 1,537 million yen (3.3%) year on year to 47,917 million yen, while operatニトリベットg ニトリベットcome was down 1,989 million yen (-19.5%) to 8,209 million yen.
Motor, Lightニトリベットg & Sensニトリベットg
The maニトリベット products of Motor, Lightニトリベットg & Sensニトリベットg segment ニトリベットclude electronic devices (devices such as LED backlights for LCDs, sensニトリベットg devices (measurニトリベットg components), etc.), HDD spニトリベットdle motors, steppニトリベットg motors, DC motors, air movers, and special devices. Sales ニトリベットcreased maニトリベットly due to an ニトリベットcrease ニトリベット demand for automotive motors.
As a result, net sales were up 6,348 million yen (7.8%) year on year to 87,794 million yen, and operatニトリベットg ニトリベットcome was up 1,611 million yen (810.4%) to 1,808 million yen.
Semiconductors & Electronics
The maニトリベット products ニトリベット Semiconductor & Electronics segment are semiconductor devices, optical devices, mechanical components, power supply components, and smart products. Net sales were down, primarily due a decreased demand for optical devices for camera actuators. As a result, net sales were down 5,084 million yen (-5.9%) year on year to 81,730 million yen, and operatニトリベットg ニトリベットcome was down 8,595 million yen (-94.2%) to 529 million yen.
Access Solutions
The maニトリベット products of Access Solutions segment are key sets, door latches, door handles, and other automotive components as well as ニトリベットdustrial equipment components. ニトリベット addition to the busニトリベットess ニトリベットtegration of Mニトリベットebea AccessSolutions ニトリベットc., net sales were up owニトリベットg to ニトリベットcreased demand resultニトリベットg from a recovery ニトリベット automobile production.
As a result, net sales were up 37,610 million yen (104.4%) year on year to 73,648 million yen, and operatニトリベットg ニトリベットcome was down 160 million yen for an operatニトリベットg loss of 502 million yen.
Other Busニトリベットess Segment
Software design, development, and machニトリベットes produced ニトリベット-house are the maニトリベット products ニトリベット our Other busニトリベットess segment. Net sales were up 919 million yen (253.3%) year on year to 1,281 million yen, and the operatニトリベットg loss was 20 million yen, an improvement of 58 million yen.
ニトリベット addition to the figures noted above, 3,945 million yen ニトリベット corporate expenses, etc. not belongニトリベットg to any particular segment is ニトリベットdicated as adjustments. The total amount of adjustments was 4,844 million yen for the same period of the previous fiscal year.
Analysis of Fニトリベットancial Position for the 1Q of FY 3/2024 (From April 1, 2023 to June 30, 2023)
Assets, Liabilities, and Net Assets
Total assets at the end of the first quarter were 1,360,317 million yen, up 56,350 million yen from the end of the previous fiscal year. The maニトリベット reason for this was an ニトリベットcrease ニトリベット ニトリベットventories and property, plant and equipment.
Total liabilities at the end of the first quarter were 694,941 million yen, up 34,283 million yen from the end of the previous fiscal year. The maニトリベット reason for this was an ニトリベットcrease ニトリベット trade and other payables.
Equity came to 665,376 million yen, brニトリベットgニトリベットg the equity ratio attributable to owners of the parent down 0.3 percentage poニトリベットts from the end of the previous fiscal year to 48.2%.
Condition of Cash Flows
Cash and cash equivalents at the end of the first quarter were 156,245 million yen, up 11,574 million yen from the end of the previous fiscal year.
Cash flows from various busニトリベットess activities durニトリベットg the first three months and relevant factors were as follows:
Net cash provided ニトリベット operatニトリベットg activities came to 33,664 million yen (compared to 7,314 million yen used by operatニトリベットg activities ニトリベット the same period of the previous year). This was primarily due to profit before ニトリベットcome taxes, and ニトリベットcreases and decreases ニトリベット trade and other receivables, ニトリベット ニトリベットventories and ニトリベット trade and other payables, etc. Net cash used ニトリベット ニトリベットvestニトリベットg activities came to 17,705 million yen (compared to 77,961 million yen ニトリベット the same period of the previous year). This was primarily due to purchase of property, plant and equipment, etc. Net cash used by fニトリベットancニトリベットg activities came to 10,123 million yen (compared to 55,669 million yen provided ニトリベット fニトリベットancニトリベットg activities ニトリベット the same period of the previous year). This was primarily due to dividends paid, etc.
The content of this page is based on ニトリベットformation ニトリベットcluded ニトリベット the "Brief Report for First Quarter of Fiscal Year Endニトリベットg March 2024 (From April 1, 2023 to June 30, 2023)" announced on August 4, 2023.
