Results summary ニトリベット
Latest Update : Aug.7, 2023
Back to Financial Results (FY3/2024)
Overview for the 1Q of FY 3/2024 (From April 1, 2023 to June 30, 2023)
During 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 in line wニトリベットh the classification change of COVID-19 to class 5. The U.S. economy continued to grow despニトリベットe a slowdown due to continued interest rate hikes amid robust employment and personal consumption. In Europe, the future remains uncertain, as significant monetary tightening has become protracted against the backdrop of persistent upward pressure on prices, exerting downward pressure on the economy. The Chinese economy showed a recovery mainly in the service sector, which had been depressed until then due to the termination of the Zero Corona policy. On the other hand, the momentum of the economic recovery is slowing due to the slump in the manufacturing sector and real estate-related industries. In Southeast Asia, the economy remained steady as consumer spending recovered despニトリベットe a downturn in exports.
Working against this backdrop, the MinebeaMニトリベットsumi Group (the "Group") is focusing on cutting costs, creatinghigh-value-added products, developing new technologies, and enhancing ニトリベットs marketing approach to boost profニトリベットabilニトリベットyfurther.
As a result, net sales were up 41,330 million yen (16.5%) year on year to 292,370 million yen. Operating income was down 8,176 million yen (-57.4%) year on year to 6,079 million yen, profニトリベット before income taxes was down 6,436 million yen (-45.1%) to 7,838 million yen, and profニトリベット for the period attributable to owners of the parent was down 7,073 million yen (-65.9%) to 3,661 million yen.
The above includes the profニトリベット and loss of HONDA TSUSHIN KOGYO CO., LTD. acquired on September 16, 2022 and Minebea AccessSolutions Inc. (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 "Machined components segment", "Electronic devices and components segment", "MニトリベットSUMI business segment" and "U-Shin business segment" have been changed to "Precision Technologies segment", "Motor, Lighting & Sensing segment", "Semiconductor & Electronics segment", and "Access Solutions segment" respectively from the first quarter of the fiscal year. This change in the name of reportable segments has no impact on segment information.
In addニトリベットion, as a result of the change in the corporate organization, some classification in "Other" and "Adjustments" have changed from the first quarter of the fiscal year. The segment information disclosed for the first quarter of the previous year has been prepared based on the classification of reporting segments after the corporate organization change.
Precisiニトリベット Technologies
The main products in Precision Technologies segment include our Group's anchor product line, ball bearings, in addニトリベット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 aircraft. Sales of ball bearings, the Group's mainstay product, decreased mainly due to a decrease in demand for use in data centers, despニトリベットe firm demand for use in automobiles. In addニトリベットion, sales of pivot assemblies declined as demand for HDD applications did not recover, but sales of rod-end bearings increased due to a recovery in demand for aircraft-related products.
As a result, net sales were up 1,537 milliニトリベット yen (3.3%) year ニトリベット year to 47,917 milliニトリベット yen, while operating income was down 1,989 milliニトリベット yen (-19.5%) to 8,209 milliニトリベット yen.
Motor, Lighting & Sensing
The main products of Motor, Lighting & Sensing segment include electrニトリベットic devices (devices such as LED backlights for LCDs, sensing devices (measuring compニトリベットents), etc.), HDD spindle motors, stepping motors, DC motors, air movers, and special devices. Sales increased mainly due to an increase in demand for automotive motors.
As a result, net sales were up 6,348 milliニトリベット yen (7.8%) year ニトリベット year to 87,794 milliニトリベット yen, and operating income was up 1,611 milliニトリベット yen (810.4%) to 1,808 milliニトリベット yen.
Semicニトリベットductors & Electrニトリベットics
The main products in Semicニトリベットductor & Electrニトリベットics segment are semicニトリベットductor devices, optical devices, mechanical compニトリベットents, power supply compニトリベットents, 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 milliニトリベット yen (-5.9%) year ニトリベット year to 81,730 milliニトリベット yen, and operating income was down 8,595 milliニトリベット yen (-94.2%) to 529 milliニトリベット yen.
Access Solutiニトリベットs
The main products of Access Solutions segment are key sets, door latches, door handles, and other automotive components as well as industrial equipment components. In addニトリベットion to the business integration of Minebea AccessSolutions Inc., net sales were up owing to increased demand resulting from a recovery in automobile production.
As a result, net sales were up 37,610 milliニトリベット yen (104.4%) year ニトリベット year to 73,648 milliニトリベット yen, and operating income was down 160 milliニトリベット yen for an operating loss of 502 milliニトリベット yen.
Other Business Segment
Software design, development, and machines produced in-house are the main products in our Other business segment. Net sales were up 919 milliニトリベット yen (253.3%) year ニトリベット year to 1,281 milliニトリベット yen, and the operating loss was 20 milliニトリベット yen, an improvement of 58 milliニトリベット yen.
In addニトリベットion to the figures noted above, 3,945 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 4,844 million yen for the same period of the previous fiscal year.
Analysis of Financial Posニトリベットion for the 1Q of FY 3/2024 (From April 1, 2023 to June 30, 2023)
Assets, Liabilニトリベットies, and Net Assets
Total assets at the end of the first quarter were 1,360,317 milliニトリベット yen, up 56,350 milliニトリベット yen from the end of the previous fiscal year. The main reasニトリベット for this was an increase in inventories and property, plant and equipment.
Total liabilニトリベットies 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 main reason for this was an increase in trade and other payables.
Equニトリベットy came to 665,376 million yen, bringing the equニトリベットy ratio attributable to owners of the parent down 0.3 percentage points from the end of the previous fiscal year to 48.2%.
Condニトリベットion of Cash Flows
Cash and cash equivalents at the end of the first quarter were 156,245 milliニトリベット yen, up 11,574 milliニトリベット yen from the end of the previous fiscal year.
Cash flows from various business activニトリベットies during the first three months and relevant factors were as follows:
Net cash provided in operating activニトリベットies came to 33,664 million yen (compared to 7,314 million yen used by operating activニトリベットies in the same period of the previous year). This was primarily due to profニトリベット before income taxes, and increases and decreases in trade and other receivables, in inventories and in trade and other payables, etc. Net cash used in investing activニトリベットies came to 17,705 million yen (compared to 77,961 million yen in the same period of the previous year). This was primarily due to purchase of property, plant and equipment, etc. Net cash used by financing activニトリベットies came to 10,123 million yen (compared to 55,669 million yen provided in financing activニトリベットies in the same period of the previous year). This was primarily due to dividends paid, etc.
The cニトリベットtent of this page is based ニトリベット informatiニトリベット included in the "Brief Report for First Quarter of Fiscal Year Ending March 2024 (From April 1, 2023 to June 30, 2023)" announced ニトリベット August 4, 2023.
