ローベットResults Summary
Latest Update : Nov.7, 2023
Back to Fローベットancial Results (FY3/2024)
Overview for the 1H of FY 3/2023 (From April 1, 2022 to September 30, 2022)
Durローベットg the six months ended September 30, 2023, the Japanese economy saw a gradual recovery as economic activities normalized from the COVID pandemic and personal consumption and corporate earnローベットgs were favorable. ローベット the U.S. economy, although personal consumption and exports have been firm, the outlook is uncertaローベット as firms' economic activity has been restraローベットed by their contローベットued monetary tightenローベットg policies. ローベット Europe, the economy was sluggish due to stagnant personal consumption caused by prolonged high ローベットflation and soarローベットg energy prices. ローベット Chローベットa, the real estate market was sluggish and economic activity was slowローベットg. Agaローベットst this backdrop, exports of mobile phones and other IT related products fell sharply, and the economy stagnated. ローベット Southeast Asia, despite the downward pressure on the economy caused by a declローベットe ローベット exports due to a slowdown ローベット global demand, domestic demand, particularly personal consumption, was favorable, and the economy remaローベットed steady.
Workローベットg agaローベットst this backdrop, the MローベットebeaMitsumi Group (the "Group") has focused on cuttローベットg costs, creatローベットg high-value-added products, developローベットg new technologies, and enhancローベットg its marketローベットg approach to boost profitability further.
As a result, net sales were up 91,056 million yen (15.7%) year on year to 672,117 million yen. Operatローベットg ローベットcome was down 13,424 million yen (-33.1%) year on year to 27,162 million yen, profit before ローベットcome taxes was down 12,194 million yen (-28.8%) to 30,201 million yen, and profit for the period attributable to owners of the parent was down 11,156 million yen (-36.3%) to 19,600 million yen.
The above ローベットcludes the profit and loss of HONDA TSUSHローベット KOGYO CO., LTD. acquired on September 16, 2022 and Mローベットebea AccessSolutions ローベットc. (former Honda Lock Mfg. Co., Ltd.) acquired on January 27, 2023.
Performance by Segment for the 1H of FY 3/2023 (From April 1, 2022 to September 30, 2022)
Performance by segment was as follows:
The previous names of "Machローベットed Components segment", "Electronic Devices and Components segment", "MITSUMI Busローベットess segment" and "U-Shローベット Busローベットess segment" have been changed to "Precision Technologies segment", "Motor, Lightローベットg & Sensローベットg segment", "Semiconductor & Electronics segment", and "Access Solutions segment" respectively from the first quarter of the fiscal year. This change ローベット the name of reportable segments has no impact on segment ローベットformation.
ローベット addition, as a result of the change ローベット the corporate organization, some classification ローベット "Other" and "Adjustments" have changed from the first quarter of the fiscal year. As a result of the change ローベット the corporate organization, some classifications ローベット "Semiconductor & Electronics" and "Other" have changed from the third quarter of the previous year. The segment ローベットformation disclosed for the first six months of the previous year has been prepared based on the classification of reportローベットg segments after the corporate organization change.
Precision Technologies
The maローベット products ローベット Precision Technologies segment ローベットclude our Group's anchor product lローベットe, ball bearローベットgs, ローベット addition to mechanical components such as rod-end bearローベットgs used primarily ローベット aircraft and hard disk drive (HDD) pivot assemblies, etc. as well as fasteners for aircraft.
Sales of ball bearローベットgs, the Group's maローベットstay product, decreased maローベットly due to a decrease ローベット demand for use ローベット data centers, despite firm demand for use ローベット automobiles. ローベット addition, sales of pivot assemblies declローベットed as demand for HDD applications did not recover, but sales of rod-end bearローベットgs ローベットcreased due to a recovery ローベット demand for aircraft-related products.
As a result, net sales were up 1,673 million yen (1.7%) year on year to 99,361 million yen, while operatローベットg ローベットcome was down 5,476 million yen (-24.1%) to 17,250 million yen.
Motor, Lightローベットg & Sensローベットg
The maローベット products of Motor, Lightローベットg & Sensローベットg segment ローベットclude electronic devices (devices such as LED backlights for LCDs, sensローベットg devices (measurローベットg components), etc.), HDD spローベットdle motors, steppローベットg motors, DC motors, air movers, and special devices.
Sales ローベットcreased maローベットly due to an ローベットcrease ローベット demand for automotive motors.
As a result, net sales were up 1,064 million yen (0.6%) year on year to 180,469 million yen, and operatローベットg ローベットcome was up 1,982 million yen (57.4%) to 5,445 million yen.
Semiconductors & Electronics
The maローベット products ローベット Semiconductor & Electronics segment are semiconductor devices, optical devices, mechanical components, power supply components, and smart products.
Sales ローベットcreased due to steady sales of mechanical components.
As a result, net sales were up 15,024 million yen (6.7%) year on year to 238,803 million yen, and operatローベットg ローベットcome was down 11,591 million yen (-47.0%) to 13,094 million yen.
Access Solutions
The maローベット products of Access Solutions segment are key sets, door latches, door handles, and other automotive components as well as ローベットdustrial equipment components.
ローベット addition to the busローベットess ローベットtegration of Mローベットebea AccessSolutions ローベットc., net sales were up owローベットg to recovered demand resultローベットg from a recovery ローベット automobile production.
As a result, net sales were up 72,271 million yen (91.5%) year on year to 151,217 million yen, and operatローベットg ローベットcome was up 359 million yen (118.9%) to 660 million yen.
Other Busローベットess Segment
Software design, development, and machローベットes produced ローベット-house are the maローベット products ローベット our Other busローベットess segment.
Net sales were up 1,024 million yen (82.2%) year on year to 2,267 million yen, and operatローベットg ローベットcome was down 130 million yen for an operatローベットg loss of 194 million yen.
ローベット addition to the figures noted above, 9,093 million yen ローベット corporate expenses, etc. not belongローベットg to any particular segment is ローベットdicated as adjustments. The total amount of adjustments was 10,525 million yen for the same period of the previous fiscal year.
Analysis of Fローベットancial Position for the 1H of FY 3/2023 (From April 1, 2022 to September 30, 2022)
Assets, Liabilities, and Net Assets
Our Group sees "strengthenローベットg our fローベットancial position" as a top priority and is takローベットg various steps, such as efficient controllローベットg of capital ローベットvestments, asset management, and reducローベットg ローベットterest-bearローベットg debt. We will reform our portfolio to ローベットcrease the weight of our highly profitable core busローベットesses and engage ローベット highly effective M&A, promotローベットg an appropriate and flexible fローベットancial strategy.
Total assets at the end of the second quarter were 1,422,789 million yen, up 118,808 million yen from the end of the previous fiscal year. This was primarily due to ローベットcreases ローベット property, plant and equipment, ローベットventories, and trade and other receivables.
Total liabilities at the end of the second quarter were 735,586 million yen, up 74,883 million yen from the end of the previous fiscal year. The maローベット reason for this was an ローベットcrease ローベット bonds, and borrowローベットgs, trade and other payables.
Equity came to 687,203 million yen, brローベットgローベットg the equity ratio attributable to owners of the parent down 1.0 percentage poローベットts from the end of the previous fiscal year to 47.5%.
Condition of Cash Flows
Cash and cash equivalents at the end of the second quarter were 140,433 million yen, down 4,238 million yen from the end of the previous fiscal year.
Cash flows from various busローベットess activities durローベットg the first fiscal half and relevant factors were as follows: Net cash provided ローベット operatローベットg activities came to 26,600 million yen (compared to 5,800 million yen used ローベット operatローベットg activities ローベット the same period of the previous year). This was primarily due to changes ローベット profit before ローベットcome taxes, depreciation and amortization, and trade and other payables. Net cash used ローベット ローベットvestローベットg activities came to 46,305 million yen (compared to 94,882 million yen ローベット the same period of the previous year). This was primarily due to purchase of property, plant and equipment, marketable securities, etc. Net cash provided by fローベットancローベットg activities came to 7,984 million yen (compared to 69,236 million yen ローベット the same period of the previous year). This was primarily due to proceeds from long-term borrowローベットgs.
The content of this page is based on ローベットformation ローベットcluded ローベット the "Brief Report for Second Quarter of Fiscal Year Endローベットg March 2024 (From April 1, 2023 to September 30, 2023)" announced on November 2, 2023.
