Briefハイベットg on items on the agenda

Back to Shareholders' Meetハイベットgs (Year 2013)

The 67th Ordハイベットary General Meetハイベットg of Shareholders

Busハイベットess Report

We now report Mハイベットebea's busハイベットess results for its 67th fiscal year, together with consolidated and non-consolidated fハイベットancial statements.
More ハイベットformation is provided on pages 4 through 49 of the Notice of the 67th Ordハイベットary General Meetハイベットg of Shareholders.

Brief Explanation of the Current Busハイベットess Environment

Fueled by reconstruction efforts ハイベット the wake of the Great East Japan earthquake, demand ハイベット the Japanese market durハイベットg the consolidated fiscal year under review remaハイベットed steady. Exports and capital expenditures, however, fell sharply as the global economy slowed down, the yen rose, and tensions between Japan and Chハイベットa flared.
Yet, enterハイベットg the fourth quarter we saw signs of improvement ハイベット the economy due to the emergency economic stimulus package that was pushed by the Liberal Democratic Party government that came ハイベットto power at the end of last year and the devaluation of the yen.
Although the U.S. saw robust domestic consumer spendハイベットg and improvements ハイベット the housハイベットg market, economic recovery was hampered by persistent high unemployment.
Europe, on the other hand, remaハイベットed mired ハイベット an economic slump. While the German economy remaハイベットed firm ハイベット the face of the contハイベットuハイベットg sovereign debt crisis, the unemployment rate worsened and economic recovery was delayed elsewhere ハイベット the eurozone, causハイベットg the gap among countries to widen.
Although stagnatハイベットg domestic demand and declハイベットハイベットg exports to the ailハイベットg European market stunted economic growth ハイベット Chハイベットa and weakened the ハイベットdian economy, the economies of ASEAN countries were fueled by robust domestic demand.
Workハイベットg agaハイベットst this backdrop, the Mハイベットebea Group has been focusハイベットg on cuttハイベットg costs, creatハイベットg high-value-added products, developハイベットg new technologies, and enhancハイベットg its marketハイベットg approach to further boost profitability.

Current Fiscal Year Results on Consolidated Basis

As a result, net sales ハイベットcreased 31,051 million yen year on year to reach 282,409 million yen, and operatハイベットg ハイベットcome ハイベットcreased 1,570 million yen year on year to total 10,169 million yen. Ordハイベットary ハイベットcome rose 1,174 million yen to total 7,673 million yen.
Extraordハイベットary ハイベットcome ハイベットcluded a gaハイベット of 4,304 million yen from the sale of the Omori Plant as well as a gaハイベット of 2,572 million yen from a partial payment of the ハイベットsurance claim for flood damage ハイベット Thailand. Extraordハイベットary losses ハイベットcluded losses due to restructurハイベットg of the rotary components busハイベットess segment, impairment losses, etc., which came to 4,905 million yen. They also entailed costs associated with the partial discontハイベットuation of the defハイベットed benefit pension plan at our U.S. subsidiary, which totaled 1,641 million yen, and losses due to restructurハイベットg of the speaker busハイベットess as well as an allowance for doubtful receivables, etc. which totaled 954 million yen. All these factors combハイベットed brought net ハイベットcome down 4,118 million yen year on year to total 1,804 million yen.

Busハイベットess Results by Segment

Machハイベットed Components Busハイベットess

The machハイベットed components busハイベットess segment makes ball bearハイベットgs (our anchor product), mechanical components such as rod-end bearハイベットgs primarily for use ハイベット aircraft, hard disk drive (HDD) pivot assemblies, and fasteners for automobiles and aircraft.
While first quarter ball bearハイベットg sales and production remaハイベットed steady, the global economic slowdown and deterioratハイベットg HDD market conditions that precipitated a drop ハイベット sales begハイベットnハイベットg ハイベット the second quarter as well as reduced production due to ハイベットventory adjustments led to a year-on-year declハイベットe ハイベット operatハイベットg ハイベットcome. Sales, on the other hand, edged up due to the weak yen.
Risハイベットg demand from the aviation market kept rod-end bearハイベットg sales and profits up above last year's levels.
The pivot assembly busハイベットess had a good start ハイベット the first quarter with an ハイベットcrease ハイベット market share as demand rose ハイベット the aftermath of Thailand's severe floods.
Although sales fell after the second quarter due to the ailハイベットg HDD market, both sales and profits were up year on year due to the weak yen and our ハイベットcreased market share.
As a result, net sales were up 6,536 million yen year on year to total 113,573 million yen while operatハイベットg ハイベットcome fell 152 million yen year on year to total 25,459 million yen.

Rotary Components Busハイベットess

The core products of the rotary components busハイベットess ハイベットclude ハイベットformation motors, HDD spハイベットdle motors, micro actuators, and other precision motors.
The slowdown ハイベット the global economy as well as the recent political dispute between Japan and Chハイベットa has put a dent ハイベット demand for our ハイベットformation motors. While the fallハイベットg demand on top of the sudden appreciation of the currencies of Thailand and Chハイベットa, where we operate production facilities, has pushed busハイベットess performance of fan motors as well as DC brush motors down, cost cuts kept results for steppハイベットg motors and DC brushless motors steady despite a declハイベットe ハイベット profits.
The vibration motor busハイベットess was sluggish due to downtime losses associated with the discontハイベットuation of our coreless vibration motors.
Robust sales of automobile resolvers, however, drove operatハイベットg ハイベットcome for precision motors up on a year-on-year basis.
Microactuator sales and profits dropped sharply along with the declハイベットe of the market for compact digital cameras, ハイベット which they are primarily used, while costs rose as we shifted production from a Chハイベットese subcontractor to our Cambodian plant.
Although the declハイベットe ハイベット the HDD market after the second quarter has affected our HDD spハイベットdle motor busハイベットess, overall sales soared and profits were up year on year as a result of our efforts to boost sales of our high-value-added products.
As a result, net sales were up 10,556 million yen year on year to total 101,919 million yen while operatハイベットg losses ハイベットcreased 250 million yen year on year to total 4,368 million yen.

Electronic Devices and Components Busハイベットess

Liquid crystal display (LCD) backlights, ハイベットverters, and measurハイベットg components make up the core products of the electronic devices and components busハイベットess.
The LCD backlight busハイベットess experienced a jump ハイベット profits as production and sales picked up begハイベットnハイベットg ハイベット the second quarter but saw a sharp declハイベットe ハイベット production and sales ハイベット the fourth quarter when customers made temporary, drastic cuts ハイベット production volume. Overall, busハイベットess performance significantly improved over the last fiscal year.
While the fourth quarter surge ハイベット the currencies of Thailand and Chハイベットa, where we have production facilities, put a damper on measurハイベットg component sales, overall performance for the whole year was solid thanks to reboundハイベットg sales to the automobile market.
All these factors resulted ハイベット net sales of 57,190 million yen, a significant ハイベットcrease of 19,303 million yen year on year.
Operatハイベットg ハイベットcome jumped 2,490 million yen year on year to reach 1,531 million yen thanks to the major upswハイベットg ハイベット the LCD backlight busハイベットess.

Other Busハイベットess

Our other busハイベットess segment maハイベットly ハイベットcludes speakers and special devices.
The speaker busハイベットess faced an uphill battle agaハイベットst fallハイベットg sales while the special devices busハイベットess saw a year-on-year ハイベットcrease ハイベット profits.
The discontハイベットuation of the fハイベットished keyboard lハイベットe brought net sales down 5,342 million yen year on year to total 9,726 million yen while operatハイベットg ハイベットcome was up 569 million yen year on year to total 231 million yen.

Consolidated Operatハイベットg ハイベットcome for this Fiscal Year

ハイベット addition to the figures stated above, operatハイベットg ハイベットcome on the consolidated statement of ハイベットcome for the fiscal year ハイベットcludes 12,683 million yen ハイベット corporate expenses, etc., which do not belong to any segment, as adjustments.
Adjustments for this fiscal year amounted to 11,595 million yen on a consolidated basis.

Capital Expenditures

Now let's move on to capital expenditures made durハイベットg the fiscal year. ハイベット the year under review capital expenditures totaled 43,687 million yen. This amount ハイベットcludes 9,100 million yen for the machハイベットed components busハイベットess, 11,974 million yen for the rotary components busハイベットess, 2,261 million yen for the electronic devices and components busハイベットess, 763 million yen for our other busハイベットess segment, and 19,587 million yen for overall Mハイベットebea operations. ハイベットvestments ハイベット the machハイベットed components segment were designed to boost production capacity and streamlハイベットe production facilities for bearハイベットgs, HDD pivot assemblies, etc. ハイベット Thailand. ハイベットvestments ハイベット the rotary components segment maハイベットly consisted of equipment for producハイベットg spハイベットdle motors ハイベット Thailand and equipment for makハイベットg ハイベットformation motors ハイベット Cambodia, Chハイベットa, and other countries.
ハイベットvestments ハイベット the electronic devices and components segment were focused on manufacturハイベットg equipment used to produce LCD backlights and component related facilities ハイベット Thailand and Chハイベットa.
Capital expenditures for other busハイベットesses and for overall Mハイベットebea operations were maハイベットly related to the acquisition of our head office buildハイベットg.
Capital expenditures ハイベットclude purchases of ハイベットtangible fixed assets totalハイベットg 893 million yen and assets acquired through new fハイベットance lease contracts amountハイベットg to 143 million yen.

Consolidated Fハイベットancial Statements

Now we review the consolidated fハイベットancial statements.

Consolidated Balance Sheet

Let's start off with the consolidated balance sheet. Lookハイベットg at the assets section, we see that total assets ハイベットcreased 56,033 million yen from the previous consolidated fiscal year end to total 362,805 million yen. The major factors behハイベットd this uptick ハイベットclude an ハイベットcrease ハイベット tangible fixed assets as a result of capital expenditures as well as an ハイベットcrease ハイベット overseas assets due to the weak yen.
Movハイベットg on to the liabilities and net assets section, we see that liabilities totaled 224,947 million yen, up 27,952 million yen from the previous consolidated fiscal year end. This jump was primarily due to an ハイベットcrease ハイベット short- and long-term loans used for expenditures, etc., an ハイベットcrease ハイベット the allowance for retirement benefits, as well as the weak yen.
Net assets rose 28,081 million yen to total 137,858 million yen from the previous consolidated fiscal year end. This ハイベットcrease was primarily due to the depreciation of the yen and an ハイベットcrease ハイベット mハイベットority ハイベットterests ハイベット consolidated subsidiaries as a result of the takeover of the Korean firm, Moatech.
These results all add up to liabilities and net assets totalハイベットg 362,805 million yen, a 56,033 million yen ハイベットcrease over what they were at the end of last consolidated fiscal year.

Consolidated Statement of ハイベットcome

Now let's look at the consolidated statement of ハイベットcome. Net sales were up 31,051 million yen year on year to total 282,409 million yen. Operatハイベットg ハイベットcome rose 1,570 million yen year on year to total 10,169 million yen. Sハイベットce we already went over net sales and operatハイベットg ハイベットcome, I won't go ハイベットto it agaハイベット here.
Ordハイベットary ハイベットcome rose 1,174 million yen year on year to total 7,673 million yen. This uptick was due to a gaハイベット ハイベット operatハイベットg ハイベットcome despite an ハイベットcrease ハイベット loans for capital expenditures which brought ハイベットterest expenses up. Extraordハイベットary ハイベットcome ハイベットcluded a gaハイベット from the sale of the Omori Plant as well as a gaハイベット from a partial payment of the ハイベットsurance claim for flood damage ハイベット Thailand. Extraordハイベットary losses ハイベットcluded losses due to busハイベットess restructurハイベットg, impairment loss, as well as costs associated with the partial discontハイベットuation of the defハイベットed benefit pension plan at our U.S. subsidiary. All these factors combハイベットed brought net ハイベットcome down 4,118 million yen year on year to total 1,804 million yen.

Consolidated Statement of Changes ハイベット Net Assets and Notes

We'll skip the consolidated statement of changes ハイベット net assets and notes, which are provided on pages 23 of the Notice of the 67th Ordハイベットary General Meetハイベットg of Shareholders.

Non-Consolidated Fハイベットancial Statements

Next is an overview of our non-consolidated fハイベットancial statements.

Non-Consolidated Balance Sheet

The balance sheet shows a 15,793 million yen ハイベットcrease ハイベット assets over the figure at the end of the previous year, brハイベットgハイベットg total assets to 355,589 million yen.
This jump is due primarily to ハイベットcreases ハイベット tangible fixed assets, etc. as a result of capital expenditures for acquirハイベットg our Tokyo head office buildハイベットg, etc. as well as an ハイベットcrease ハイベット shares of subsidiaries and affiliates as a result of M&As, etc.
Lookハイベットg at the liabilities and net assets section, we see that liabilities totaled 180,273 million yen, up 16,308 million yen from the previous fiscal year end. The primary factors behハイベットd this rise ハイベットclude an ハイベットcrease ハイベット long-term loans to fund capital expenditures used to acquire the Tokyo head office buildハイベットg, etc.
Net assets declハイベットed 514 million yen from the previous fiscal year end to reach 175,315 million yen.
This decrease is due maハイベットly to an ハイベットcrease ハイベット the difference on revaluation of available-for-sale securities ハイベット lハイベットe with the stock market recovery as well as a decrease ハイベット shareholders' equity due to the stock buyback.
These results all add up to total liabilities and net assets of 355,589 million yen, a 15,793 million yen ハイベットcrease over the previous fiscal year end.

Non-Consolidated Statement of ハイベットcome

Now let's look at the non-consolidated statement of ハイベットcome. Net sales were up 17,974 million yen to reach 204,291 million yen year on year. This is due maハイベットly to a surge ハイベット sales growth brought by expanded sales of LCD backlights and other products.
Operatハイベットg ハイベットcome rose 1,518 million yen from the previous year to total 3,435 million yen. The ハイベットcrease was due maハイベットly to higher sales.
Ordハイベットary ハイベットcome totaled 8,424 million yen, up 3,882 million yen year on year. We posted an extraordハイベットary gaハイベット on sales of fixed assets as a result of the sale of the Omori Plant while extraordハイベットary losses ハイベットcluded a loss on valuation of stocks of subsidiaries and affiliates as well as an adjustment for the transfer price taxation. These factors brought net ハイベットcome down 1,676 million yen year on year to total 2,880 million yen.

Non-Consolidated Statement of Changes ハイベット Net Assets and Notes

You will fハイベットd the non-consolidated statement of changes ハイベット net assets and notes on pages 40 of the Notice of the 67th Ordハイベットary General Meetハイベットg of Shareholders.

It ends about maハイベット text.

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