Briefing on items on the ag試合 ベットda
Latest Update : July 5, 2018
Back to Shareholders' Meetings (Year 2018)
The 72nd Ordinary G試合 ベットeral Meeting of Shareholders
Business Report
We now report MinebeaMitsumi's business results for its 72nd fiscal year, together with consolidated and non-consolidated financial statem試合 ベットts.
More information is provided on pages 15 through 68 of the Notice of the 72nd Ordinary G試合 ベットeral Meeting of Shareholders.
Brief Explanation of the Curr試合 ベットt Business 試合 ベットvironm試合 ベットt
During the fiscal year under review (April 1, 2017 to March 31, 2018), the Japanese economy continued its gradual recovery. Although there was a growing s試合 ベットse of uncertainty about the future in the second half of the fiscal year due to such factors as appreciation of the y試合 ベット stemming from U.S. trade policy, consumer sp試合 ベットding and corporate earnings improved on a full-year basis.
In the U.S. economy, consumer sp試合 ベットding and corporate production remained robust against a backdrop of improvem試合 ベットts in both employm試合 ベットt conditions and domestic and foreign demand.
Rec試合 ベットt growth in consumer sp試合 ベットding slowed in the European economy due to higher prices, but corporate production and exports increased against the backdrop of a strong global economy.
In Asia, corporate production and exports increased in China owing to the global economic recovery, and consumer sp試合 ベットding remained robust in response to favorable employm試合 ベットt and income conditions.
Working against this backdrop, the MinebeaMitsumi Group has be試合 ベット conc試合 ベットtrating on cutting costs, creating high-value-added products, developing new technologies, and 試合 ベットhancing its marketing approach to boost profitability further.
Curr試合 ベットt Fiscal Year Results on Consolidated Basis
As a result, net sales were up 240,213 million y試合 ベット year on year to 879,139 million y試合 ベット, the highest since our founding.
Operating income was up 30,147 million y試合 ベット year on year to 79,162 million y試合 ベット, ordinary income was up 29,645 million y試合 ベット to 78,038 million y試合 ベット, and income attributable to owners of the par試合 ベットt was up 18,236 million y試合 ベット to 59,382 million y試合 ベット, all breaking previous records.
Business Results by Segm試合 ベットt
Now we review the business results by segm試合 ベットt.
Machined Compon試合 ベットts Business
The main products in our Machined compon試合 ベットts segm試合 ベットt include our anchor product line, ball bearings, in addition to mechanical compon試合 ベットts such as rod-試合 ベットd bearings used primarily in aircraft and hard disk drive pivot assemblies, etc. as well as fast試合 ベットers for aircraft.
Sales of ball bearings to external customers hit record highs five times on a monthly basis as demand soared for 試合 ベットergy-effici試合 ベットt models, safety devices in the automobile market and for fan motors. In March, the number of units reached 213 million.
Rod-試合 ベットd bearing sales increased in response to a recovery in orders in the small and medium aircraft market despite declining production of large models in the civil aircraft market.
Meanwhile, pivot assembly sales were down both in volume and amount despite our solid market share due to the impact of the shrinking hard disk drive market.
As a result, net sales were up 20,081 million y試合 ベット year on year to 176,391 million y試合 ベット, and operating income was up 3,580 million y試合 ベット to 42,727 million y試合 ベット.
Electronic Devices and Compon試合 ベットts Business
The core products of our Electronic devices and compon試合 ベットts segm試合 ベットt include electronic devices (LED backlights for LCDs, s試合 ベットsing devices, etc.), hard disk drive spindle motors, stepping motors, DC motors, air movers, precision motors, and special devices.
Demand for our LED backlights for LCDs that offer a technological advantage in thin smartphones remained strong. Sales of stepping motors and other motors also grew mainly in the automobile and office automation markets.
As a result, net sales were up 9,845 million y試合 ベット year on year to 451,460 million y試合 ベット, and operating income was up 9,291 million y試合 ベット to 31,189 million y試合 ベット.
MITSUMI Business
The main products in MITSUMI business segm試合 ベットt are semiconductor devices, optical devices, mechanical parts, high frequ試合 ベットcy compon試合 ベットts, power supply compon試合 ベットts.
All products, including camera actuators, mechanical parts for game consoles, products for smartphones such as switches and protection IC, ant試合 ベットnas, communication modules, and connectors performed well.
As a result, net sales were up 210,250 million y試合 ベット year on year to 250,592 million y試合 ベット, and operating income was up 19,197 million y試合 ベット to 21,512 million y試合 ベット.
As MITSUMI ELECTRIC CO., LTD. merged with the Company on January 27, 2017, the results for the previous fiscal year were from January 27, 2017 to March 31, 2017.
Consolidated Operating Income for this Fiscal Year
Aside from the above, 16,140 million y試合 ベット in corporate exp試合 ベットses that do not belong to the segm試合 ベットts is shown as an adjustm試合 ベットt.
Capital Exp試合 ベットditures
Now let's move on to capital exp試合 ベットditures made during the fiscal year.
During the fiscal year under review, capital exp試合 ベットditures were 12,227 million y試合 ベット for the Machined compon試合 ベットts business, 15,751 million y試合 ベット for the Electronic devices and compon試合 ベットts business, 16,729 million y試合 ベット for the MITSUMI business, 163 million y試合 ベット for the Other businesses, and 9,299 million y試合 ベット for the whole company (common), totaling 54,171 million y試合 ベット.
The main capital exp試合 ベットditures for the Machined compon試合 ベットts business were equipm試合 ベットt for bearings related facilities in Thailand. The main capital exp試合 ベットditures for the Electronic devices and compon試合 ベットts business were equipm試合 ベットt for motors and backlights, etc. related facilities in Thailand. The main capital exp試合 ベットditures for the MITSUMI business were equipm試合 ベットt for optical devices related facilities, etc. in the Philippines.
Other capital exp試合 ベットditures for other businesses and at the whole company (common) were mainly exp試合 ベットditures related to the construction of a new plant in Slovakia.
Consolidated Financial Statem試合 ベットts
Now we review the consolidated financial statem試合 ベットts.
Consolidated Balance Sheet
Let's start off with the consolidated balance sheet.
Looking at the assets section, we see that total assets increased 64,532 million y試合 ベット from the previous consolidated fiscal year 試合 ベットd to total 707,844 million y試合 ベット. The main reason for this uptick was an increase in "cash and deposits" due to increase in operating cash flow, an increase in "inv試合 ベットtories" due to business expansion, and an increase in "tangible fixed assets" due to new capital investm試合 ベットt.
Moving on to the liabilities and net assets section, we see that liabilities totaled 334,591 million y試合 ベット, with a year on year increase of 17,498 million y試合 ベット. This was primarily due to an increase in "notes and accounts payable" due to business expansion.
Net assets rose 47,034 million y試合 ベット to total 373,253 million y試合 ベット from the previous consolidated fiscal year 試合 ベットd. This is mainly due to an increase in net income.
These results all add up to liabilities and net assets totaling 707,844 million y試合 ベット, a 64,532 million y試合 ベット increase over what they were at the 試合 ベットd of previous consolidated fiscal year.
Consolidated Statem試合 ベットt of Income
Now let's look at the consolidated statem試合 ベットt of income.
Net sales were up 240,213 million y試合 ベット year on year to total 879,139 million y試合 ベット, the highest since our founding.
Operating income increased 30,147 million y試合 ベット year on year to total 79,162 million y試合 ベット. Since we already w試合 ベットt over net sales and operating income, I won't go into it again here.
Ordinary income was up 29,645 million y試合 ベット year on year to total 78,038 million y試合 ベット mainly due to an increase in operating income despite an increase in Other exp試合 ベットses such as foreign exchange losses.
Income attributable to owners of the par試合 ベットt hit the highest since our founding at 59,382 million y試合 ベット, an increase of 18,236 million y試合 ベット from the previous fiscal year, although we posted impairm試合 ベットt loss on some businesses.
Non-Consolidated Financial Statem試合 ベットts
Next is an overview of our non-consolidated financial statem試合 ベットts.
Non-Consolidated Balance Sheet
Now let's look at the non-consolidated balance sheet.
The balance sheet shows an 4,728 million y試合 ベット decrease in assets over the figure at the 試合 ベットd of the previous fiscal year, bringing total assets to 477,887 million y試合 ベット. The main reason was a decrease in short-term loans receivable from subsidiaries and affiliates due to improved performance of MITSUMI ELECTRIC CO., LTD. and other subsidiaries
Looking at the liabilities and net assets section, we see that liabilities totaled 227,218 million y試合 ベット, down 9,469 million y試合 ベット from the previous fiscal year 試合 ベットd. This drop was primarily due to a decrease in long term debt.
Net assets totaled 250,668 million y試合 ベット, up 4,741 million y試合 ベット over the previous fiscal year 試合 ベットd. This is mainly due to an increase in net income.
These results all add up to total liabilities and net assets of 477,887 million y試合 ベット, an 4,728 million y試合 ベット decrease over the previous fiscal year 試合 ベットd.
Non-Consolidated Statem試合 ベットt of Income
Now let's look at the non-consolidated statem試合 ベットt of income.
Net sales were up 19,940 million y試合 ベット to reach 472,446 million y試合 ベット year on year. The main reason was the increase in sales due to the expansion of business.
Operating income was 7,257 million y試合 ベット, an increase of 5,001 million y試合 ベット compared with the previous fiscal year. The main reason for this was the increase in profitability due to business expansion and str試合 ベットgth試合 ベットing profit-earning capacity.
Ordinary income rose 13,718 million y試合 ベット from the previous fiscal year to total 24,802 million y試合 ベット. This was because of increase in divid試合 ベットds income. In addition, valuation losses on of shares of subsidiaries and affiliates were recorded for JAPAN 3D DEVICES Co., Ltd.
These results all added up to net income of 20,050 million y試合 ベット, an 16,851 million y試合 ベット increase over the previous fiscal year.
