Latest Update : Jun.11, 2018
* MinebeaMitsumi has adopted Japanese GAAP.
Overview for the FY 3/2018 (From April 1, 2017 to March 31, 2018)
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 sense of uncertainty about the future in the second half of the fiscal year due to such factors as appreciation of the yen stemming from U.S. trade policy, consumer spending and corporate earnings improved on a full-year basis. In the U.S. economy, consumer spending and corporate production remained robust against a backdrop of improvements in both employment conditions and domestic and foreign demand. Recent growth in consumer spending 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 spending remained robust in response to favorable employment and income conditions. Working against this backdrop, the MinebeaMitsumi Group has been concentrating on cutting costs, creating high-value-added products, developing new technologies, and enhancing its marketing approach to boost profitability further. As a result, net sales were up 240,213 million yen (37.6%) year on year to 879,139 million yen, the highest since our founding. Operating income was up 30,147 million yen (61.5%) year on year to 79,162 million yen, ordinary income was up 29,645 million yen (61.3%) to 78,038 million yen, and income attributable to owners of the parent was up 18,236 million yen (44.3%) to 59,382 million yen, all breaking previous records.
Performance by Segment for the FY 3/2018 (From April 1, 2017 to March 31, 2018)
Machined Components Business Segment
The main products in our Machined components segment include our anchor product line, ball bearings, in addition 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 to external customers hit record highs five times on a monthly basis as demand soared for energy-efficient models, safety devices in the automobile market and for fan motors. In March, the number of units reached 213 million. Rod-end 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 HDD market. As a result, net sales were up 20,081 million yen (12.8%) year on year to 176,391 million yen, and operating income was up 3,580 million yen (9.1%) to 42,727 million yen.
Electronic Devices and Components Business
The core products of our Electronic devices and components segment include electronic devices (LED backlights for LCDs, sensing devices (measuring components), etc.), HDD spindle motors, stepping motors, DC motors, air movers (fan motors), 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 yen (2.2%) year on year to 451,460 million yen, and operating income was up 9,291 million yen (42.4%) to 31,189 million yen.
The main products in MITSUMI business segment are semiconductor devices, optical devices, mechanical parts, high frequency components, power supply components. All products, including camera actuators, mechanical parts for game consoles, products for smartphones such as switches and protection IC, antennas, communication modules, and connectors performed well. As a result, net sales were up 210,250 million yen (521.2%) year on year to 250,592 million yen, and operating income was up 19,197 million yen (829.2%) to 21,512 million yen. 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.
Other Business Segment
Machines produced in-house are the main products in our Other business segment. Net sales increased 37 million yen (5.6%) year on year to reach 695 million yen, and the operating loss fell 5 million yen, to total 125 million yen.
Aside from the above, 16,140 million yen in corporate expenses that do not belong to the segments is shown as an adjustment. Adjustments in the previous fiscal year came to 14,223 million yen.
Analysis of Financial Position for the FY 3/2018 (From April 1, 2017 to March 31, 2018)
Assets, Liabilities, and Net Assets
Our Group sees "strengthening our financial position" as a top priority and is taking various steps, such as efficient asset management, controlling capital investments, and reducing interest-bearing debt. Total assets were up 64,532 million yen year on year to 707,844 million yen. The main reason for this uptick was an increase in cash and deposits, inventories and tangible fixed assets. Total liabilities were up 17,498 million yen year on year to 334,591 million yen. This was primarily due to an increase in notes and accounts payable. Net assets came to 373,253 million yen, and the equity ratio was up 1.7 percentage points year on year to 51.7%.
Condition of Cash Flows
The balance of cash and cash equivalents at the end of the fiscal year under review were up 9,872 million yen year on year to 88,704 million yen. Cash flows from various business activities during the fiscal year under review and other relevant factors are as follows: Net cash provided by operating activities amounted to 96,606 million yen (an inflow of 83,125 million yen in the previous fiscal year). This was primarily due to increases and decreases in income before income taxes, depreciation, notes and accounts payable, notes and accounts receivable, and inventories. Net cash used for investing activities amounted to 59,453 million yen (an outflow of 46,800 million yen in the previous fiscal year). This was primarily due to purchase of tangible fixed assets and investments in subsidiaries resulting in change in scope of consolidation. Net cash used for financing activities amounted to 27,026 million yen (an outflow of 17,339 million yen in the previous fiscal year). This was primarily due to the purchase of treasury stock and cash dividends paid, etc.
The content of this page is based on information included in the "Brief Report for Fiscal Year Ended March 2018 (From April 1, 2017 to March 31, 2018)" announced on May 8, 2018.