Performance (sales, profit and loss)

Overview

graph : Net Sales
graph : Operating Income and Operating Margin

Consolidated for the FY3/2021, net sales were up 9,979 million yen (1.0%) year on year to 988,424 million yen, the highest since our founding. Operating income was down 7,481 million yen (-12.8%) year on year to 51,166 million yen, profit before income taxes was down 8,562 million yen (-14.7%) to 49,527 million yen, and profit for the year attributable to owners of the parent was down 7,216 million yen (-15.7%) to 38,759 million yen.
ABLIC Inc. was made a subsidiary on April 30, 2020. The company has been included in the scope of consolidation in conjunction with the business integration. This includes the company's profits and losses from the date of the business integration on.

Consolidated for theFY3/2022, net sales, operating income, and Profit for the period are all expected to reach record highs in the current fiscal year. Sales are expected to exceed 1.05 trillion yen, with the decrease in LED backlights and mechanical components, compensated by the increase in optical devices and motors. Operating income is expected to increase to a record high of 87 billion yen due to the expansion of profits accompanying the growth of businesses such as ball bearings, motors, analog semiconductors and optical devices.

Performance by Segment

Machined Components Business Segment

Main products
Ball bearings / Rod-end bearings / Pivot assemblies

graph : Machined Components Business Segment

Consolidated for the FY3/2021, net sales were down 23,474 million yen (-13.0%) year on year to 157,411 million yen, and operating income was down 8,656 million yen (-21.7%) to 31,218 million yen.
Sales of ball bearings were up owing to solid demand from fan motors. Rod-end bearing sales decreased due to decreased aircraft-related demand. Pivot assembly sales were down due to shrinking of the HDD market.

For the FY3/2022, we can see strong uptrend in demand for ball bearings in a wide range of applications, mainly for automobiles and for servers. Sales for commercial aircraft including rod-ends and fasteners are expected to remain at the same level as the FY3/2021. For pivot assembly, we anticipate a decline in demand as the HDD market shrinks.

Electronic Devices and Components Business

Main products
Electronic devices (LED backlights for LCDs, sensing devices (measuring components), etc.) / HDD spindle motors / Stepping motors / DC motors / Air movers (fan motors) / Special devices

graph : Electronic Devices and Components Business Segment

* We have changed our business segment classification for some businesses since FY3/22. For your reference, figures of FY3/21 are presented based on the classification before the change.

Consolidated for the FY3/2021, net sales were down 15,575 million yen (-4.1%) year on year to 363,847 million yen, and operating income was up 82 million yen (0.5%) to 17,634 million yen.
Net sales of LED backlights for LCDs were down due to decreased demand associated with a decrease in the number of smartphone models using them.

In the FY3/2022, we anticipate that the growth of motors will accelerate and that sales and profits will increase significantly. For electronic devices, we expect a decrease in sales and profits due to a decrease in the number of units of models that use LED backlights. Sales of sensing devices will be almost flat, but profits are expected to increase due to improved profitability.

Mitsumi Business

Main products
Semiconductor devices / Optical devices / Mechanical components / high frequency components / Power supply components

graph : Mitsumi Business Segment

* Both net sales and operating income in FY3/17 include premerger results.

* We have changed our business segment classification for some businesses since FY3/22. For your reference, figures of FY3/21 are presented based on the classification before the change.

Consolidated for the FY3/2021, net sales were up 68,761 million yen (23.5%) year on year to 361,004 million yen, and operating income was up 1,105 million yen (5.9%) to 19,761 million yen.
Semiconductor devices performed well as did mechanical components such as game consoles, resulting in an increase in net sales.
Profit and loss of ABLIC Inc. are included in the MITSUMI business segment in conjunction with its acquisition.

In the FY3/2022, we expect sales to increase mainly due to optical devices, but we expect sales to be on par with the fiscal year ended March 31, 2021 due to a conservative view of machined components.

U-Shin Business

Main products
Automotive components / Industrial components / Housing equipment components (such as building and house locks)

graph : U-Shin Business Segment

* As a result of change of the fiscal year end, FY12/17 consists of 13 months. Both net sales and operating income until FY12/18 are pre-merger results. FY3/20 does not include Jan.-Mar. 2019 results.

* We have changed our business segment classification for some businesses since FY3/22. For your reference, figures of FY3/21 are presented based on the classification before the change.

Consolidated for the FY3/2021, net sales were down 20,012 million yen (-16.0%) year on year to 105,133 million yen, and the operating profit or loss was down 4,448 million yen to the loss of 1,850 million yen.
Sales of automotive components were down substantially due to deceleration of the automotive market.

In the FY3/2022, we anticipate an increase in sales and an improvement in operating profit and loss due to the impact of the recovery in the automobile market. Regarding the restructuring in Europe, while we have reached agreements with employees, local governments, etc. about the details of structural reforms to be implemented, our personnel reduction plan won't be completed until the end of March 2022 in order to avoid any impact on our business partners. Therefore, we won't see a reduction in fixed costs brought about until the next fiscal year, which is the FY3/2023.

Other Business Segment and Adjustment

Machines produced in-house are the main products in our Other business segment. Net sales were up 279 million yen (37.1%) year on year to 1,029 million yen, but the operating loss grew 407 million yen to 1,909 million yen.

In addition to the figures noted above, 13,688 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. Adjustments in the previous fiscal year came to 18,531 million yen.

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