Results Summary
Latest Update : May 13, 2021
Back to Financial Results (FY3/2021)
Overview for the FY3/2021 (From April 1, 2020 to March 31, 2021)
During the consolidated fiscal year, the future of the Japanese economy remained uncertain. Although exports and consumption declined substantially due to the spread of COVID-19, the worst appears to be behind us as exports to the U.S. and China have rebounded. The U.S. economy slowed down due to COVID-19, but economic activity has since been recovering, including increased production in a wide range of industries. The European economy remains stagnant. Although the manufacturing industry is slowly recovering, lockdowns have been extended in conjunction with additional waves of COVID-19. In the Chinese economy, domestic demand recovered. For instance, automobile sales in China were back to a level prior to the spread of COVID-19, and exports also remained robust, particularly to the U.S. In Southeast Asia, the future remains uncertain due to the impact of restrictions on economic activities to curb infections of COVID-19.
Working against this backdrop, the MinebeaMitsumi Group concentrated 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 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.
Performance by Segment for the FY3/2021 (From April 1, 2020 to March 31, 2021)
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 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.
As a result, 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.
Electronic Devices and Components Business
The core products of our Electronic devices and components segment include electronic devices (devices such as LED backlights for LCDs, sensing devices (measuring components), etc.), HDD spindle motors, stepping motors, DC motors, air movers, and special devices. 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.
As a result, 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.
Mitsumi Business
The main products in the MITSUMI business segment are semiconductor devices, optical devices, mechanical components, high frequency components and power supply components. 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.
As a result, 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.
U-Shin Business
The main products in the U-Shin business segment are key sets, door latches, door handles, and other automotive components as well as industrial components and housing equipment components (such as building and house locks). Sales of automotive components were down substantially due to deceleration of the automotive market.
As a result, 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.
Other Business Segment
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.
Analysis of Financial Position for the FY3/2021 (From April 1, 2020 to March 31, 2021)
Assets, Liabilities, and Net Assets
Total assets at the end of the fiscal year under review were 976,771 million yen, up 112,290 million yen from the end of the previous fiscal year. The main reason for this uptick was an increase in cash and cash equivalents, trade and other receivables, goodwill, and property, plant and equipment.
Total liabilities were up 60,568 million yen year on year to 522,773 million yen. The main reason for this was an increase in bonds and borrowings.
Equity came to 453,998 million yen, bringing the equity ratio attributable to owners of the parent up 0.6 percentage points from the end of the previous fiscal year to 46.2%.
Condition of Cash Flows
The balance of cash and cash equivalents at the end of the fiscal year under review was up 34,733 million yen year on year to 165,479 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 93,763 million yen (an inflow of 86,486 million yen in the previous fiscal year). This was primarily due to profit before income taxes, depreciation and amortization, increases and decreases in inventories, and in trade and other payables. Net cash used for investing activities amounted 70,581 million yen (an outflow of 43,540 million yen in the previous fiscal year). This was primarily due to purchase of property, plant and equipment and purchase of investments in subsidiaries resulting in change in scope of consolidation, etc. Net cash flows provided by financing activities amounted 9,257 million yen (an outflow of 28,758 million yen in the previous fiscal year). This was primarily due to increases and decreases in short-term borrowings.
The content of this page is based on information included in the "Brief Report for Fiscal Year Ended March 2021 (From April 1, 2020 to March 31, 2021)" announced on May 7, 2021.
