Results Summary
Latest Update : Feb.7, 2022
Back to Financial Results (FY3/2022)
Overview for the 3Q of FY 3/2022 (From April 1, 2021 to December 31, 2021)
During the first nine months of the fiscal year, the Japanese economy showed a gentle recovery with consumer spending bouncing back following the lifting of the state of emergency at the end of September despite decreased automobile production due to the global semiconductor shortage and a sharp rise in the cost of raw materials. The U.S. economy showed a recovery owing to progress on COVID-19 vaccination and expansion of consumer spending even as prolonged constraints on raw material supplies have hindered corporate activities. Economic recovery in Europe was limited due to a resurgence of COVID-19 and the impact of the sharp rise in resource prices. The Chinese economy was on the rise with steady consumer spending on top of strong exports. In Southeast Asia, there were signs of economic recovery as economic activity resumed following the easing of restrictions on movement.
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 97,169 million yen (13.2%) year on year to 834,608 million yen. Operating income was up 29,991 million yen (74.1%) to 70,465 million yen, profit before income taxes was up 29,842 million yen (75.4%) to 69,441 million yen, and profit for the period attributable to owners of the parent was up 21,880 million yen (69.3%) to 53,447 million yen.
Provisional accounting treatments for business combinations were finalized at the end of the previous fiscal year, and the contents of finalization of the provisional accounting treatments are reflected on the figures for the first nine months of the previous year.
Performance by Segment for the 3Q of FY 3/2022 (From April 1, 2021 to December 31, 2021)
From the first quarter of the fiscal year, the classification of reporting segments has been changed for some businesses. The segment information disclosed for the first nine months of the previous year has been prepared based on the classification of reporting segments after the corporate organization change.
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 favorable demand for use in fan motors associated with solid server demand at data centers. Rod-end bearing sales decreased due to decreased aircraft-related demand.
As a result, net sales were up 18,179 million yen (16.1%) year on year to 131,447 million yen, and operating income was up 12,058 million yen (53.9%) to 34,438 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 were up, owing primarily to strong performance of motors for HDD and increased demand for automotive motors.
As a result, net sales were up 19,318 million yen (7.6%) year on year to 274,798 million yen, and operating income was up 5,682 million yen (47.4%) to 17,655 million yen.
Mitsumi Business
The main products in the MITSUMI business segment are semiconductor devices, optical devices, mechanical components, power supply components and smart product.
Semiconductor and optical devices for camera actuators performed well, resulting in an increase in net sales.
As a result, net sales were up 45,494 million yen (16.5%) year on year to 321,945 million yen, and operating income was up 13,851 million yen (77.9%) to 31,639 million yen.
U-Shin Business
The main products of U-Shin business are key sets, door latches, door handles, and other automotive components as well as industrial equipment components.
Net sales were up owing to a recovery in demand for automotive components associated with a recovery in the automotive market and favorable demand for industrial equipment components used in agricultural and construction machinery.
As a result, net sales in the first nine months were up 14,206 million yen (15.5%) year on year to 105,714 million yen, while operating income was down 228 million yen for an operating loss of 436 million yen.
Other Business Segment
Machines produced in-house are the main products in our Other business segment.
Net sales in the first nine months were down 28 million yen (-3.8%) year on year to 704 million yen, while the operating loss was 1,291 million yen, an improvement of 36 million yen year on year.
In addition to the figures noted above, 11,540 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 10,132 million yen for the first nine months of the previous fiscal year.
Analysis of Financial Position for the 3Q of FY 3/2022 (From April 1, 2021 to December 31, 2021)
Assets, Liabilities, and Net Assets
Our Group sees "strengthening our financial position" as a top priority and is taking various steps, such as efficient controlling of capital investments, asset management, and reducing interest-bearing debt. We will reform our portfolio to increase the weight of our highly profitable core businesses and engage in highly effective M&A, promoting an appropriate and flexible financial strategy.
Total assets at the end of the third quarter were 1,062,671 million yen, up 85,900 million yen from the end of the previous fiscal year. This was primarily due to increases in inventories, property, plant and equipment, and trade and other receivables.
Total liabilities at the end of the third quarter were 572,381 million yen, up 49,608 million yen from the end of the previous fiscal year. The main reason for this was an increase in trade and other payables.
Equity came to 490,290 million yen, bringing the equity ratio attributable to owners of the parent down 0.3 percentage points from the end of the previous fiscal year to 45.9%.
Condition of Cash Flows
Cash and cash equivalents at the end of the third quarter were 138,784 million yen, down 26,695 million yen from the end of the previous fiscal year.
Cash flows from various business activities during the first nine months of the fiscal year and relevant factors were as follows:
Net cash provided by operating activities came to 37,356 million yen (compared to 43,744 million yen in the same period of the previous year). This was primarily due to profit before income taxes, depreciation and amortization, increases and decreases in inventories, and increases and decreases in trade and other payables.
Net cash used in investing activities came to 44,668 million yen (compared to 57,781 million yen in the same period of the previous year). This was primarily due to purchase of property, plant and equipment and proceeds from sale and redemption of securities, etc.
Net cash used in financing activities came to 21,888 million yen (compared to 19,884 million yen provided by financing activities in the same period of the previous year). This was primarily due to increases and decreases in short-term borrowings, purchase of treasury stock and dividends paid.
The content of this page is based on information included in the "Brief Report for Third Quarter of Fiscal Year Ending March 2022 (From April 1, 2021 to December 31, 2021)" announced on February 4, 2022.
