Results Summary
Latest Update : May 23, 2022
Back to Financial Results (FY3/2022)
Overview for the FY 3/2022 (From April 1, 2021 to March 31, 2022)
During the consolidated fiscal year, the Japanese economy saw a gradual return of normal economic activity as the effects of the COVID-19 pandemic steadily eased, and overall economic recovery continued. In the U.S. economy, although employment issues and restrictions on the supply of raw materials put downward pressure on the economy, overall, the economy showed signs of modest recovery. Elsewhere, although the European economy showed signs of recovery following the relaxation of restrictions brought on by the pandemic, aggression against Ukraine at the end of February has caused an uncertain future. In the Chinese economy, although severe COVID-induced restrictions in certain regions negatively impacted individual consumption and industrial production, overall, the economy continued on an upward trend. In Southeast Asia, the return of economic activity following the pandemic ensured economic recovery was on track.
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 135,716 million yen (13.7%) year on year to 1,124,140 million yen, and for the first time since our founding we exceeded 1 trillion yen in net sales. Operating income was up 40,970 million yen (80.1%) year on year to 92,136 million yen, profit before income taxes was up 41,261 million yen (83.3%) year on year to 90,788 million yen, and profit for the year attributable to owners of the parent was up 30,176 million yen (77.9%) year on year to 68,935 million yen. In each of these three areas we achieved record highs.
Performance by Segment for the FY 3/2022 (From April 1, 2021 to March 31, 2022)
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 20,059 million yen (12.7%) year on year to 177,470 million yen, while operating income also increased by 14,494 million yen (46.4 %) year on year to 45,717 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 25,428 million yen (7.4%) year on year to 371,023 million yen, and operating income was up 3,876 million yen (21.9%) year on year to 21,561 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 devices and optical devices for camera actuators performed well, resulting in an increase in net sales.
As a result, net sales were up 76,839 million yen (21.8%) year on year to 429,116 million yen, while operating income also increased by 21,388 million yen (104.5%) year on year to 41,846 million yen.
U-Shin Business
The main products of U-Shin business segment are automotive components, such as key sets, door latches, door handles, etc. 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 production and favorable demand for industrial equipment components used in agricultural and construction machinery.
As a result, net sales were up 13,465 million yen (10.2%) year on year to 145,577 million yen, and operating income was 732 million yen, an improvement of 3,326 million yen.
Other Business Segment
Machines produced in-house are the main products in our Other business segment. Net sales were down 75 million yen (-7.2%) year on year to 954 million yen, while operating loss was 1,429 million yen , an improvement of 479 million yen year on year.
In addition to the figures noted above, 16,291 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. Adjustments in the previous fiscal year came to 13,698 million yen.
Analysis of Financial Position for the FY 3/2022 (From April 1, 2021 to March 31, 2022)
Assets, Liabilities, and Net Assets
Total assets at the end of the fiscal year under review were 1,104,192 million yen, up 127,421 million yen from the end of the previous fiscal year. The main reason for this was an increase in trade and other receivables, inventories, and property, plant and equipment.
Total liabilities were up 39,984 million yen year on year to 562,757 million yen. The main reason for this was an increase in trade and other payables.
Equity came to 541,435 million yen, bringing the equity ratio attributable to owners of the parent up 2.6 percentage points from the end of the previous fiscal year to 48.8%.
Condition of Cash Flows
The balance of cash and cash equivalents at the end of the fiscal year under review was down 1,891 million yen year on year to 163,588 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 78,417 million yen (an inflow of 93,763 million yen in the previous fiscal year). This was primarily due to profit before income taxes, and increases and decreases in trade and other receivables, in inventories and in trade and other payables, etc. Net cash used for investing activities amounted to 63,605 million yen (an outflow of 70,581 million yen in the previous fiscal year). This was primarily due to purchase of property, plant and equipment, etc. Net cash flows used for financing activities amounted to 25,547 million yen (an inflow of 9,257 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 2022 (From April 1, 2021 to March 31, 2022)" announced on May 11, 2022.
