Results Summary

Back to Financial Results (FY3/2024)

Overview for the FY 3/2024 (From April 1, 2023 to March 31, 2024)

During the consolidated fiscal year, the Japanese economy showed a moderate recovery due to a recovery in capital investment demand and improvements in the employment and income environments. On the other hand, an increase in interest rates pushed down demand. The U.S. economy continued to show resilient movements due to steady personal consumption and increased demand for capital investment and housing investment. In Europe, both domestic and foreign demand were sluggish due to financial tightening and the stagnation of the Chinese economy.
However, signs of recovery in personal consumption were observed as the trend of easing inflationary pressures continued. The Chinese economy saw an increase in fixed asset investments in the private sector and infrastructure. However, the real estate market continued to be on a downward trend, and the economy remained sluggish. In Southeast Asia, the economy remained firm, supported by steady domestic demand and a recovery trend in exports.
Working against this backdrop, the MinebeaMitsumi Group (our "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 109,924 million yen (8.5%) year on year to 1,402,127 million yen. Operating income was down 23,994 million yen (-24.6%) year on year to 73,536 million yen, profit before income taxes was down 16,583 million yen (-18.0%) year on year to 75,545 million yen, and profit for the year attributable to owners of the parent was down 19,117 million yen (-26.1%) year on year to 54,035 million yen.
The above includes the profit and loss of HONDA TSUSHIN KOGYO CO., LTD. acquired on September 16, 2022 and Minebea AccessSolutions Inc.(former Honda Lock Mfg. Co., Ltd.) acquired on January 27, 2023. During the current consolidated fiscal year, the provisional accounting treatment for the business combination has been finalized.
For the Consolidated Financial Statements for the previous year, the contents of finalization of the provisional accounting treatment have been reflected.

Performance by Segment for the FY 3/2024 (From April 1, 2023 to March 31, 2024)

The previous names of "Machined Components segment", "Electronic Devices and Components segment", "MITSUMI Business segment" and "U-Shin Business segment" have been changed to "Precision Technologies segment", "Motor, Lighting & Sensing segment", "Semiconductor & Electronics segment", and "Access Solutions segment" respectively from the current consolidated fiscal year. This change in the name of reportable segments has no impact on segment information.
In addition, as a result of the change in the corporate organization, some classification in "Other" and "Adjustments" have changed from the current consolidated fiscal year. The segment information disclosed for the previous fiscal year has been prepared based on the classification of reporting segments after the corporate organization change.

Precision Technologies Segment

The main products in Precision Technologies segment include our Group's 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 and operating income of ball bearings, the Group's mainstay product, declined due to sluggish demand for use in data centers, but sales of rod-end bearings increased due to a recovery in demand for aircraft-related products.
As a result, net sales were up 14,106 million yen (7.1%) year on year to 211,406 million yen, while operating income was down 4,916 million yen (-11.4%) year on year to 38,035 million yen.

Motor, Lighting & Sensing Business

The main products of Motor, Lighting & Sensing segment include electronic devices (devices such as LED backlights for LCDs, sensing devices (measuring components), etc.), HDD spindle motors, stepping motors, DC motors, fan motors, automotive motors, and special devices.
Sales increased mainly due to an increase in demand for automotive motors.
As a result, net sales were up 3,113 million yen (0.8%) year on year to 369,388 million yen, and operating income was up 10,945 million yen year on year to 11,867 million yen.

Semiconductor & Electronics Business

The main products in Semiconductor & Electronics segment are semiconductor devices, optical devices, mechanical components, power supply components, and smart products.
Sales of mainly mechanical components and optical devices for camera actuators declined, and both net sales and operating income decreased.
As a result, net sales were down 35,362 million yen (-6.7%) year on year to 494,717 million yen, and operating income was down 6,194 million yen (-14.9%) year on year to 35,450 million yen.

Access Solutions Business

The main products of Access Solutions segment are key sets, door latches, door handles, and other automotive components as well as industrial equipment components.
In addition to the business integration of Minebea AccessSolutions Inc. net sales were up owing to recovered demand resulting from a recovery in automobile production, but operating income declined because in conjunction with the acquisition of Minebea AccessSolutions Inc. the gain on bargain purchase of the company had been included in the previous fiscal year.
As a result, net sales were up 127,409 million yen (65.4%) year on year to 322,108 million yen, and operating income was down 8,760 million yen (-45.2%) year on year to 10,601 million yen.

Other Business Segment

Software design, development, and machines produced in-house are the main products in our Other business segment.
Net sales were up 658 million yen (17.1%) year on year to 4,508 million yen, and operating income was down 680 million yen for an operating loss of 728 million yen.

In addition to the figures noted above, 21,689 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. Adjustments in the previous fiscal year came to 7,300 million yen.

Analysis of Financial Position for the FY 3/2024 (From April 1, 2023 to March 31, 2024)

Assets, Liabilities, and Net Assets

Total assets at the end of the fiscal year under review were 1,416,122 million yen, up 116,294 million yen from the end of the previous fiscal year. This was primarily due to increases in property, plant and equipment, inventories and trade and other receivables.
Total liabilities were up 39,688 million yen year on year to 700,398 million yen. The main reason for this was an increase in bonds, and borrowings, trade and other payables.
Equity came to 715,724 million yen, bringing the equity ratio attributable to owners of the parent up 1.3 percentage points from the end of the previous fiscal year to 49.7%.

Condition of Cash Flows

The balance of cash and cash equivalents at the end of the fiscal year under review was up 1,993 million yen year on year to 146,664 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 101,759 million yen (an inflow of 44,093 million yen in the previous fiscal year). This was primarily due to changes in profit before income taxes, depreciation and amortization, and trade and other payables.
Net cash used for investing activities amounted to 76,299 million yen (an outflow of 106,275 million yen in the previous fiscal year). This was primarily due to purchase of property, plant and equipment, marketable securities.
Net cash used for financing activities amounted to 30,208 million yen (an inflow of 37,875 million yen in the previous fiscal year). This was primarily due to a decrease in short-term borrowings.

The content of this page is based on information included in the "Brief Report for Fiscal Year Ended March 2024 (From April 1, 2023 to March 31, 2024)" announced on May 10, 2024.

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