Results Summary
Latest Update : Nov.21, 2024
Back to Financial Results (FY3/2025)
Overview for the 1H of FY 3/2025 (From July 1, 2024 to September 30, 2024)
During the six months ended September 30, 2024, the Japanese economy showed a gradual recovery trend, supported by capital investment and domestic demand, as well as a continued upward trend in inbound demand. The U.S. economy remained firm due to an increase in personal consumption such as automobiles and healthcare, although the manufacturing industry stagnated against the backdrop of the impact of the cumulative monetary tightening to date. In Europe, while the stagnation of the manufacturing industry in Germany weighed on, the economy recovered moderately as personal consumption increased due to a recovery in real income accompanying the easing of inflationary pressures. In the Chinese economy, although exports increased in IT related products and automobile sales, investment in real estate development remained sluggish. In Southeast Asia, the economy was firm as exports also picked up amid a continued recovery in inbound demand.
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 106,120 million yen (15.8%) year on year to 778,237 million yen. Operating income was up 19,681 million yen (69.1%) year on year to 48,171 million yen, profit before income taxes was up 5,858 million yen (18.6%) to 37,387 million yen, and profit for the period attributable to owners of the parent was up 5,552 million yen (27.1%) to 26,048 million yen.
The above includes the profit and loss of Minebea Power Semiconductor Device Inc., (former Hitachi Power Semiconductor Device, Ltd.) acquired on May 2, 2024.
In addition, during the previous consolidated fiscal year, the provisional accounting treatment for the business combination has been finalized. For the Consolidated Financial Statements for the first six months of the previous year, the contents of finalization of the provisional accounting treatment have been reflected.
Performance by Segment for the 1H of FY 3/2025 (From July 1, 2024 to September 30, 2024)
In addition, some classification in "Semiconductor & Electronics segment", "Access Solutions segment", and "Adjustments" have changed from the first six months of the fiscal year. The segment information disclosed for the first six months of the previous 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 of ball bearings, our Group's mainstay product, increased due to steady demand for use in automobiles and aircraft. In addition, sales of pivot assemblies increased due to a rebound in demand for use in HDD. Sales of rod-end bearings increased due to an increase in aircraft-related demand.
As a result, net sales were up 28,200 million yen (28.4%) year on year to 127,561 million yen, and operating income was up 10,444 million yen (60.5%) to 27,694 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 a recovery in demand for spindle motors for HDD.
As a result, net sales were up 25,028 million yen (13.9%) year on year to 205,497 million yen, and operating income was up 6,455 million yen (118.5%) to 11,900 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.
Although sales of mechanical components declined, sales increased due to steady sales of optical devices and acquisition of Minebea Power Semiconductor Device Inc.
As a result, net sales were up 41,141 million yen (17.2%) year on year to 279,944 million yen, and operating income was up 840 million yen (6.3%) to 14,033 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.
Sales increased due to an increase in demand for automotive antennas.
As a result, net sales were up 12,322 million yen (8.1%) year on year to 163,539 million yen, and operating income was up 4,596 million yen (237.6%) to 6,534 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 down 571 million yen (-25.2%) year on year to 1,696 million yen, and the operating loss increased 351 million yen to 545 million yen.
In addition to the figures noted above, 11,445 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 9,142 million yen for the same period of the previous fiscal year.
Analysis of Financial Position for the 2Q of FY 3/2025 (From July 1, 2024 to September 30, 2024)
Assets, Liabilities, and Net Assets
Total assets at the end of the six months were 1,519,044 million yen, up 102,922 million yen from the end of the previous fiscal year. The main reason for this was an increase in inventories, trade and other receivables, and goodwill.
Total liabilities at the end of the six months were 794,086 million yen, up 93,688 million yen from the end of the previous fiscal year. The main reason for this was an increase in bonds and borrowings, and trade and other payables.
Equity came to 724,958 million yen, bringing the equity ratio attributable to owners of the parent down 2.7 percentage points from the end of the previous fiscal year to 47.0%.
Condition of Cash Flows
Cash and cash equivalents at the end of the six months were 151,334 million yen, up 4,670 million yen from the end of the previous fiscal year.
Cash flows from various business activities during the first fiscal half and relevant factors were as follows:
Net cash provided in operating activities came to 53,910 million yen (compared to 26,599 million yen in the same period of the previous year). This was primarily due to changes in profit before income taxes, depreciation and amortization, inventories, trade and other payables.
Net cash used in investing activities came to 82,460 million yen (compared to 46,304 million yen in the same period of the previous 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.
Net cash provided by financing activities came to 35,896 million yen (compared to 7,984 million yen in the same period of the previous year). This was primarily due to changes in short-term borrowings.
The content of this page is based on information included in the "Brief Report for Second Quarter of Fiscal Year Ending March 2025 (From April 1, 2024 to September 30, 2024)" announced on November 6, 2024.
