Results Summary
Latest Update : Feb.6, 2025
Back to Financial Results (FY3/2025)
Overview for the 3Q of FY 3/2025 (From April 1, 2024 to December 31, 2024)
During the nine months ended December 31, 2024, the Japanese economy continued to recover moderately as capital investment in the manufacturing industry increased and inbound demand continued to increase. The U.S. economy remained firm supported by consumer spending such as automobiles, although the manufacturing industry remained sluggish against the impact of the monetary tightening to date. In Europe, the economy recovered moderately, despite the sluggish manufacturing industry, particularly for China, as consumer spending remained firm with the easing of inflationary pressures. In the Chinese economy, although exports continued to be firm due to external demand, domestic demand remained sluggish due to a slump in consumer spending and housing sales. In Southeast Asia, the economy remained firm as exports, mainly to the U.S., was steady upward trend.
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 94,556 million yen (9.0%) year on year to 1,147,880 million yen. Operating income was up 21,400 million yen (40.2%) year on year to 74,594 million yen, profit before income taxes was up 8,627 million yen (16.3%) to 61,570 million yen, and profit for the period attributable to owners of the parent was up 7,946 million yen (22.3%) to 43,654 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 figures related to the nine months of the previous consolidated fiscal year, the contents of finalization of the provisional accounting treatment have been reflected.
Performance by Segment for the 3Q of FY 3/2025 (From April 1, 2024 to December 31, 2024)
In addition, some classification in "Semiconductor & Electronics segment", "Access Solutions segment", and "Adjustments" have changed from the first three months of the fiscal year. 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.
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 favorable sales for fan motors resulting from steady demand for servers for data centers. In addition, sales of pivot assemblies increased due to firm 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 35,616 million yen (23.2%) year on year to 188,920 million yen, and operating income was up 14,615 million yen (54.0%) to 41,660 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 firm demand for spindle motors for HDD.
As a result, net sales were up 34,121 million yen (12.5%) year on year to 306,485 million yen, and operating income was up 9,950 million yen (120.3%) to 18,224 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 the acquisition of Minebea Power Semiconductor Device Inc.
As a result, net sales were up 20,809 million yen (5.4%) year on year to 406,062 million yen, while operating income was down 5,561 million yen (-21.4%) to 20,428 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 4,604 million yen (1.9%) year on year to 243,704 million yen, and operating income was up 2,323 million yen (27.8%) to 10,668 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 594 million yen (-18.0%) year on year to 2,709 million yen, and the operating loss increased 383 million yen to 899 million yen.
In addition to the figures noted above, 15,487 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 15,943 million yen for the same period of the previous fiscal year.
Analysis of Financial Position for the 3Q of FY 3/2025 (From April 1, 2024 to December 31, 2024)
Assets, Liabilities, and Net Assets
Total assets at the end of the nine months were 1,575,080 million yen, up 158,958 million yen from the end of the previous fiscal year. The main reason for this was an increase in inventories, cash and cash equivalents and property, plant and equipment.
Total liabilities at the end of the nine months were 799,268 million yen, up 98,870 million yen from the end of the previous fiscal year. The main reason for this was an increase in bonds and borrowings.
Equity came to 775,812 million yen, bringing the equity ratio attributable to owners of the parent down 1.2 percentage points from the end of the previous fiscal year to 48.5%.
Condition of Cash Flows
Cash and cash equivalents at the end of the nine months were 189,309 million yen, up 42,645 million yen from the end of the previous fiscal year.
Cash flows from various business activities during the first nine months and relevant factors were as follows: Net cash provided in operating activities came to 94,222 million yen (compared to 63,799 million yen in the same period of the previous year). This was primarily due to changes in profit before income taxes, depreciation and amortization, increases and decreases in trade and other receivables.
Net cash used in investing activities came to 100,843 million yen (compared to 69,178 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 42,533 million yen (compared to 5,133 million yen used in financing activities in the same period of the previous year). This was primarily due to proceeds from long-term borrowings and an increase in short-term borrowings.
The content of this page is based on information included in the "Brief Report of Financial Results for the nine months ended December 31, 2024" announced on February 5, 2025.
