It is on the page of Shareholders' Meetings Year 2013 Briefing on items on the agenda

Through the following links, you can jump to menu or main text in this page.

Common menu in this site are as follows.

It is a present position.

Main text is as follows.

Briefing on items on the agenda

Latest Update : July 12, 2013

Back to Shareholders' Meetings (Year 2013)

The 67th Ordinary General Meeting of Shareholders

We now report Minebea's business results for its 67th fiscal year, together with consolidated and non-consolidated financial statements.
More information is provided on pages 4 through 49 of the Notice of the 67th Ordinary General Meeting of Shareholders.

Fueled by reconstruction efforts in the wake of the Great East Japan earthquake, demand in the Japanese market during the consolidated fiscal year under review remained steady. Exports and capital expenditures, however, fell sharply as the global economy slowed down, the yen rose, and tensions between Japan and China flared.
Yet, entering the fourth quarter we saw signs of improvement in the economy due to the emergency economic stimulus package that was pushed by the Liberal Democratic Party government that came into power at the end of last year and the devaluation of the yen.
Although the U.S. saw robust domestic consumer spending and improvements in the housing market, economic recovery was hampered by persistent high unemployment.
Europe, on the other hand, remained mired in an economic slump. While the German economy remained firm in the face of the continuing sovereign debt crisis, the unemployment rate worsened and economic recovery was delayed elsewhere in the eurozone, causing the gap among countries to widen.
Although stagnating domestic demand and declining exports to the ailing European market stunted economic growth in China and weakened the Indian economy, the economies of ASEAN countries were fueled by robust domestic demand.
Working against this backdrop, the Minebea Group has been focusing on cutting costs, creating high-value-added products, developing new technologies, and enhancing its marketing approach to further boost profitability.

Current Fiscal Year Results on Consolidated Basis

As a result, net sales increased 31,051 million yen year on year to reach 282,409 million yen, and operating income increased 1,570 million yen year on year to total 10,169 million yen. Ordinary income rose 1,174 million yen to total 7,673 million yen.
Extraordinary income included a gain of 4,304 million yen from the sale of the Omori Plant as well as a gain of 2,572 million yen from a partial payment of the insurance claim for flood damage in Thailand. Extraordinary losses included losses due to restructuring of the rotary components business segment, impairment losses, etc., which came to 4,905 million yen. They also entailed costs associated with the partial discontinuation of the defined benefit pension plan at our U.S. subsidiary, which totaled 1,641 million yen, and losses due to restructuring of the speaker business as well as an allowance for doubtful receivables, etc. which totaled 954 million yen. All these factors combined brought net income down 4,118 million yen year on year to total 1,804 million yen.

Machined Components Business

The machined components business segment makes ball bearings (our anchor product), mechanical components such as rod-end bearings primarily for use in aircraft, hard disk drive (HDD) pivot assemblies, and fasteners for automobiles and aircraft.
While first quarter ball bearing sales and production remained steady, the global economic slowdown and deteriorating HDD market conditions that precipitated a drop in sales beginning in the second quarter as well as reduced production due to inventory adjustments led to a year-on-year decline in operating income. Sales, on the other hand, edged up due to the weak yen.
Rising demand from the aviation market kept rod-end bearing sales and profits up above last year's levels.
The pivot assembly business had a good start in the first quarter with an increase in market share as demand rose in the aftermath of Thailand's severe floods.
Although sales fell after the second quarter due to the ailing HDD market, both sales and profits were up year on year due to the weak yen and our increased market share.
As a result, net sales were up 6,536 million yen year on year to total 113,573 million yen while operating income fell 152 million yen year on year to total 25,459 million yen.

Rotary Components Business

The core products of the rotary components business include information motors, HDD spindle motors, micro actuators, and other precision motors.
The slowdown in the global economy as well as the recent political dispute between Japan and China has put a dent in demand for our information motors. While the falling demand on top of the sudden appreciation of the currencies of Thailand and China, where we operate production facilities, has pushed business performance of fan motors as well as DC brush motors down, cost cuts kept results for stepping motors and DC brushless motors steady despite a decline in profits.
The vibration motor business was sluggish due to downtime losses associated with the discontinuation of our coreless vibration motors.
Robust sales of automobile resolvers, however, drove operating income for precision motors up on a year-on-year basis.
Microactuator sales and profits dropped sharply along with the decline of the market for compact digital cameras, in which they are primarily used, while costs rose as we shifted production from a Chinese subcontractor to our Cambodian plant.
Although the decline in the HDD market after the second quarter has affected our HDD spindle motor business, overall sales soared and profits were up year on year as a result of our efforts to boost sales of our high-value-added products.
As a result, net sales were up 10,556 million yen year on year to total 101,919 million yen while operating losses increased 250 million yen year on year to total 4,368 million yen.

Electronic Devices and Components Business

Liquid crystal display (LCD) backlights, inverters, and measuring components make up the core products of the electronic devices and components business.
The LCD backlight business experienced a jump in profits as production and sales picked up beginning in the second quarter but saw a sharp decline in production and sales in the fourth quarter when customers made temporary, drastic cuts in production volume. Overall, business performance significantly improved over the last fiscal year.
While the fourth quarter surge in the currencies of Thailand and China, where we have production facilities, put a damper on measuring component sales, overall performance for the whole year was solid thanks to rebounding sales to the automobile market.
All these factors resulted in net sales of 57,190 million yen, a significant increase of 19,303 million yen year on year.
Operating income jumped 2,490 million yen year on year to reach 1,531 million yen thanks to the major upswing in the LCD backlight business.

Other Business

Our other business segment mainly includes speakers and special devices.
The speaker business faced an uphill battle against falling sales while the special devices business saw a year-on-year increase in profits.
The discontinuation of the finished keyboard line brought net sales down 5,342 million yen year on year to total 9,726 million yen while operating income was up 569 million yen year on year to total 231 million yen.

Consolidated Operating Income for this Fiscal Year

In addition to the figures stated above, operating income on the consolidated statement of income for the fiscal year includes 12,683 million yen in corporate expenses, etc., which do not belong to any segment, as adjustments.
Adjustments for this fiscal year amounted to 11,595 million yen on a consolidated basis.

Capital Expenditures

Now let's move on to capital expenditures made during the fiscal year. In the year under review capital expenditures totaled 43,687 million yen. This amount includes 9,100 million yen for the machined components business, 11,974 million yen for the rotary components business, 2,261 million yen for the electronic devices and components business, 763 million yen for our other business segment, and 19,587 million yen for overall Minebea operations. Investments in the machined components segment were designed to boost production capacity and streamline production facilities for bearings, HDD pivot assemblies, etc. in Thailand. Investments in the rotary components segment mainly consisted of equipment for producing spindle motors in Thailand and equipment for making information motors in Cambodia, China, and other countries.
Investments in the electronic devices and components segment were focused on manufacturing equipment used to produce LCD backlights and component related facilities in Thailand and China.
Capital expenditures for other businesses and for overall Minebea operations were mainly related to the acquisition of our head office building.
Capital expenditures include purchases of intangible fixed assets totaling 893 million yen and assets acquired through new finance lease contracts amounting to 143 million yen.

Now we review the consolidated financial statements.

Consolidated Balance Sheet

Let's start off with the consolidated balance sheet. Looking at the assets section, we see that total assets increased 56,033 million yen from the previous consolidated fiscal year end to total 362,805 million yen. The major factors behind this uptick include an increase in tangible fixed assets as a result of capital expenditures as well as an increase in overseas assets due to the weak yen.
Moving on to the liabilities and net assets section, we see that liabilities totaled 224,947 million yen, up 27,952 million yen from the previous consolidated fiscal year end. This jump was primarily due to an increase in short- and long-term loans used for expenditures, etc., an increase in the allowance for retirement benefits, as well as the weak yen.
Net assets rose 28,081 million yen to total 137,858 million yen from the previous consolidated fiscal year end. This increase was primarily due to the depreciation of the yen and an increase in minority interests in consolidated subsidiaries as a result of the takeover of the Korean firm, Moatech.
These results all add up to liabilities and net assets totaling 362,805 million yen, a 56,033 million yen increase over what they were at the end of last consolidated fiscal year.

Consolidated Statement of Income

Now let's look at the consolidated statement of income. Net sales were up 31,051 million yen year on year to total 282,409 million yen. Operating income rose 1,570 million yen year on year to total 10,169 million yen. Since we already went over net sales and operating income, I won't go into it again here.
Ordinary income rose 1,174 million yen year on year to total 7,673 million yen. This uptick was due to a gain in operating income despite an increase in loans for capital expenditures which brought interest expenses up. Extraordinary income included a gain from the sale of the Omori Plant as well as a gain from a partial payment of the insurance claim for flood damage in Thailand. Extraordinary losses included losses due to business restructuring, impairment loss, as well as costs associated with the partial discontinuation of the defined benefit pension plan at our U.S. subsidiary. All these factors combined brought net income down 4,118 million yen year on year to total 1,804 million yen.

We'll skip the consolidated statement of changes in net assets and notes, which are provided on pages 23 of the Notice of the 67th Ordinary General Meeting of Shareholders.

Next is an overview of our non-consolidated financial statements.

Non-Consolidated Balance Sheet

The balance sheet shows a 15,793 million yen increase in assets over the figure at the end of the previous year, bringing total assets to 355,589 million yen.
This jump is due primarily to increases in tangible fixed assets, etc. as a result of capital expenditures for acquiring our Tokyo head office building, etc. as well as an increase in shares of subsidiaries and affiliates as a result of M&As, etc.
Looking at the liabilities and net assets section, we see that liabilities totaled 180,273 million yen, up 16,308 million yen from the previous fiscal year end. The primary factors behind this rise include an increase in long-term loans to fund capital expenditures used to acquire the Tokyo head office building, etc.
Net assets declined 514 million yen from the previous fiscal year end to reach 175,315 million yen.
This decrease is due mainly to an increase in the difference on revaluation of available-for-sale securities in line with the stock market recovery as well as a decrease in shareholders' equity due to the stock buyback.
These results all add up to total liabilities and net assets of 355,589 million yen, a 15,793 million yen increase over the previous fiscal year end.

Non-Consolidated Statement of Income

Now let's look at the non-consolidated statement of income. Net sales were up 17,974 million yen to reach 204,291 million yen year on year. This is due mainly to a surge in sales growth brought by expanded sales of LCD backlights and other products.
Operating income rose 1,518 million yen from the previous year to total 3,435 million yen. The increase was due mainly to higher sales.
Ordinary income totaled 8,424 million yen, up 3,882 million yen year on year. We posted an extraordinary gain on sales of fixed assets as a result of the sale of the Omori Plant while extraordinary losses included a loss on valuation of stocks of subsidiaries and affiliates as well as an adjustment for the transfer price taxation. These factors brought net income down 1,676 million yen year on year to total 2,880 million yen.

You will find the non-consolidated statement of changes in net assets and notes on pages 40 of the Notice of the 67th Ordinary General Meeting of Shareholders.

It ends about main text.

Go back to top of this page

menu related to this page is as follows.

Footer menu is as follows.

Follow Us

Twitter Youtube
Menu