Briefing on items on the agenda
Latest Update : July 21, 2022
Back to Shareholders' Meetings (Year 2022)
The 76th Ordinary General Meeting of Shareholders
Business Report
We now report MinebeaMitsumi's business results for its 76th fiscal year.
More information is provided on page 18 through 72 of the Notice of the 76th Ordinary General Meeting of Shareholders.
Brief Explanation of the Current Business Environment
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 restraint on production activities due to 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 highvalue-added products, developing new technologies, and enhancing its marketing approach to boost profitability further.
Current Fiscal Year Results on Consolidated Basis
As a result, net sales were up 135,716 million yen 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 year on year to 92,136 million yen, and profit for the year attributable to owners of the parent was up 30,176 million yen year on year to 68,935 million yen. In each of these three areas we achieved record highs.
Business Results by Segment
From this fiscal year, the Company changed its corporate organization to transfer the smart product included in the Electronic devices and components business to the MITSUMI business, the automotive devices included in the MITSUMI business to the U-Shin business, and the home security units included in the U-Shin business to the MITSUMI business. Accordingly, segment information has been updated.
Machined Components Business
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 year on year to 177,470 million yen, while operating income also increased by 14,494 million yen 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 year on year to 371,023 million yen, and operating income was up 3,876 million yen 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 year on year to 429,116 million yen, while operating income also increased by 21,388 million yen 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 year on year to 145,577 million yen, and operating income was 732 million yen, an improvement of 3,326 million yen.
Capital Expenditures
During the fiscal year under review, capital expenditures were 16,124 million yen for the Machined components business, 17,000 million yen for the Electronic devices and components business, 20,504 million yen for the MITSUMI business, 4,417 million yen for the U-Shin business, 68 million yen for the Other businesses, and 15,391 million yen for the whole company (common), totaling 73,504 million yen.
The main capital expenditures for the machined components business were equipment to increase production of ball bearing, etc. in Thailand. The main capital expenditures for the electronic devices and components business were equipment for motor-related facilities, etc. in Thailand. The main capital expenditures for the MITSUMI business were equipment for optical devices related facilities, etc. in the Philippines. The main capital expenditures for the U-Shin business were equipment for automotive related facilities in Europe and China.
Consolidated Statements of Financial Position and Consolidated Statements of Income
Balance Sheets and Statements of Income and Balance Sheet and Income Statement
The Consolidated Statements of Financial Position and Consolidated Statements of Income are as shown on pages 40 to 41 of the Notice of the 76th Ordinary General Meeting of Shareholders, and our Non-Consolidated Balance Sheet and Non-Consolidated Statement of Income are as shown on pages 60 to 62, so we will not provide an explanation of these matters.
