Results Summary
Latest Update : Sept.17, 2024
* MinebeaMitsumi has adopted International Financial Reporting Standards (IFRS) from the 1Q of FY3/2019.
Overview for the 1Q of FY 3/2025 (From April 1, 2024 to June 30, 2024)
During the three months ended June 30, 2024, the Japanese economy showed a recovery due to a capital investment remained firm and inbound demand remained at a higher level than before the COVID-19 Demand. The U.S. economy saw a slowdown in personal consumption due to rising prices, despite increased capital investment due to increased demand related to artificial intelligence, such as IT services and data centers, as well as support policies for the semiconductor and clean energy industries. In Europe, housing investment remained sluggish due to monetary tightening, but personal consumption increased due to a recovery in real income accompanying the easing of inflationary pressures. In the Chinese economy, although exports increased in automobile sales, investment in real estate development remained sluggish. In Southeast Asia, inbound demand was firm, and exports to the United States, mainly electronic equipment, were strong.
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 63,084 million yen (21.6%) year on year to 355,454 million yen. Operating income was up 13,282 million yen (196.9%) year on year to 20,025 million yen, profit before income taxes was up 10,855 million yen (127.7%) to 19,357 million yen, and profit for the period attributable to owners of the parent was up 9,827 million yen (239.1%) to 13,936 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 quarter of the previous year, the contents of finalization of the provisional accounting treatment have been reflected.
Performance by Segment for the 1Q of FY 3/2025 (From April 1, 2024 to June 30, 2024)
In addition, some classification in "Semiconductor & Electronics segment", "Access Solutions segment", and "Adjustments" have changed from the first quarter of the fiscal year. The segment information disclosed for the first quarter 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 strong demand for use in automobiles and aircraft. In addition, sales of rod-end bearings increased due to an increase in aircraft-related demand. Sales of pivot assemblies increased due to a rebound in demand for use in HDD. As a result, net sales were up 14,738 million yen (30.8%) year on year to 62,655 million yen, while operating income was up 4,804 million yen (58.5%) to 13,013 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 11,326 million yen (12.9%) year on year to 99,120 million yen, and operating income was up 3,297 million yen (182.5%) to 5,105 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. In addition to the business integration of Minebea Power Semiconductor Device Inc., net sales were up owing to increased sales of optical devices for camera actuators.
As a result, net sales were up 29,499 million yen (36.1%) year on year to 111,229 million yen, and operating income was up 4,174 million yen (752.3%) to 4,729 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 7,887 million yen (10.7%) year on year to 81,535 million yen, and operating income was up 2,837 million yen to 3,000 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 366 million yen (-28.5%) year on year to 915 million yen, and the operating loss increased 227 million yen to 247 million yen.
In addition to the figures noted above, 5,575 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 3,972 million yen for the same period of the previous fiscal year.
Analysis of Financial Position for the 1Q of FY 3/2025 (From April 1, 2024 to June 30, 2024)
Assets, Liabilities, and Net Assets
Total assets at the end of the first quarter were 1,552,688 million yen, up 136,566 million yen from the end of the previous fiscal year. The main reason for this was an increase in inventories and property, plant and equipment.
Total liabilities at the end of the first quarter were 794,984 million yen, up 94,586 million yen from the end of the previous fiscal year. The main reason for this was an increase in bonds, and borrowings, trade and other payables.
Equity came to 757,704 million yen, bringing the equity ratio attributable to owners of the parent down 1.6 percentage points from the end of the previous fiscal year to 48.1%.
Condition of Cash Flows
Cash and cash equivalents at the end of the first quarter were 153,149 million yen, up 6,485 million yen from the end of the previous fiscal year.
Cash flows from various business activities during the first three months and relevant factors were as follows:
Net cash provided in operating activities came to 30,203 million yen (compared to 33,663 million yen in the same period of the previous year). This was primarily due to profit before income taxes, depreciation and amortization, increases and decreases in inventories, and increases and decreases in trade and other receivables, etc. Net cash used in investing activities came to 61,722 million yen (compared to 17,704 million yen in the same period of the previous year). This was primarily due to purchase of investments in subsidiaries resulting in change in scope of consolidation and purchase of property, plant and equipment, etc. Net cash provided by financing activities came to 31,505 million yen (compared to 10,123 million yen used in financing activities in the same period of the previous year). This was primarily due to changes in short-term borrowings, etc.
The content of this page is based on information included in the "Brief Report for First Quarter of Fiscal Year Ending March 2025 (From April 1, 2024 to June 30, 2024)" announced on August 2, 2024.
