FIRST QUARTER BRIEF REPORT OF FINANCIAL RESULTS〔IFRS〕(Consolidated)
(Year ending March 31, 2021) | August 4, 2020 | ||||||||||
Registered | |||||||||||
MINEBEA MITSUMI Inc. Common Stock Listings: Tokyo and Nagoya | |||||||||||
Company Name: | |||||||||||
Code No: | 6479 | URL: https://www.minebeamitsumi.com/ | |||||||||
Representative: | Yoshihisa Kainuma | Representative Director, CEO & COO | |||||||||
Contact: | Mitsunobu Yamamoto General Manager of Accounting Department | ||||||||||
Quarterly report filing date: August 12, 2020 | Phone: (03) 6758-6711 | ||||||||||
Expected date of payment for dividends: ― | |||||||||||
Preparation of supplementary explanation material for quarterly financial results : Yes | |||||||||||
Holding of presentation meeting for quarterly financial results : Yes(For Analyst) | |||||||||||
(Amounts less than one million yen have been rounded.) | |||||||||||
1. Business Performance (April 1, 2020 through June 30, 2020) | |||||||||||
(1) Consolidated Results of Operations (Year-to-date) | (%: Changes from corresponding period of previous fiscal year) | ||||||||||
Net sales | % | Operating income | % | Profit before | % | ||||||
income taxes | |||||||||||
(millions of yen) | Change | (millions of yen) | Change | Change | |||||||
(millions of yen) | |||||||||||
Three months ended Jun. 30, 2020 | 187,463 | (8.3) | 5,364 | 61.4 | 5,274 | 57.9 | |||||
Three months ended Jun. 30, 2019 | 204,425 | (4.0) | 3,324 | (76.7) | 3,341 | (76.4) | |||||
Profit for | Profit for the period | Comprehensive | |||||||||
% | attributable to | % | income | % | |||||||
the period | |||||||||||
Change | owners of the parent | Change | for the period | Change | |||||||
(millions of yen) | |||||||||||
(millions of yen) | (millions of yen) | ||||||||||
Three months ended Jun. 30, 2020 | 3,616 | 44.1 | 3,573 | 64.4 | 10,847 | - | |||||
Three months ended Jun. 30, 2019 | 2,510 | (77.2) | 2,173 | (80.0) | (6,424) | - | |||||
Earnings per | Earnings per | ||||||||||
share, basic | share, diluted | ||||||||||
(yen) | (yen) | ||||||||||
Three months ended Jun. 30, 2020 | 8.75 | 8.57 | |||||||||
Three months ended Jun. 30, 2019 | 5.23 | 5.15 |
(Notes) At March 31, 2020, provisional accounting treatments for business combinations were finalized, and the contents of finalization of the provisional accounting treatments are reflected on the figures for the first quarter of the year ended March 31, 2020.
(2) Consolidated Financial Position
Total equity | Total equity | Equity ratio | ||||||||||||||||
Total assets | attributable to | attributable to | ||||||||||||||||
(millions of yen) | (millions of yen) | owners of the parent | owners of the parent | |||||||||||||||
(millions of yen) | (%) | |||||||||||||||||
As of Jun. 30, 2020 | 940,009 | 407,404 | 404,113 | 43.0 | ||||||||||||||
As of Mar. 31, 2020 | 864,481 | 402,276 | 394,372 | 45.6 | ||||||||||||||
2. Dividends | ||||||||||||||||||
Annual dividends | ||||||||||||||||||
End of | End of | End of | Year-end | For the year | ||||||||||||||
first quarter | second quarter | third quarter | ||||||||||||||||
(yen) | (yen) | |||||||||||||||||
(yen) | (yen) | (yen) | ||||||||||||||||
Year ended Mar. 31, 2020 | ― | 14.00 | ― | 14.00 | 28.00 | |||||||||||||
Year ending Mar. 31, 2021 | ― | |||||||||||||||||
Year ending Mar. 31, 2021 | ― | ― | ― | ― | ||||||||||||||
(Forecast) | ||||||||||||||||||
(Notes) Changes from the latest dividend forecast: None
Regarding the annual dividends for the fiscal year ending March 31, 2021, we will determine the dividend payout of around 20% on a consolidated basis.
- 1 -
3. Prospect for Consolidated Forecast for the Fiscal Year (April 1, 2020 through March 31, 2021)
(%: Changes from corresponding period of previous fiscal year)
Net sales | % | Operating income | % | |||||
(millions of yen) | Change | (millions of yen) | Change | |||||
Six months ending Sep. 30, 2020 | ― | ― | ― | ― | ||||
Year ending Mar. 31, 2021 | 900,000 | (8.0) | 50,000 | (14.7) | ||||
~1,000,000 | ~2.2 | ~60,000 | ~2.3 | |||||
Profit for the period attributable | % | Earnings per share, basic | ||||||
to owners of the parent | ||||||||
Change | (yen) | |||||||
(millions of yen) | ||||||||
Six months ending Sep. 30, 2020 | ― | ― | ― | |||||
Year ending Mar. 31, 2021 | 39,000 | (15.2) | 95.49 | |||||
~47,000 | ~2.2 | ~115.08 |
(Notes) Changes from the latest consolidated results forecast: None
- Notes
- Changes in significant subsidiaries during the period (Changes in certain subsidiaries resulting in change in the scope of
consolidation): Yes | |
Anew: | 1 company ABLIC Inc. |
- Changes in accounting policies, or changes in accounting estimates
- Changes in accounting policies required by IFRS: None
- Changes in accounting policies other than 1: None
- Changes in accounting estimates: None
-
Number of shares outstanding (Common stock)
1. Number of shares outstanding at the end of each period (Including treasury stock)
As of June 30, 2020: | 427,080,606 shares |
As of March 31, 2020: | 427,080,606 shares |
2. Number of treasury shares at the end of each period
As of June 30, 2020: | 18,676,611 shares |
As of March 31, 2020: | 18,676,128 shares |
3. Average number of shares (Quarterly cumulative period) Three months ended June 30, 2020: 408,404,225 shares Three months ended June 30, 2019: 415,131,317 shares
- These quarterly financial results are not subject to quarterly review procedures by a certified public accountant or an audit corporation.
- Explanation for appropriate use of financial forecasts and other special remarks
(Caution Concerning Forward-Looking Statements)
The aforementioned forecasts are based on the information available as of the date when this information is disclosed as well as on the assumptions as of the disclosing date of this information related to unpredictable parameters that will most likely affect our future business performance. As such, this is not intended for the Company to give assurance that the said forecast number would be achieved. In other words, our actual performances are likely to differ greatly from these estimates depending on a variety of factors that will take shape from now on. As for the assumptions used for these forecasts and other related items, please refer to ("1. Qualitative information related to the financial results for the quarter," "(4) Explanation of Consolidated Forecast and Other Forecasts") on page 6 of the documents attached hereunder. (Investor Briefing Materials for Analysts)
Investor briefing materials will be made available via our corporate website (https://www.minebeamitsumi.com/) on Tuesday, August 4, 2020.
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Index | ||
1. Qualitative information related to the financial results for the quarter............................................. | 4 | |
(1) | Explanation of Operating Results ................................................................................................. | 4 |
(2) | Explanation of Financial Position.................................................................................................. | 5 |
(3) | Impact of the new coronavirus....................................................................................................... | 5 |
(4) | Explanation of Consolidated Forecast and Other Forecasts .......................................................... | 6 |
2. Condensed Quarterly Consolidated Financial Statements and Major Notes...................................... | 7 | |
(1) | Condensed Quarterly Consolidated Statements of Financial Position........................................... | 7 |
(2) | Condensed Quarterly Consolidated Statements of Income | |
and Condensed Quarterly Consolidated Statements of Comprehensive Income ........................ | 9 | |
Condensed Quarterly Consolidated Statements of Income............................................................ | 9 | |
Condensed Quarterly Consolidated Statements of Comprehensive Income................................... | 10 | |
(3) | Condensed Quarterly Consolidated Statements of Changes in Equity.......................................... | 11 |
(4) | Condensed Quarterly Consolidated Statements of Cash Flows ..................................................... | 13 |
(5) Notes on Condensed Quarterly Consolidated Financial Statements ............................................. | 14 | |
(Notes on Going Concern Assumptions)....................................................................................... | 14 | |
(Segment Information)................................................................................................................. | 14 |
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1. Qualitative information related to the financial results for the quarter
-
Explanation of Operating Results
During the first quarter of the fiscal year (April 1, 2020 through June 30, 2020), the Japanese economy was hit by the
largest economic downturn since the global financial crisis triggered by the Lehman Brothers bankruptcy. The factors behind this downturn include substantial declines in exports and consumption, especially of automobiles, resulting from the spread of COVID-19, declining corporate earnings, reduced capital investment, and the deteriorating employment environment. In the United States, aggressive monetary easing steps have been taken, but the global economic downswing caused by the spread of COVID-19 and trade friction with China have resulted in a substantial decrease in exports and capital investment. In Europe, the prolonged lockdown to prevent the spread of COVID-19 and other factors resulted in an economic downturn. In Asia, the economy remains sluggish as a result of slow recovery of the global economy, despite China's resumption of economic activity and auto sales recovery supported by the Chinese government's preferential treatment policies for automobile purchases.
Working against this backdrop, the MinebeaMitsumi 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 down 16,962 million yen (-8.3%) year on year to 187,463 million yen. Operating income was up 2,040 million yen (61.4%) year on year to 5,364 million yen, profit before income taxes was up 1,933 million yen (57.9%) to 5,274 million yen, and profit for the period attributable to owners of the parent was up 1,400 million yen
(64.4%) to 3,573 million yen.
ABLIC Inc. was made a subsidiary on April 30, 2020. The company has been included in the scope of consolidation in conjunction with the business integration. This includes the company's profits and losses from the date of the integration on.
Provisional accounting treatments for business combinations were finalized at the end of the previous fiscal year, and the contents of finalization of the provisional accounting treatments are reflected on the figures for the first quarter of the previous year.
Performance by segment was as follows:
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 down both in volume and amount due to decreased demand in the automobile market despite solid demand from fan motors. Rod-end bearing sales were down due to decreased aircraft-related demand. Pivot assembly sales were down both in volume and amount due to shrinking of the HDD market.
As a result, net sales were down 10,546 million yen (-22.9%) year on year to 35,507 million yen, and operating income was down 3,547 million yen (-33.2%) to 7,152 million yen.
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. Demand for stepping motors and other motors was down due to sluggishness in the automobile market, but demand for our LED backlights for LCDs that offer a technological advantage in thin devices remained strong, resulting in an increase in sales.
As a result, net sales were up 2,036 million yen (2.6%) year on year to 79,675 million yen, and operating income was 2,189 million yen, an improvement of 2,766 million yen year on year.
The main products in the MITSUMI business segment are semiconductor devices, optical devices, mechanical components, high frequency components and power supply components. Camera actuators performed well as did game consoles and other mechanical components, resulting in an increase in net sales.
Profit and loss of ABLIC Inc. are included in the MITSUMI business segment in conjunction with its acquisition.
As a result, net sales were up 6,978 million yen (14.1%) year on year to 56,632 million yen, and operating income was up 1,354 million yen to 1,370 million yen.
The main products in the U-Shin business segment are key sets, door latches, door handles, and other automotive components as well as industrial components and housing equipment components (such as building and house locks). Sales of automotive components were down substantially due to deceleration of the automotive market as a result of the spread of COVID-19. Market deceleration also caused a decrease in sales of industrial components.
As a result, net sales were down 15,153 million yen (-49.3%) year on year to 15,581 million yen, and the operating loss increased 2,846 million yen year on year to total 2,169 million yen.
Machines produced in-house are the main products in our Other business segment. Net sales were down 277 million yen (-80.2%) year on year to 68 million yen, and the operating loss increased 60 million yen year on year to total 427 million yen.
In addition to the figures noted above, 2,751 million yen in corporate expenses, etc. not belonging to any particular segment is indicated as adjustments. The total amount of adjustments was 7,124 million yen for the first quarter of the previous fiscal year.
- 4 -
- Explanation of Financial Position
1. Assets, liabilities and equity
Our Group sees "strengthening our financial position" as a top priority and is taking various steps, such as efficient
controlling of capital investments, asset management, and reducing interest-bearing debt. We will reform our portfolio to increase the weight of our highly profitable core businesses and engage in highly effective M&A, promoting an appropriate and flexible financial strategy.
Total assets at the end of the first quarter were 940,009 million yen, up 75,528 million yen from the end of the previous fiscal year. The main reason for this uptick was an increase in inventories, goodwill, and property, plant and equipment.
Total liabilities at the end of the first quarter were 532,605 million yen, up 70,400 million yen from the end of the previous fiscal year. The main reason for this was bonds and borrowings and trade and other payables.
Equity came to 407,404 million yen, bringing the equity ratio attributable to owners of the parent down 2.6 percentage points from the end of the previous fiscal year to 43.0%.
2. Cash flows
Cash and cash equivalents at the end of the first quarter were 136,932 million yen, up 6,186 million yen from the end
of the previous fiscal year.
Cash flows from various business activities during the first three months of the fiscal year and relevant factors were as follows:
Net cash flows provided by operating activities came to 3,537 million yen (compared to 2,934 million yen in the same period of the previous year). This was primarily due to increases and decreases in profit before income taxes, depreciation and amortization, trade and other receivables, and inventories. Net cash flows used in investing activities came to 34,108 million yen (compared to 11,787 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 flows provided by financing activities came to 35,962 million yen (compared to 10,112 million yen used in the same period of the previous year). This was primarily due to increases and decreases in short-term borrowings.
-
Impact of the new coronavirus
We have launched a task force headed by the CEO&COO to address the spread of COVID-19 within our Group. We
have also established a global committee to address the virus, rolled out measures from China to all plants and employees around the world, and established an epidemic prevention and control structure to ensure safe operations. In regions where there were instructions issued by the government to suspend operations, we explained the thorough measures taken to prevent infection in our Group, and were able to resume operations quickly.
(Main measures)
・Thoroughly educating employees on public health, including the necessity of wearing masks, washing their hands, and not talking in the cafeteria
・Clarifying and thoroughly implementing stay home orders for those feeling ill
・Managing physical condition, including temperature checks of all employees, checking attendance, and keeping track of behavior histories at work utilizing social media (LINE and WeChat) and QR codes
・Placing top priority on safe operations and working closely with local governments
・Implementing proper inventory policies by business/product, managing overtime, and placing employees on furlough or adjusting working days
・Utilizing staggered working hours, telework, web conferences, installing desk partitions, prohibiting domestic and overseas business trips, and voluntarily refraining from nonessential and nonurgent contact with outside parties
(Measures for stakeholders)
・Began manufacturing masks for our roughly 100,000 employees and their families in house in April 2020 to fulfill our supply and corporate social responsibility and for the purpose of ensuring safe operations
・Launched production and sales of high-quality masks for external sale in Japan in June 2020
・Donated 220,000 N95 masks and other medical items stored for disaster relief to 150 medical institutions, government agencies, and other organizations
・Placed priority on producing components used in medical devices for maintaining and contributing to the healthcare system
・Signed the "IP Open Access Declaration Against COVID-19"
(Impact on operating results)
The spread of COVID-19 has had a broad impact on economic and corporate activities. The Group has also been impacted by the decrease in sales resulting from changes in the external environment and reduced plant operations resulting from restrictions on movement in each country. Operations are returning to normal in Asia, but we have lowered our operating ratio at facilities manufacturing products for commercial aircraft and automobiles, including those in Europe and the United States, in response to the shrinking market.
If the COVID-19 situation becomes prolonged, it could further impact the Group's operating results.
- 5 -
(Impact on production activities)
In the event that the virus spreads and restrictions on business activities and actions are tightened by government order, such restrictions may have a significant impact on our production and sales activities, including suspension of plant operations.
As of August 2020, the status of operations at our main production facilities is as follows (production ratio of the first quarter of fiscal year ended March 31, 2021 in parenthesis):
Region | Country | Status |
Asia (74%) | China | Normal operations |
Thailand | Almost normal operations | |
Cambodia | Normal operations | |
Philippines | Luzon: Almost normal operations | |
Cebu: Almost normal operations | ||
Malaysia | Normal operations | |
Europe (6%) | Medical equipment/aircraft: Reduced operating ratio | |
Automobiles: Reduced operating ratio | ||
North, Central | USA | Reduced operating ratio |
and South | Mexico | Reduced operating ratio |
America (5%) | Brazil | Reduced operating ratio |
(4) Explanation of Consolidated Forecast and Other Forecasts
There is no change in the consolidated forecast for the year ended March 31, 2021, which was announced in the brief report on May 8, 2020.
(Amount: millions of yen) | |
Net sales | 900,000 |
~1,000,000 | |
Operating income | 50,000 |
~60,000 | |
Profit for the period attributable to owners of the parent | 39,000 |
~47,000 | |
Sharing profits with our shareholders is job one at MinebeaMitsumi. That is why our basic dividend policy gives priority to enhancing equity efficiency and improving returns to our shareholders. Dividends, while reflecting performance, are determined in light of the overall business environment and with an eye to maintaining a stable and continuous distribution of profits.
Under this basic policy, we paid an interim dividend of 14 yen per share and a year-end dividend of 14 yen per share to make the annual dividend payout 28 yen per share in the previous fiscal year based on consolidated results. We plan to decide the specific amounts of the interim and year-end dividends this year with the aim of achieving a consolidated-basis dividend payout ratio of around 20%.
- 6 -
2. Condensed Quarterly Consolidated Financial Statements and Major Notes
- Condensed Quarterly Consolidated Statements of Financial Position
(Amount: millions of yen) | ||
As of March 31, 2020 | As of June 30, 2020 | |
Assets | ||
Current assets | ||
Cash and cash equivalents ............................... | 130,746 | 136,932 |
Trade and other receivables ............................. | 182,890 | 163,236 |
Inventories ....................................................... | 169,803 | 204,385 |
Other financial assets ...................................... | 18,057 | 18,998 |
Other current assets......................................... | 14,375 | 21,982 |
..........................................Total current assets | 515,871 | 545,533 |
Non-current assets | ||
Property, plant and equipment......................... | 275,064 | 292,954 |
Goodwill ........................................................... | 18,626 | 43,576 |
Intangible assets .............................................. | 13,798 | 14,265 |
Other financial assets ...................................... | 18,896 | 20,211 |
Deferred tax assets........................................... | 18,008 | 19,118 |
Other non-current assets.................................. | 4,218 | 4,352 |
...................................Total non-current assets | 348,610 | 394,476 |
Total assets.......................................................... | 864,481 | 940,009 |
- 7 -
(Amount: millions of yen) | ||
As of March 31, 2020 | As of June 30, 2020 | |
Liabilities and equity | ||
Liabilities | ||
Current liabilities | ||
Trade and other payables ................................. | 143,964 | 152,853 |
Bonds and borrowings...................................... | 95,268 | 145,843 |
Other financial liabilities ................................. | 6,984 | 9,302 |
Income taxes payable ....................................... | 2,905 | 4,764 |
Provisions......................................................... | 4,353 | 4,310 |
Other current liabilities ................................... | 42,209 | 38,530 |
.....................................Total current liabilities | 295,683 | 355,602 |
Non-current liabilities | ||
Bonds and borrowings...................................... | 126,444 | 134,113 |
Other financial liabilities ................................. | 13,639 | 15,978 |
Net defined benefit liabilities ........................... | 22,482 | 23,126 |
Provisions......................................................... | 579 | 560 |
Deferred tax liabilities ..................................... | 1,702 | 1,750 |
Other non-current liabilities ............................ | 1,676 | 1,476 |
..............................Total non-current liabilities | 166,522 | 177,003 |
.....................................................Total liabilities | 462,205 | 532,605 |
Equity | 68,259 | 68,259 |
Common stock .................................................. | ||
Capital surplus................................................. | 134,707 | 139,339 |
Treasury stock.................................................. | (34,455) | (34,456 ) |
Retained earnings ............................................ | 234,667 | 232,522 |
Other components of equity.............................. | (8,806) | (1,551 ) |
Total equity attributable to owners of | 394,372 | 404,113 |
the parent....................................................... | ||
Non-controlling interests.................................. | 7,904 | 3,291 |
......................................................Total equity | 402,276 | 407,404 |
Total liabilities and equity................................... | 864,481 | 940,009 |
- 8 -
(2) Condensed Quarterly Consolidated Statements of Income
and Condensed Quarterly Consolidated Statements of Comprehensive Income (Condensed Quarterly Consolidated Statements of Income)
(Amount: millions of yen) | ||
Three months ended | Three months ended | |
June 30, 2019 | June 30, 2020 | |
Net sales.............................................................. | 204,425 | 187,463 |
Cost of sales......................................................... | 175,542 | 153,903 |
..........................................................Gross profit | 28,883 | 33,560 |
Selling, general and administrative expenses ..... | 26,745 | 25,205 |
Other income............................................................... | 1,697 | 1,263 |
Other expenses............................................................ | 511 | 4,254 |
........................................................Operating income | 3,324 | 5,364 |
Finance income ......................................................... | 554 | 515 |
Finance expenses ...................................................... | 537 | 605 |
...........................................Profit before income taxes | 3,341 | 5,274 |
Income taxes................................................................ | 831 | 1,658 |
................................................Profit for the period | 2,510 | 3,616 |
Profit for the period attributable to: | 2,173 | 3,573 |
Owners of the parent............................................... | ||
Non-controlling interests......................................... | 337 | 43 |
..................................................Profit for the period | 2,510 | 3,616 |
Earnings per share (EPS) | ||
Basic (Yen) ............................................................... | 5.23 | 8.75 |
Diluted (Yen)............................................................ | 5.15 | 8.57 |
- 9 -
(Condensed Quarterly Consolidated Statements of Comprehensive Income)
(Amount: millions of yen) | |||
Three months ended | Three months ended | ||
June 30, 2019 | June 30, 2020 | ||
Profit for the period.................................................. | 2,510 | 3,616 | |
Other comprehensive income | |||
Components of other comprehensive income | |||
that will not be reclassified to profit or loss, | |||
net of tax: | |||
Net changes in revaluation of equity | |||
instruments measured at fair value | |||
through other comprehensive income.......... | (443) | 885 | |
Sub-total | (443) | 885 | |
Components of other comprehensive income | |||
that will be reclassified to profit or loss, net | |||
of tax: | |||
Foreign exchange differences on translation | |||
of foreign operations ..................................... | (8,506) | 5,179 | |
Cash flow hedges ............................................ | 15 | 1,167 | |
Sub-total | (8,491) | 6,346 | |
............Other comprehensive income, net of tax | (8,934) | 7,231 | |
.....................Comprehensive income for the period | (6,424) | 10,847 | |
Comprehensive income attributable to: | |||
Owners of the parent............................................ | (6,457) | 10,828 | |
Non-controlling interests........................................... | 33 | 19 | |
....................Comprehensive income for the period | (6,424) | 10,847 |
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(3) Condensed Quarterly Consolidated Statements of Changes in Equity
(Amount: millions of yen)
Equity attributable to owners of the parent | ||||
Common | Capital | Treasury | Retained | Other components of equity |
Foreign currency | Cash flow | |||
stock | surplus | stock | earnings | |
translation | hedge | |||
Balance as of April 1, 2019 | 68,259 | 137,464 | (19,448) | 202,172 | 8,387 | (76) | ||
Profit for the period | 2,173 | |||||||
Other comprehensive income | (8,202) | 15 | ||||||
Comprehensive income for | ― | ― | ― | 2,173 | (8,202) | 15 | ||
the period | ||||||||
Purchase of treasury stock | (1) | |||||||
Dividends | (5,812) | |||||||
Increase of consolidated | ||||||||
subsidiaries | ||||||||
Transfer to retained earnings | 29 | |||||||
Total transactions with | ― | ― | (1) | (5,783) | ― | ― | ||
owners | ||||||||
Balance as of June 30, 2019 | 68,259 | 137,464 | (19,449) | 198,562 | 185 | (61) | ||
Equity attributable to owners of the parent | ||||||||
Other components of equity | ||||||||
Net changes in | Non- | Total | ||||||
revaluation of equity | controlling | |||||||
Total | equity | |||||||
instruments measured | Subtotal | interests | ||||||
at fair value through | ||||||||
other comprehensive | ||||||||
income | ||||||||
Balance as of April 1, 2019 | 2,945 | 11,256 | 399,703 | 7,557 | 407,260 | |||
Profit for the period | 2,173 | 337 | 2,510 | |||||
Other comprehensive income | (443) | (8,630) | (8,630) | (304) | (8,934) | |||
Comprehensive income for | (443) | (8,630) | (6,457) | 33 | (6,424) | |||
the period | ||||||||
Purchase of treasury stock | (1) | (1) | ||||||
Dividends | (5,812) | (5,812) | ||||||
Increase of consolidated | ― | 4,904 | 4,904 | |||||
subsidiaries | ||||||||
Transfer to retained earnings | (29) | (29) | ― | ― | ||||
Total transactions with | (29) | (29) | (5,813) | 4,904 | (909) | |||
owners | ||||||||
Balance as of June 30, 2019 | 2,473 | 2,597 | 387,433 | 12,494 | 399,927 |
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(Amount: millions of yen)
Equity attributable to owners of the parent | ||||
Common | Capital | Treasury | Retained | Other components of equity |
Foreign currency | Cash flow | |||
stock | surplus | stock | earnings | |
translation | hedge | |||
Balance as of April 1, 2020 | 68,259 | 134,707 | (34,455) | 234,667 | (8,807) | (1,007) | |||
Profit for the period | 3,573 | ||||||||
Other comprehensive | 5,204 | 1,167 | |||||||
income | |||||||||
Comprehensive income | ― | ― | ― | 3,573 | 5,204 | 1,167 | |||
for the period | |||||||||
Purchase of treasury stock | (1) | ||||||||
Disposal of treasury stock | 0 | 0 | |||||||
Dividends | (5,718) | ||||||||
Transactions with | 4,632 | ||||||||
non-controlling interests | |||||||||
Total transactions with | ― | 4,632 | (1) | (5,718) | ― | ― | |||
owners | |||||||||
Balance as of June 30, 2020 | 68,259 | 139,339 | (34,456) | 232,522 | (3,603) | 160 | |||
Equity attributable to owners of the parent | |||||||||
Other components of equity | |||||||||
Net changes in | Non- | Total | |||||||
revaluation of equity | controlling | ||||||||
Total | equity | ||||||||
instruments measured | Subtotal | interests | |||||||
at fair value through | |||||||||
other comprehensive | |||||||||
income | |||||||||
Balance as of April 1, 2020 | 1,008 | (8,806) | 394,372 | 7,904 | 402,276 | ||||
Profit for the period | 3,573 | 43 | 3,616 | ||||||
Other comprehensive | 884 | 7,255 | 7,255 | (24) | 7,231 | ||||
income | |||||||||
Comprehensive income | 884 | 7,255 | 10,828 | 19 | 10,847 | ||||
for the period | |||||||||
Purchase of treasury stock | (1) | (1) | |||||||
Disposal of treasury stock | 0 | 0 | |||||||
Dividends | (5,718) | (5,718) | |||||||
Transactions with | 4,632 | (4,632) | ― | ||||||
non-controlling interests | |||||||||
Total transactions with | ― | ― | (1,087) | (4,632) | (5,719) | ||||
owners | |||||||||
Balance as of June 30, 2020 | 1,892 | (1,551) | 404,113 | 3,291 | 407,404 |
- 12 -
(4) Condensed Quarterly Consolidated Statements of Cash Flows
(Amount: millions of yen) | ||
Three months ended | Three months ended | |
June 30, 2019 | June 30, 2020 | |
Cash flows from operating activities: | ||
Profit before income taxes ........................................................ | 3,341 | 5,274 |
Depreciation and amortization................................................. | 10,966 | 11,760 |
Interest income and dividends income ..................................... | (495) | (409) |
Interest expenses ..................................................................... | 401 | 390 |
Loss (gain) on sale and disposal of property, plant and | ||
equipment ................................................................................ | (641) | (287) |
Decrease (increase) in trade and other receivables................... | 8,810 | 24,140 |
Decrease (increase) in inventories............................................ | (18,169) | (26,568) |
Increase (decrease) in trade and other payables....................... | (2,119) | (6,772) |
Other........................................................................................ | 3,935 | (3,042) |
Subtotal | 6,029 | 4,486 |
Interest received....................................................................... | 325 | 266 |
Dividends received ................................................................... | 156 | 152 |
Interest paid............................................................................. | (310) | (371) |
Income taxes paid..................................................................... | (3,266) | (996) |
Net cash flows provided by operating activities | 2,934 | 3,537 |
Cash flows from investing activities: | ||
Decrease (increase) in time deposits......................................... | (150) | (744) |
Purchase of property, plant and equipment .................................. | (12,754) | (10,985) |
Proceeds from sales of property, plant and equipment ................... | 1,035 | 639 |
Purchase of intangible assets....................................................... | (256) | (367) |
Purchase of securities ................................................................. | (515) | (330) |
Proceeds from sale and redemption of securities......................... | 556 | 288 |
Proceeds from purchase of investments in subsidiaries resulting in | ||
change in scope of consolidation.................................................. | 47 | ― |
Purchase of investments in subsidiaries resulting in change in | ― | (22,686) |
scope of consolidation................................................................. | ||
Other........................................................................................ | 250 | 77 |
Net cash flows used in investing activities | (11,787) | (34,108) |
Cash flows from financing activities: | ||
Increase (decrease) in short-term borrowings .......................... | 6,163 | 48,239 |
Repayments of long-term borrowings....................................... | (9,819) | (837) |
Acquisition of non-controlling interests.................................... | ― | (4,620) |
Purchase of treasury stock.......................................................... | (1) | (1) |
Dividends paid ......................................................................... | (5,812) | (5,718) |
Repayments of lease liabilities ................................................. | (643) | (1,101) |
Other........................................................................................ | ― | 0 |
Net cash flows used in financing activities | (10,112) | 35,962 |
Effect of exchange rate changes on cash and cash equivalents | (2,519) | 795 |
Increase (decrease) in cash and cash equivalents | (21,484) | 6,186 |
Cash and cash equivalents at beginning of period | 122,432 | 130,746 |
Cash and cash equivalents at end of period | 100,948 | 136,932 |
- 13 -
- Notes on Condensed Quarterly Consolidated Financial Statements (Notes on Going Concern Assumptions)
Not applicable.
(Segment Information) | |||||||||||
Information related to sales and income (loss) by reportable segments | (Amount: millions of yen) | ||||||||||
(Three months ended June 30, 2019) | |||||||||||
Reportable segment | |||||||||||
Machined | Electronic | MITSUMI | U-Shin | Other | Adjustments | Consolidated | |||||
devices and | *1 | *2 | |||||||||
components | business | business | |||||||||
components | |||||||||||
Net sales | |||||||||||
Net sales to | |||||||||||
customers | 46,053 | 77,639 | 49,654 | 30,734 | 345 | ― | 204,425 | ||||
Net sales to other | 1,339 | 1,549 | 689 | ― | 837 | (4,414) | ― | ||||
segment | |||||||||||
Total | 47,392 | 79,188 | 50,343 | 30,734 | 1,182 | (4,414) | 204,425 | ||||
Segment profit (loss) | 10,699 | (577) | 16 | 677 | (367) | (7,124) | 3,324 | ||||
Finance income | ― | ― | ― | ― | ― | ― | 554 | ||||
Finance expenses | ― | ― | ― | ― | ― | ― | 537 | ||||
Profit before income | ― | ― | ― | ― | ― | ― | 3,341 | ||||
taxes | |||||||||||
(Three months ended June 30, 2020) | (Amount: millions of yen) | ||||||||||
Reportable segment | |||||||||||
Machined | Electronic | MITSUMI | U-Shin | Other | Adjustments | Consolidated | |||||
devices and | *1 | *2 | |||||||||
components | business | business | |||||||||
components | |||||||||||
Net sales | |||||||||||
Net sales to | |||||||||||
customers | 35,507 | 79,675 | 56,632 | 15,581 | 68 | ― | 187,463 | ||||
Net sales to other | 1,166 | 1,390 | 432 | ― | 394 | (3,382) | ― | ||||
segment | |||||||||||
Total | 36,673 | 81,065 | 57,064 | 15,581 | 462 | (3,382) | 187,463 | ||||
Segment profit (loss) | 7,152 | 2,189 | 1,370 | (2,169) | (427) | (2,751) | 5,364 | ||||
Finance income | ― | ― | ― | ― | ― | ― | 515 | ||||
Finance expenses | ― | ― | ― | ― | ― | ― | 605 | ||||
Profit before income | ― | ― | ― | ― | ― | ― | 5,274 | ||||
taxes | |||||||||||
(Notes) *1. The classification of "Other" refers to business units not included in the reportable segments. Their products are mainly machines made in-house.
*2. The amount of the adjustment is as follows.
Adjustments to segment profit (loss) are corporate expenses such as general and administrative expenses in addition to research and development expenses that do not belong to the reportable segments. Retirement benefit expenses of 2,790 million yen is included as a result of the revision of the Labor Protection Act in Thailand for the first quarter of the previous year.
*3. Provisional accounting treatments for business combinations were finalized at the end of the previous fiscal year, and the contents of finalization of the provisional accounting treatments are reflected on the figures for the first quarter of the previous year.
- 14 -
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Minebea Mitsumi Inc. published this content on 04 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2020 06:06:21 UTC