Minebeamitsumi Inc. · TSE:6479
Minebeamitsumi — Q1 2024 Earnings Presentation
29 slides from Minebeamitsumi's earnings presentation, Aug 4, 2023
Slide 1: Business Results First Quarter of Fiscal Year Ending March 31, 2024
Business Results First Quarter of Fiscal Year Ending March 31, 2024 MinebeaMitsumi Inc. August 4, 2023
Slide 2: Summary of Consolidated Business Results for 1Q
Summary of Consolidated Business Results for 1Q Net sales hit 1Q record high FY3/23 FY3/24 Change (Millions of yen) 1Q 4Q 1Q YoY QoQ Net sales 251,040 339,718 292,370 +16.5% -13.9% Operating income 14,255 34,441 6,079 -57.4% -82.3% Profit before taxes 14,274 33,199 7,838 -45.1% -76.4% Profit for the
Slide 3: Net Sales, Operating Income / Margin
Net Sales, Operating Income / Margin FY3/23 Special factors (Billions of yen) 1Q 2Q 3Q 4Q Full Year FX forward contract -1.3 -3.0 -2.9 -1.5 -8.7 Net sales Operating income Others - - 1.7 21.5 23.2 Operating margin Total -1.3 -3.0 -1.3 20.0 14.5 *Excl. special factors 371.4 330.0 339.7 304.3 292.4 28
Slide 4: 1Q Actual: Differences from the Forecast as of May
1Q Actual: Differences from the Forecast as of May (Billions of yen) 292.0 292.4 Net Sales Forecast 6.0 6.1 Operating Income Forecast August 4, 2023 4
Slide 5: Precision Technologies (PT)
Precision Technologies (PT) Net sales (Billions of yen) Operating income (Billions of yen) Ball bearings Rod-ends/Fasteners Pivot assemblies Operating income Operating margin 26.9% 27.0% 24.8% 24.5% 24.4% 22.9% 22.0% 51.3 50.5 17.7% 17.1% 49.1 3.9 3.3 47.9 FY3/23 Special factors 46.0 46.4 4.0 1Q 2Q
Slide 6: Motor, Lighting & Sensing (MLS)
Motor, Lighting & Sensing (MLS) Net sales (Billions of yen) Operating income (Billions of yen) Motors Electronic devices Sensing devices Other Operating income Operating margin 8.7% 6.5% 4.1% 4.1% 3.3% 2.2% 2.1% 0.2% 0% -4.8% 98.0 FY3/23 Special factors 96.2 96.2 1Q 2Q 3Q 4Q Full Year 93.7 1.0 90.4
Slide 7: Semiconductors & Electronics (SE)
Semiconductors & Electronics (SE) Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin 182.7 10.2% 11.3% 9.5% 10.5% 11.4% 9.5% 6.6% 0.5% 0.6% 137.4 134.2 FY3/23 Special factors 123.6 1Q 2Q 3Q 4Q Full Year FX forward contract -0.4 -0.8 -1.2 -0.7 -3.1 111.0
Slide 8: Access Solutions (AS)
Access Solutions (AS) Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin 31.3% 73.6 69.5 2.9% 1.5% 0.6% 0% -0.2% -0.1% -0.9% -0.9% -0.7% FY3/23 Special factors 1Q 2Q 3Q 4Q Full Year 46.3 FX forward contract - - - - - 42.9 Others - - - 20.2 20.2 39.9 Tota
Slide 9: Profit Attributable to Owners of the Parent / EPS
Profit Attributable to Owners of the Parent / EPS (Billions of yen) Profit for the period attributable to owners of the parent Earnings per share, basic (yen) 33.1 80.6 20.4 20.1 18.4 14.7 15.5 50.4 48.6 13.1 45.4 10.7 38.2 36.1 31.9 26.4 3.7 9.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/22 FY3/23 FY3
Slide 10: Inventory
Inventory (Billions of yen) 303.3 272.8 275.9 264.4 263.1 224.6 219.3 214.1 195.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/22 FY3/23 FY3/24 August 4, 2023 10
Slide 11: Net Interest-bearing Debt / Free Cash Flow
Net Interest-bearing Debt / Free Cash Flow (Billions of yen) Net interest-bearing debt * Free cash flow 201.7 193.7 170.0 84.4 86.9 75.2 57.8 42.9 23.2 14.8 16.0 (62.2) FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/24 1Q Forecast *Net interest-bearing debts: “Bonds and borrowings” - (“Cash and cash equival
Slide 12: Forecast: No change from the initial plan
Forecast No change from the initial plan under the current uncertain conditions FY3/23 FY3/24 (Millions of yen) Full Year 1st Half 2nd Half Full Year YoY Net sales 1,292,203 663,000 787,000 1,450,000 +12.2% Operating income 101,522 28,000 67,000 95,000 -6.4% Profit before taxes 96,120 26,500 65,500
Slide 13: Forecast for Business Segment
Forecast for Business Segment FY3/23 FY3/24 (Millions of yen) Full Year 1st Half 2nd Half Full Year YoY Net sales 1,292,203 663,000 787,000 1,450,000 +12.2% Precision Technologies (PT) 197,300 99,500 110,500 210,000 +6.4% Motor, Lighting & Sensing (MLS) 366,275 187,000 218,000 405,000 +10.6% Semicon
Slide 14: Today's Points
Today's Points 1Q sales and operating income landed in line with the guidance. Although the downturn in data centers is a significant hurdle, Overall recovery is only a matter of time. No change in medium to long term business expansion plans. Weakness in ball bearings and pivots for data ce
Slide 15: Precision Technologies (PT) Update
Precision Technologies (PT) Update Accelerating growth Outlook of data generation for data center ・Increase in data ・300-800% increase in power consumption* in medium to long term ・200% higher temperatures** ・Increase in administrative costs Key Points Increasing demand for HDD components Ball beari
Slide 16: Motor, Lighting & Sensing (MLS) Update
Motor, Lighting & Sensing (MLS) Update Top-line growth and securing profitability Growth drivers for automotive motor products in niche market of Electric Motor sales automotive motors ▶AGA *1 growth image ▶HVAC Module Key Points ▶Resolver Approx. 100 billion yen Auto- ▶Motor for water pump increase
Slide 17: Semiconductors & Electronics (SE) Update
Semiconductors & Electronics (SE) Update Steady progress in Outlook for power semiconductors global market preparation of (Billions of yen) Silicon power semiconductor power semiconductors Next generation power semiconductor 主なポイント Key Points 5,449 Analog semiconductors 1 13% CAGR for power semicond
Slide 18: Access Solutions (AS) Update
Access Solutions (AS) Update Products expected as next growth drivers Solid progress in PMI. with SOGO and added value Secure operating income Flush Handle of over 10 billion yen When a person with a remote control key approaches the car, the handles automatically comes out from the this fiscal ye
Slide 19: Progress in 1Q and the Image of Achieving Initial Plan
Progress in 1Q and the Image of Achieving Initial Plan Difficult situation mainly due to slow recovery in data center Reasons for no revision to the full year forecast Differences from FY3/20 (Billions of yen) • Semiconductors Integration of ABLIC Shiga Plant to be black in the 1Q Full year 2nd half
Slide 20: Share Buyback
Share Buyback Resolution of share buyback（August 4, 2023） - Number of shares: Up to 4.0 million shares (equal to 0.98% of total issued shares excluding treasury shares) - Amount: Up to 10.0 billion yen - Period: From August 7, 2023 to December 22, 2023 - Purpose: In order to improve return on shareh
Slide 21: Disclaimer
Any statements in this presentation which are not historical are future projections based on certain assumptions and executive judgments drawn from currently available information. Please note that actual performance may vary significantly from any particular projection due to various factors. Facto
Slide 22: Reference
Reference August 4, 2023 22
Slide 23: Precision Technologies (PT)
Precision Technologies (PT) Net sales (Billions of yen) Operating income (Billions of yen) Ball bearings Rod-ends/Fasteners Pivot assemblies Operating income Operating margin 25.8% 210.0 23.3% 22.0% 22.9％ 197.3 19.0 19.8% 21.8% 180.9 15.9 177.5 Special factors FX forward 24.5 39.5 contract -1.1 157.
Slide 24: Motor, Lighting & Sensing (MLS)
Motor, Lighting & Sensing (MLS) Net sales (Billions of yen) Operating income (Billions of yen) Motors Electronic devices Sensing devices Other Operating income Operating margin 5.8% 4.6% 4.8% 4.2% 405.0 3.2％ 4.0 379.4 363.8 371.0 366.3 38.0 0.3% 4.3 4.2 4.3 32.5 4.6 32.6 35.4 37.5 51.5 64.2 51.6 21.
Slide 25: Semiconductors & Electronics (SE)
Semiconductors & Electronics (SE) Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin 9.8% 9.0% 8.2% 530.5 515.0 6.4% 6.6％ 8.1% Special factors 5.5% FX forward contract -3.1 429.1 Others -2.0 Total -5.1 47.8 361.0 42.7 42.0 41.8 292.2 Excl. following One
Slide 26: Access Solutions (AS)
As a result of change of the fiscal year end, Access Solutions (AS) FY3/20 does not include Jan.-Mar. 2019 results. Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin 315.0 11.5% 2.1% 2.3％ 3.2% 0.5% 1.1% 0% -1.8% Special factors 20.2 22.3 194.7 145.6 Exc
Slide 27: S.G.&A. Expense / Ratio
S.G.&A. Expense / Ratio S.G.&A. expenses S.G.&A. to sales ratio (Billions of yen) 39.2 38.1 36.8 35.6 31.9 32.8 32.7 30.1 30.4 13.0% 13.0% 12.1% 11.5% 10.8% 11.3% 10.8% 10.5% 9.9% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/22 FY3/23 FY3/24 August 4, 2023 27
Slide 28: Capital Expenditure / D&A Expense
Capital Expenditure / D&A Expense (Billions of yen) Capital expenditure Depreciation & Amortization expenses ** 147.0 ** 73.5 73.0 * 57.0 50.1 53.1 46.2 45.5 48.6 45.2 22.4 14.8 FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/24 1Q Forecast * Capital expenditures of FY3/20 do not include the increase of asse
Slide 29: ROIC (Return On Invested Capital)
ROIC for Access Solutions (AS) business are pre-merger ROIC (Return On Invested Capital) result and based on JGAAP, and are not included in the Total until FY3/19. MinebeaMitsumi ＝ NOPAT (Operating income + extraordinary profit/loss) x (1-tax rate) ROIC Invested capital (Notes receivable/accounts re