Business Results Business Results First Quarter of Fiscal Year First Quarter of Fiscal Year Ending March 31, 2012 Ending March 31, 2012 July 29, 2011 Minebea Co., Ltd.
Summary of Consolidated Business Results for 1Q Profits declined due to supply chain disruption by the Tohoku Earthquake, worse product mix, higher wages and higher startup costs from new factories FY ended FY ending Change Mar. '11 Mar. '12 1Q 4Q 1Q YoY QoQ (Millions of yen) 67,891 63,944 64,802 -4.5% + 1.3% Net sales 6,024 4,194 2,303 -61.8% -45.1% Operating income 5,600 3,710 1,870 -66.6% -49.6% Ordinary income 3,815 1,816 668 -82.5% -63.2% Net income 9.99 4.75 1.76 -82.4% -62.9% Net income per share (yen) 1Q of FY 4Q of FY 1Q of FY Foreign exchange rates Mar. ’11 Mar. ’11 Mar. ’12 US$ ¥92.81 ¥81.78 ¥82.04 Euro ¥120.53 ¥110.55 ¥118.54 Thai Baht ¥2.86 ¥2.67 ¥2.72 Chinese RMB ¥13.60 ¥12.39 ¥12.57 July 29, 2011 1
Net Sales Quarterly (Billions of yen) Decreased 4.5% YoY 80.0 Increased 1.3% QoQ 69.8 67.9 67.5 64.8 63.9 60.5 58.7 57.4 60.0 51.8 40.0 20.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY 3/ 11 FY 3/ 12 July 29, 2011 2 2
Operating Income Quarterly Decreased 61.8% YoY Decreased 45.1% QoQ (Billions of yen) 9.1% 10.0 10% 9.1% 8.9% 8.3% 7.6% 8.0 8% 6.6% 6.3 6.0 6.0 5.6 6% 5.5 4.7% 4.4 4.2 3.6% 4.0 4% 2.7 2.3 2.0 2% (0.6) 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q ( 2.0) -2% -1.2% FY 3/ 10 FY 3/ 11 FY 3/ 12 Operating income Operating margin July 29, 2011 3
Machined Components Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 is unaudited. Net sales Operating income Ball bearings Rod-ends/Fasteners Operating Income Pivot assemblies 30.0 8.0 Operating Margin 28.2 (Billions of yen) 27.5 26.8 7.3 26.7 (Billions of yen) 26.6 26.3 6.9 7.1 6.9 6.8 24.9 25.1 30% 7.4 6.6 6.3 27.3% 6.3 6.6 6.3 22.6 7.0 5.9 6.0 6.7 6.7 26.0% 25.8% 20.0 5.9 25% 25.8% 4.8 4.9 4.9 4.9 5.2 4.7 25.2% 4.7 4.8 4.4 23.6% 22.9% 4.0 4.9 20% 3.1 16.0 15.7 10.0 19.1% 15.0 15.5 15.1 14.1 15.1 2.0 15% 13.4 11.8 13.6% 0.0 10% 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY 3/ 11 FY 3/ 12 FY 3/ 10 FY 3/ 11 FY 3/ 12 July 29, 2011 4 4
Rotary Components Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 is unaudited. Net sales Operating income (Billions of yen) (Billions of yen) Operating Income 30.0 1.0 5% Operating Margin 26.7 2.0% 1.8% 25.3 1.0% 0.4 0.4 0.5 24.9 24.3 24.3 0.3 0.1% 0.0 0.0 0.0 0% 19.420.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 20.0 18.3 0.0% FY 3/ 10 FY 3/ 11 FY 3/ 12 (0.5) 16.1 (0.5) -2.1% (0.7) (1.0) -5% (0.9) -3.9% -3.6% 10.0 (1.5) (1.9) (2.0) -10% -11.6% (2.5) 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (3.0) -15% FY 3/ 10 FY 3/ 11 FY 3/ 12 July 29, 2011 5
Electronic Devices & Components Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 is unaudited. Net sales Operating income (Billions of yen) Measuring components Electronic devices 12.0 (Billions of yen) Operating Income 19.3% 10.7 10.9 2.0 Operating Margin 20% 9.7 10.0 1.8 1.7 15.4% 9.5 16.3% 9.2 9.0 2.5 9.0 1.5 8.8 1.5 8.5 1.5 15% 1.8 1.5 3.0 2.9 2.0 8.0 1.3 12.9% 2.2 12.3% 3.4 1.2 1.0 6.0 1.0 10% 0.9 11.5% 8.4% 9.1 7.4 7.4 8.2 4.0 6.6 7.0 0.4 0.5 5% 6.3 6.7 4.7% 5.4 2.0 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q -1.1% 0.0 (0.1) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY 3/ 11 FY 3/ 12 FY 3/ 10 FY 3/ 11 FY 3/ 12 (0.5) -5% July 29, 2011 6
Other Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 is unaudited. Net sales Operating income Special devices & Other Operating Income Operating Margin Speakers 10% (Billions of yen) Keyboards 6.0 (Billions of yen) 5.7 0.4 0.3 5.1 5.0 5.1 6.1% 4.8 4.7 5% 1.9 2.2% 4.3 1.4 1.3 1.5 2.2% 4.1 4.0 1.2 1.2% 0.1 0.1 4.0 1.5 0.0 0.1 1.2 0.7% (0.1) (0.1) 1.5 1.5 0% 0.0 0.8 1.1 0.9 1.0 0.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 0.7 -1.5% 0.8 FY 3/ 10 FY 3/ 11 FY 3/ 12 0.6 (0.2) -1.5% 0.7 2.0 -5% -3.8% 2.3 2.6 2.7 2.8 2.6 2.7 2.6 2.0 (0.4) 1.8 -10% 0.0 (0.6) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY 3/ 11 FY 3/ 12 -14.0% (0.8) -15% July 29, 2011 7
Net Income Quarterly Decreased 82.4% YoY Decreased 62.9% QoQ (Billions of yen) (yen) 6.0 12.0 10.2 10.0 9.2 5.0 10.0 8.7 8.1 4.0 8.0 3.9 3.8 3.5 3.0 6.0 3.3 4.8 3.1 3.4 2.0 4.0 1.8 1.8 1.0 2.0 1.3 0.7 0.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (1.0) (2.0) (1.7) FY 3/ 10 FY 3/ 11 FY (2.0) (4.0) 3/ 12 (4.3) (3.0) (6.0) Net income Net income per share (right axis) July 29, 2011 8
S.G. & A. Expenses Quarterly (Billions of yen) 15.0 30% 11.7 11.5 11.4 11.0 10.6 10.3 10.3 10.3 10.1 10.0 20% 19.9% 17.6% 17.6% 17.3% 17.5% 17.1% 16.5% 16.5% 16.3% 5.0 10% 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY 3/ 11 FY 3/ 12 S.G. & A. expenses S.G. & A. to sales ratio July 29, 2011 9
Inventories Quarterly (Billions of yen) 50.0 44.3 44.0 42.7 41.7 39.3 40.0 37.0 35.9 35.1 34.7 30.0 20.0 10.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY 3/ 11 FY 3/ 12 July 29, 2011 10
Capital Expenditure & Depreciation Yearly (Billions of yen) 30.0 28.0 27.3 26.4 24.9 24.0 21.1 21.1 20.8 20.2 20.0 11.1 10.0 7.2 5.1 0.0 Mar.'08 Mar.'09 Mar.'10 Mar.'11 Mar.'12 Mar.'12 1Q Forecast Capital Expenditure Depreciation & Amortization Expenses *From FY 3/09, due to change in lease accounting, assets of finance leases are included. July 29, 2011 11
Net Interest-Bearing Debt Yearly (Billions of yen) (Billions of yen) 160.0 40.0 150.7 146.9 128.5 30.0 120.0 110.0 108.6 109.6 102.0 96.9 103.6 20.0 22.7 23.4 101.0 80.0 17.7 10.0 7.0 12.5 9.1 6.0 40.0 3.8 0.0 (2.3) (4.2) 0.0 (10.0) Mar.'05 Mar.'06 Mar.'07 Mar.'08 Mar.'09 Mar.'10 Mar.'11 Mar.'12 Mar.'12 1Q Forecast Net interest-bearing debt Free cash flow (right axis) Net Interest-bearing debt = Interest-bearing debt – Cash and cash equivalents Free Cash Flow = CF from operating activities + CF from investing activities July 29, 2011 12
Forecast for Fiscal Year Ending March 31, 2012 Full year forecast unchanged FY ended Fiscal Year ending Mar. '12 (Millions of yen) Mar. '11 1st Half 2nd Half Full year Full year Upper end Lower end Upper end Lower end Upper end Lower end 269,139 135,000 123,000 150,000 137,000 285,000 260,000 Net sales 22,163 9,700 8,100 14,800 12,900 24,500 21,000 Operating income 20,364 8,700 7,100 13,800 11,900 22,500 19,000 Ordinary income 12,465 4,400 3,300 8,600 7,700 13,000 11,000 Net income Net income per 32.61 11.60 8.70 22.74 20.36 34.34 29.06 share (yen) FY ending Foreign exchange Mar. '11 Mar. '12 rates Full year Assumption US$ ¥86.04 ¥84.00 Euro ¥113.22 ¥111.00 Thai Baht ¥2.75 ¥2.80 Chinese RMB ¥12.78 ¥12.60 July 29, 2011 13 13
Starting to produce LED backlights for tablet PCs April 2011: Suzhou LED backlight factory started operation August 2011: expected to reach stepped-up production level December 2011: expected to start producing LED backlights for tablet PCs •Minebea secured big orders as its LED backlights are superior because they are thinner, brighter and are suitable for tablet PCs. •Minebea has already equipped the Suzhou factory with new production machines so that no extra big investments are necessary. •LED backlights will be produced mainly in Suzhou. July 29, 2011 14
Construction of new Thai and Cambodian factories Multi-purpose ball bearing factory in Thailand Completed most of the exterior work and start operation in Autumn Building area 20,500 ㎡ Own factory in Cambodia Undergoing the foundation work and start operation at the end of 2011 Building area 28,000 ㎡ July 29, 2011 15
Construction of multi-purpose factory in Lop Buri Location: Lop Buri, Thailand (site of a planned but stopped pivot assembly factory) Building area: 19,000 ㎡ Expected to complete: January 2012 (2 months quicker than normal) Specifics: transfer motor parts production lines from existing buildings Rendering of the new factory Utilizing open space in Lop Buri factory complex •Expand LED backlight production capacity by May 2012 due to rapid expansion of smart phone market Minebea’s total capacity will be 35 million units / month in FY March 2013 •Expand rod-end bearing production capacity July 29, 2011 16
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