Business Results Business Results First Quarter of Fiscal Year First Quarter of Fiscal Year Ending March 31, 2011 Ending March 31, 2011 July 30, 2010 Minebea Co., Ltd.
Summary of Consolidated Business Results for 1Q Net sales and profits increased quarter on quarter as steady recovery continues FY ending FY ended Mar. '10 Change Mar. '11 (Millions of yen) 1Q 4Q 1Q YoY QoQ 51,837 60,461 67,891 + 31.0% + 12.3% Net sales -605 5,494 6,024 - + + 9.6% Operating income Ordinary income -1,101 5,185 5,600 - + + 8.0% I ncome before income taxes -1,370 4,724 5,592 - + + 18.4% -1,680 3,090 3,815 - + + 23.5% Net income Net income per share (yen) -4.32 8.06 9.99 - + + 23.9% 1Q of FY 4Q of FY 1Q of FY Foreign exchange rates Mar. ’10 Mar. ’10 Mar. ’11 US$ ¥97.50 ¥90.43 ¥92.81 Euro ¥131.56 ¥126.07 ¥120.53 Thai Baht ¥2.78 ¥2.73 ¥2.86 Chinese RMB ¥14.28 ¥13.24 ¥13.60 July 30, 2010 1
Net Sales Quarterly (Billions of yen) 100.0 Increased 31.0% YoY Increased 12.3% QoQ 76.6 80.0 74.0 67.9 60.5 59.2 58.7 57.4 60.0 51.8 46.4 40.0 20.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 09 FY 3/ 10 FY 3/ 11 July 30, 2010 2 2
Operating Income Quarterly Turned positive YoY Increased 9.6% QoQ (Billions of yen) 9.1% 8.9% 10.0 10% 8.6% 7.7% 7.6% 6.9% 8.0 8% 6.6 6.0 4.7% 5.5 6.0 6% 5.1 4.5 4.4 4.0 4% 2.7 2.0 2% 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (0.6) (2.0) -2% FY 3/ 09 FY 3/ 10 FY (2.8) -1.2% 3/ 11 (4.0) -4% -6.1% (6.0) -6% (8.0) -8% Operating income Operating margin July 30, 2010 3
New Business Segments Following amendments in the Japanese Accounting Standards, we have changed our Business Segment as follows starting the fiscal year ending March 31, 2011. Old business segments New business segments (for FY ended Mar. '10) (for FY ending Mar. '11) Machined components Machined components Ball bearings Ball bearings Rod-ends Rod-ends/Fasteners Pivot assemblies Pivot assemblies Rotary components Other machined components HDD spindle motors Fasteners former Panasonic's Special devices Information motors Information Equipment / Other motors Other Motors Electronic devices Electronic devices & components & components Electronic devices HDD spindle motors Measuring components Information motors Other Keyboards Keyboards Electronic devices Speakers Speakers Special devices & Other Measuring components Adjustment Other July 30, 2010 4
Machined Components Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 are unaudited. Net sales Operating income Pivot assemblies (Billions of yen) (Billions of yen) Rod-ends/Fasteners 30.0 Ball bearings 8.0 30% 28.2 Operating Income 26.7 Operating Margin 7.1 6.9 25.1 24.9 7.4 25.8% 25.2% 7.0 22.6 5.9 6.0 25% 6.7 6.7 23.6% 20.0 5.9 4.8 4.7 4.7 4.4 4.8 4.0 20% 4.9 3.1 19.1% 10.0 16.0 15.0 2.0 15% 14.1 13.4 11.8 13.6% 0.0 0.0 10% 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY FY 3/ 10 FY 3/ 11 3/ 11 July 30, 2010 5 5
Rotary Components Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 are unaudited. Net sales Operating income (Billions of yen) 30.0 (Billions of yen) Operating Income Information motors / 1.0 5% Operating Margin Other motors HDD spindle motors 24.9 0.5 0.4 0.4 1.8% 2.0% 0.0% 0.0 20.3 0.0 0% 19.4 20.0 1Q 2Q 3Q 4Q 1Q 18.3 FY 3/ 10 FY 16.1 (0.5) 3/ 11 (0.7) 19.7 14.2 -3.9% (1.0) -5% 13.9 13.4 12.1 10.0 (1.5) (1.9) (2.0) -10% 6.1 5.6 5.2 4.9 -11.6% 4.0 (2.5) 0.0 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY (3.0) -15% 3/ 11 July 30, 2010 6
Electronic Devices & Components Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 are unaudited. Net sales Operating income Measuring components Electronic devices (Billions of yen) Operating Income 2.0 20% Operating Margin (Billions of yen) 19.3% 10.0 9.7 9.5 1.7 9.0 8.8 8.5 16.3% 15.4% 1.5 3.0 8.0 2.9 2.0 1.5 15% 1.5 2.2 3.4 12.9% 11.5% 1.2 6.0 1.0 1.0 10% 4.0 7.0 6.6 6.7 6.3 5.4 0.5 5% 2.0 0.0 0% 0.0 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q FY 3/ 10 FY FY 3/ 10 FY 3/ 11 3/ 11 July 30, 2010 7
Other Business Quarterly * The segment results by new business segment for the fiscal year ended March 2010 are unaudited. Net sales Operating income Special devices & Other Speakers Keyboards (Billions of yen) Operating Income (Billions of yen) 0.5 5% Operating Margin 6.0 2.2% 1.2% 5.1 0.7% 5.1 5.0 5.0 4.8 0.1 0% 0.1 0.0 4.3 1.4 1.3 1.5 1.2 0.0 4.0 1Q 2Q 3Q 4Q 1Q 1.2 FY 3/ 10 FY 0.8 1.0 0.9 3/ 11 0.9 3.0 (0.2) -5% 0.8 -3.8% 2.0 (0.5) 2.8 2.7 2.6 2.6 2.3 1.0 -10% (0.6) 0.0 1Q 2Q 3Q 4Q 1Q -14.0% FY 3/ 10 FY (1.0) -15% 3/ 11 July 30, 2010 8
Net Income Quarterly Turned positive YoY Increased 23.5% QoQ (Billions of yen) (yen) 6.0 15 10.2 10.0 9.0 8.1 4.0 10 6.6 6.2 3.8 3.9 3.6 3.1 3.4 2.4 2.6 2.0 5 1.3 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q (2.0) (5) FY 3/ 09 (1.7) FY 3/ 10 FY 3/ 11 (4.3) (6.2) (4.0) (10) (6.0) (15) (15.6) (8.0) (20) Net income Net income per share (right axis) July 30, 2010 9
S.G. & A. Expenses Quarterly (Billions of yen) 21.2% 19.9% 15.0 18.4% 20% 12.6 17.6% 17.6% 17.1% 17.3% 12.3 10.9 10.3 10.3 10.3 10.1 11.7 9.8 15% 16.6% 16.5% 10.0 10% 5.0 5% 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY 3/ 09 FY 3/ 10 FY 3/ 11 S.G. & A. expenses S.G. & A. to sales ratio July 30, 2010 10
Inventories Quarterly (Billions of yen) 50.0 46.4 45.4 40.9 39.3 38.7 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/ 09 FY 3/ 10 FY 3/ 11 July 30, 2010 11
Capital Expenditure & Depreciation Yearly (Billions of yen) 30.0 30.0 26.4 24.9 24.6 24.0 22.6 21.1 20.2 20.0 17.0 11.1 10.0 5.8 5.3 0.0 Mar.'07 Mar.'08 Mar.'09 Mar.'10 Mar.'11 Mar.'11 Capital Expenditure 1Q Forecast Depreciation & Amortization Expenses *From FY 3/09, due to change in lease accounting, assets of finance leases are included. July 30, 2010 12
Net Interest-Bearing Debt Yearly (Billions of yen) (Billions of yen) 150.7 160.0 40.0 146.9 128.5 120.0 30.0 109.6 110.0 99.9 99.0 96.9 22.7 80.0 20.0 23.4 17.7 40.0 10.0 9.1 12.5 1.0 (0.8) 3.8 0.0 0.0 Mar.'05 Mar.'06 Mar.'07 Mar.'08 Mar.'09 Mar.'10 Mar.'11 Mar.'11 1Q Forecast (40.0) (10.0) 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 30, 2010 13
Forecast for Fiscal Year Ending March 31, 2011 Initial forecast unchanged FY ended Fiscal Year ending Mar. '11 Mar. '10 (Millions of yen) 1st Half 2nd Half Full year 1Q/ 1H Full year 1Q YoY Forecast Forecast Forecast Forecast +16.0% 228,446 67,891 129,000 53% 136,000 265,000 Net sales +94.9% Operating income 12,059 6,024 10,900 55% 12,600 23,500 2.1x Ordinary income 10,203 5,600 9,900 57% 11,600 21,500 2.1x 9,261 5,592 7,800 72% 11,500 19,300 I ncome before income taxes +87.6% 6,662 3,815 4,700 81% 7,800 12,500 Net income +90.3% Net income per share (yen) 17.20 9.99 12.31 81% 20.42 32.73 FY ending Mar. '10 Foreign exchange rates Mar. '11 Full year Assumption US$ ¥93.04 ¥90.00 Euro ¥131.10 ¥132.00 Thai Baht ¥2.74 ¥2.65 Chinese RMB ¥13.61 ¥13.00 July 30, 2010 14 14
Construction of the new ball bearing factory Total Investment : 18 billion yen Production capacity : 40 million units per month (Minebea total capacity will be 260 million units per month) Location : Bang Pa-in, Thailand Building area : 20,500 square meters (newly expanded area) Specifics : Integrated manufacturing plant extended from the existing cutting and press plant in Bang Pa-in Energy saving facility utilizing the same technology as the cutting and press plant in Bang Pa-in (energy reduction target: 40% less than existing factory) Power supply channel separate from existing facilities to mitigate risk New factory location Expected operation : Autumn 2011 July 30, 2010 15 15
Construction of the new pivot assembly factory Total investment : 15 billion yen Production capacity : 15 million units per month (Minebea total capacity will be 55 million units per month) Location : Lop Buri, Thailand Building area : 18,430 square meters Specifics : Integrated manufacturing plant from machining to assembly Expected operation : Summer 2011 New factory location July 30, 2010 16 16
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