Business Results Business Results Second Quarter of Fiscal Year Second Quarter of Fiscal Year Ending March 31, 2011 Ending March 31, 2011 November 2, 2010 Minebea Co., Ltd.
１． Financial Results ２． Policy and Strategy November 2, 2010 1
Financial Results Hiroharu Katogi Director, Senior Managing Executive Officer November 2, 2010 2
Summary of Consolidated Business Results for 1H Despite the stronger yen, growing demand pushed first half results beyond our initial forecast 1H of FY ending FY ended FY ending Change Mar. '10 Mar. '11 Mar. '11 (Millions of yen) Original 1H 1H YoY vs. forecast forecast Net sales 109,268 137,695 + 26.0% 129,000 106.7% × 5.8 2,115 12,371 10,900 113.5% Operating income × 11.2 1,029 11,536 9,900 116.5% Ordinary income × 15.2 729 11,103 7,800 142.3% I ncome before income taxes Net income -364 7,317 - + 4,700 155.7% Net income per share (yen) -0.94 19.15 - + 12.31 155.6% 1H of FY 1H of FY 1H of FY Foreign exchange rates Mar. '11 Mar. ’10 Mar. ’11 Assumption US$ ¥96.12 ¥89.70 ¥90.00 Euro ¥132.90 ¥114.92 ¥132.00 Thai Baht ¥2.78 ¥2.78 ¥2.65 Chinese RMB ¥14.06 ¥13.17 ¥13.00 November 2, 2010 3
Summary of Consolidated Business Results for 2Q Despite the stronger yen, growing demand pushed second quarter net sales and operating income higher Q o Q FY ending FY ended Change Mar. '11 Mar. '10 (Millions of yen) 2Q 1Q 2Q YoY QoQ Net sales 57,430 67,891 69,803 + 21.5% + 2.8% × 2.3 Operating income 2,720 6,024 6,346 + 5.3% × 2.8 2,130 5,600 5,935 + 6.0% Ordinary income × 2.6 2,099 5,592 5,511 -1.4% I ncome before income taxes × 2.7 Net income 1,315 3,815 3,502 -8.2% × 2.7 Net income per share (yen) 3.38 9.99 9.16 -8.3% 2Q of FY 2Q of FY 1Q of FY Foreign exchange rates Mar. ’11 Mar. ’10 Mar. ’11 Assumption US$ ¥94.74 ¥92.81 ¥86.58 Euro ¥134.24 ¥120.53 ¥109.31 Thai Baht ¥2.78 ¥2.86 ¥2.70 Chinese RMB ¥13.85 ¥13.60 ¥12.73 November 2, 2010 4
Net Sales Quarterly (Billions of yen) 100.0 Increased 21.5% YoY Increased 2.8% QoQ 76.6 80.0 74.0 69.8 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 2Q FY 3/ 09 FY 3/ 10 FY 3/ 11 November 2, 2010 5 5
Operating Income Quarterly Increased X 2.3 YoY Increased 5.3% QoQ (Billions of yen) 9.1% 9.1% 8.9% 10.0 10% 8.6% 7.7% 7.6% 6.9% 8.0 8% 6.6 6.3 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 2Q (0.6) (2.0) -2% FY 3/ 09 FY 3/ 10 FY 3/ 11 (2.8) -1.2% (4.0) -4% -6.1% (6.0) -6% (8.0) -8% Operating income Operating margin November 2, 2010 6
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 8.0 Operating Income 30% Ball bearings 28.2 Operating Margin 7.3 26.8 26.7 7.1 6.9 25.1 24.9 7.4 27.3% 25.2% 6.3 7.0 22.6 5.9 6.0 25% 6.7 25.8% 6.7 23.6% 20.0 5.9 4.8 4.7 4.9 4.7 4.4 4.8 4.0 20% 4.9 3.1 19.1% 10.0 16.0 15.5 15.0 2.0 15% 14.1 13.4 11.8 13.6% 0.0 0.0 10% 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q FY 3/ 10 FY 3/ 11 FY 3/ 10 FY 3/ 11 November 2, 2010 7 7
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) Operating Income (Billions of yen) 1.0 5% Operating Margin 30.0 Information motors / Other motors 26.7 0.4 0.5 0.4 HDD spindle motors 0.3 2.0% 0.0% 24.9 1.0% 1.8% 0.0 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 20.3 FY 3/ 10 FY 3/ 11 20.0 19.4 (0.5) 18.3 (0.7) 16.1 20.5 -3.9% (1.0) -5% 19.7 14.2 13.9 (1.5) 13.4 12.1 10.0 (1.9) (2.0) -10% -11.6% (2.5) 6.2 6.1 5.6 5.2 4.9 4.0 (3.0) -15% 0.0 1Q 2Q 3Q 4Q 1Q 2Q FY 3/ 10 FY 3/ 11 November 2, 2010 8
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 (Billions of yen) Operating Income Electronic devices (Billions of yen) 2.0 20% Operating Margin 10.7 10.0 9.7 19.3% 9.5 2.5 9.0 1.7 8.8 8.5 16.3% 15.4% 1.5 3.0 2.9 2.0 1.5 8.0 1.5 15% 2.2 12.9% 1.3 3.4 12.3% 1.2 6.0 11.5% 1.0 1.0 10% 8.2 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 2Q 1Q 2Q 3Q 4Q 1Q 2Q FY 3/ 10 FY 3/ 11 FY 3/ 10 FY 3/ 11 November 2, 2010 9
Other 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) Special devices & Other (Billions of yen) 0.4 10% Speakers 0.3 Operating Income 6.0 Keyboards 5.7 Operating Margin 5.1 5.1 5.0 5% 6.1% 5.0 2.2% 4.8 1.9 1.2% 0.1 4.3 1.4 0.1 1.5 0.0 1.3 0.7% 1.2 4.0 0.0 0% 1.2 1Q 2Q 3Q 4Q 1Q 2Q FY 3/ 10 FY 3/ 11 0.8 1.1 1.0 0.9 0.9 3.0 (0.2) -5% 0.8 -3.8% 2.0 (0.4) -10% 2.8 2.7 2.7 2.6 2.6 2.3 1.0 -14.0% -15% (0.6) 0.0 1Q 2Q 3Q 4Q 1Q 2Q FY 3/ 10 FY 3/ 11 (0.8) -20% November 2, 2010 10
Net Income Quarterly Increased X 2.7 YoY Decreased 8.2% QoQ (Billions of yen) (yen) 6.0 15 10.2 10.0 9.2 9.0 8.1 4.0 10 6.6 6.2 3.8 3.9 3.5 3.6 3.1 3.4 2.4 2.0 2.6 5 1.3 0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (2.0) (1.7) (5) FY 3/ 09 FY 3/ 10 FY 3/ 11 (4.3) (4.0) (10) (6.2) (6.0) (15) (15.6) (8.0) (20) Net income Net income per share (right axis) November 2, 2010 11
S.G. & A. Expenses Quarterly (Billions of yen) 15.0 12.6 12.3 30% 11.7 11.5 10.9 10.3 10.3 10.3 10.1 9.8 10.0 20% 21.2% 19.9% 18.4% 17.6% 17.6% 17.3% 17.1% 16.5% 16.6% 16.5% 5.0 10% 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY 3/ 09 FY 3/ 10 FY 3/ 11 S.G. & A. expenses S.G. & A. to sales ratio November 2, 2010 12
Inventories Quarterly (Billions of yen) 50.0 46.4 45.4 41.7 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 2Q FY 3/ 09 FY 3/ 10 FY 3/ 11 November 2, 2010 13
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 14.3 11.1 10.4 10.0 0.0 Mar.'07 Mar.'08 Mar.'09 Mar.'10 Mar.'11 Mar.'11 Capital Expenditure 1H Forecast Depreciation & Amortization Expenses *From FY 3/09, due to change in lease accounting, assets of finance leases are included. November 2, 2010 14
Net Interest-Bearing Debt Yearly (Billions of yen) (Billions of yen) 160.0 40.0 150.7 146.9 128.5 30.0 120.0 110.0 109.6 102.4 22.7 99.0 96.9 20.0 23.4 80.0 17.7 10.0 9.1 12.5 1.0 3.8 40.0 0.0 (3.9) 0.0 (10.0) Mar.'05 Mar.'06 Mar.'07 Mar.'08 Mar.'09 Mar.'10 Mar.'11 Mar.'11 1H 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 November 2, 2010 15
Forecast for Fiscal Year Ending March 31, 2011 Full year forecast is revised upward (based on the assumption that the global economy will recover to 80% capacity and foreign exchange rates will remain at the current level) Fiscal Year ending Mar.'11 FY ended Fiscal Year ending Mar. '11 Previous forecast Mar. '10 (Millions of yen) 2H Full Year Amount Full Year Full Year 1H revised revised YoY 2H change (B) Forecast Forecast(A) (A)-(B) Net sales 228,446 137,695 136,305 274,000 19.9% 136,000 265,000 9,000 × 2.1 Operating income 12,059 12,371 12,629 25,000 12,600 23,500 1,500 × 2.3 Ordinary income 10,203 11,536 11,564 23,100 11,600 21,500 1,600 I ncome before × 2.3 9,261 11,103 9,897 21,000 11,500 19,300 1,700 income taxes × 2.0 Net income 6,662 7,317 6,183 13,500 7,800 12,500 1,000 Net income per × 2.1 17.20 19.15 16.17 35.32 20.42 32.73 2.59 share (yen) Foreign 2H of FY FY ending 2H of FY FY ending Mar. '10 1H of FY exchange Mar. '11 Mar. '11 Mar. '11 Mar. '11 Full year Mar. ’11 Assumption Assumption Assumption Assumption rates US$ ¥93.04 ¥89.70 ¥81.00 ¥85.35 ¥90.00 ¥90.00 Euro ¥131.10 ¥114.92 ¥111.00 ¥112.96 ¥132.00 ¥132.00 Thai Baht ¥2.74 ¥2.78 ¥2.70 ¥2.74 ¥2.65 ¥2.65 Chinese RMB ¥13.61 ¥13.17 ¥12.20 ¥12.69 ¥13.00 ¥13.00 November 2, 2010 16 16
Policy and Strategy Policy and Strategy November 2, 2010 Yoshihisa Kainuma Representative Director, President and Chief Executive Officer 17
Review of Business Strategy for the First Half of FY Ending March 2011 18 November 2, 2010
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