Business Results Third Quarter of Fiscal Year Ending March 31, 2020 MinebeaMitsumi Inc. February 5, 2020
Summary of Consolidated Business Results for 3Q *Based on IFRS Net sales hit 3Q record highs FY3/19 FY3/20 Change (Millions of yen) 3Q 2Q 3Q YoY QoQ 249,570 279,473 267,650 +7.2% -4.2% Net sales -25.9% 31,124 19,372 23,058 +19.0% Operating income （ -11.7%* ） 30,333 19,381 23,005 -24.2% +18.7% Profit before taxes Profit for the period 24,177 13,916 18,991 -21.5% +36.5% attributable to owners of the parent Earnings per share, 57.92 33.52 45.77 -21.0% +36.5% basic (yen) FY3/19 FY3/20 FY3/20 Foreign *Excluding a one-time Exchange Rates 3Q 2Q 3Q revenue gain of about 5.0 billion yen in 3Q of fiscal US$ ¥113.43 ¥107.63 ¥108.79 year ended March 2019 Euro ¥129.92 ¥120.44 ¥120.02 Thai Baht ¥3.45 ¥3.50 ¥3.59 ¥16.35 ¥15.44 ¥15.37 Chinese RMB February 5, 2020 2
Net Sales, Operating Income/margin *JGAAP for FY3/18 △ ¥0.8bn of Extraordinary expenses in 2Q (Business Net sales (Billions of yen) integration of U-Shin etc.) Operating income △ ¥0.5bn of Extraordinary △ ¥4.0bn of Extraordinary expenses in Operating margin expenses in 3Q (Business 1Q (Retirement benefits/ Business integration of U-Shin etc.) integration of U-Shin) 279.5 267.7 249.6 236.3 235.8 31.1 225.9 224.2 213.0 204.4 193.2 24.9 185.8 23.1 22.4 19.6 19.4 17.1 14.8 14.3 7.0 12.5% 10.6% 9.9% 3.7 8.8% 8.6% 8.3% 6.9% 6.7% 6.6% 1.8% 3.8% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/18 FY3/19 FY3/20 [JGAAP] [ IFRS ] February 5, 2020 3
3Q Actual: Differences from the Forecast as of November (Billions of yen) △ 3.6 +2.7 △ 0.1 271.0 △ 2.3 △ 0.1 267.7 Net Sales 23.1 +0.2 +0.2 +1.3 △ 2.4 22.0 +1.8 Operating Income February 5, 2020 4
3Q Actual: Differences from 3Q of FY3/2019 (Billions of yen) 267.7 249.6 Net Sales Breakdown 31.1 Extraordinary expenses/losses approx. △ 5.0 23.1 Operating Income February 5, 2020 5
Machined Components *JGAAP for FY3/18 Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin Ball bearings Rod-ends/Fasteners Pivot assemblies Other 27.1% 25.6% 25.9% 26.0% 24.8% 23.6% 23.5% 23.2% 22.6% 22.1% 12.5 12.9 46.7 47.3 47.3 48.2 47.4 21.2% 45.5 46.1 45.1 45.2 Excluding ¥0.7bn of 3.3 PPA impact in 4Q 11.7 3.8 8.0 40.6 41.7 7.6 7.9 10.8 11.0 6.2 6.0 11.2 6.3 6.4 10.7 10.7 10.4 10.2 7.5 8.2 7.9 9.6 10.5 7.9 9.1 9.4 10.1 10.0 9.6 8.9 9.5 8.7 7.9 7.8 7.5 30.4 31.1 30.3 29.4 29.8 29.2 29.4 25.2 26.0 26.8 27.8 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 [JGAAP] [ IFRS ] [JGAAP] [ IFRS ] February 5, 2020 6
Electronic Devices & Components *JGAAP for FY3/18 Net sales (Billions of yen) Operating income (Billions of yen) Motors Electronic devices Sensing devices Other Operating income Operating margin 9.2% 8.6% 7.9% 133.1 6.6% 4.9% 4.6% 1.0 7.3% 2.1% 9.7 6.6% 0.5% 0% 114.4 112.3 111.5 1.2 -0.7% 1.1 1.1 104.4 9.7 101.7 9.0 101.3 8.6 0.7 11.4 0.9 1.0 8.3 93.7 91.7 8.7 10.6 8.2 0.8 87.4 1.0 8.3 1.2 9.1 75.8 8.8 77.6 9.3 1.1 56.4 55.5 55.9 7.5 8.3 51.3 45.2 46.4 6.8 6.7 39.6 34.5 27.9 5.5 22.4 4.0 1.9 44.0 46.5 46.7 46.9 47.0 49.0 47.1 44.9 45.8 45.7 46.0 0.4 (0.6) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 [JGAAP] [ IFRS ] [JGAAP] [ IFRS ] February 5, 2020 7
Mitsumi Business *JGAAP for FY3/18 Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin 14.7% 14.8% 10.8% 7.1% 9.2% 100.9 100.6 7.4% 4.1% 1.8% 0.0% 7.9% 0% 87.6 -2.6% 79.2 75.0 73.9 13.0 66.7 60.8 9.8 49.7 7.5 48.1 7.3 7.1 46.3 6.6 3.8 3.0 1.4 0.0 Extraordinary expenses/losses (1.2) approx. +5.0bn in 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/18 FY3/19 FY3/20 FY3/18 FY3/19 FY3/20 [JGAAP] [ IFRS ] [JGAAP] [ IFRS ] February 5, 2020 8
As a result of change of the fiscal year end, 4Q of FY12/17 consists of 4 months. U-Shin Business Both net sales and operating income before March of 2019 are pre-merger results. Net sales (Billions of yen) Operating income (Billions of yen) Operating income Operating margin 53.6 5.9% 5.7% 5.2% Including ¥4.0bn of 3.7% 3.8% 3.6% 3.3% Sales of April 1 - 9 2.5% 2.6% 1.8% 1.6% 40.9 38.3 39.2 39.1 37.6 1.5% 36.5 35.7 34.7 32.0 32.1 31.5 2.8 30.7 2.2 2.1 1.5 1.2 1.2 1.0 1.0 0.9 0.7 0.5 0.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Jan. 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Jan. 1Q 2Q 3Q 4Q -Mar. -Mar. FY12/17 FY12/18 FY3/20 FY12/17 FY12/18 FY3/20 [JGAAP] [JGAAP] [ IFRS ] [ IFRS ] February 5, 2020 9
Profit attributable to owners of the parent / EPS *JGAAP for FY3/18 (Billions of yen) Profit for the period attributable to owners of the parent Earnings per share, basic (yen) 24.2 20.1 19.0 17.3 16.0 57.9 14.2 13.9 47.7 10.9 45.8 41.2 38.0 9.1 33.5 7.8 33.5 26.0 21.9 18.7 2.3 5.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/18 FY3/19 FY3/20 [JGAAP] [ IFRS ] February 5, 2020 10
Inventory *JGAAP for FY3/18 Consolidation of U-Shin (Billions of yen) 174.4 181.4 175.9 176.8 169.1 15.9 163.2 16.2 15.4 156.8 152.4 150.1 141.4 134.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY3/18 FY3/19 FY3/20 [JGAAP] [ IFRS ] February 5, 2020 11
Net interest-bearing debt / Free cash flow *JGAAP for FY3/18 * Net interest-bearing debt Free cash flow (Billions of yen) 97.5 82.9 70.9 54.0 52.5 46.5 37.2 54.7 36.3 21.7 16.3 (1.1) FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 FY3/20 1Q-3Q Forecast *Net interest-bearing debts :”Bonds and borrowings” – (“Cash and cash equivalents” ＋ Time deposit more than 3 months) [JGAAP] [ IFRS ] February 5, 2020 12
Forecast for Fiscal Year Ending March 31, 2020 *Based on IFRS * Full year guidance remains unchanged FY3/19 FY3/20 (Millions of yen) Full Year 1st Half 2nd Half Full Year YoY 884,723 483,898 516,102 1,000,000 +13.0% Net sales 72,033 23,035 43,965 67,000 -7.0% Operating income 71,321 23,061 42,939 66,000 -7.5% Profit before taxes Profit for the period 60,142 16,213 35,787 52,000 -13.5% attributable to owners of the parent Earnings per share, 143.90 39.06 86.25 125.31 -12.9% basic (yen) FY3/20 FY3/19 Foreign *The guidance does not include 4Q Exchange Rates Full Year the impact of the new coronavirus. Assumptions We will keep a close eye on the ¥110.67 ¥108.00 US$ progress of the situation and Euro ¥128.75 ¥120.00 inform you if our earnings forecast will be changed significantly. Thai Baht ¥3.42 ¥3.50 ¥16.52 ¥15.80 Chinese RMB February 5, 2020 13
Forecast for Business Segment *Based on IFRS FY3/19 FY3/20 (Millions of yen) Full Year 1st Half 2nd Half Full Year YoY Net sales 884,723 483,898 516,102 1,000,000 +13.0% 188,324 91,187 91,813 183,000 -2.8% Machined components 387,293 178,919 211,081 390,000 +0.7% Electronic devices and components Mitsumi business 308,423 150,578 149,422 300,000 -2.7% - 62,792 63,208 126,000 - U-Shin business 683 422 578 1,000 +46.4% Other 72,033 23,035 43,965 67,000 -7.0% Operating income 47,750 20,907 20,093 41,000 -14.1% Machined components 16,922 6,076 15,424 21,500 +27.1% Electronic devices and components Mitsumi business 22,282 7,149 13,351 20,500 -8.0% - 1,542 2,158 3,700 - U-Shin business -386 -694 -806 -1,500 X3.9 Other Adjustment -14,535 -11,945 -6,255 -18,200 +25.2% February 5, 2020 14
Today’s highlights Overall: Hit hard overall by US-China trade friction, a diversified portfolio helped boost our bottom line and diversify risks. We will continue to keep an eye on the impact of the new coronavirus. Machined components: External ball bearing shipment volumes clearly up. Operating income temporarily dropped in 3Q as we shipped out inventory with higher manufacturing costs first, but we should be back on track to recovery in 4Q. External shipment volumes will exceed 210 million units next fiscal year. Electronic devices and components/Mitsumi: Smartphones and games were on target. U-Shin: Full year guidance will miss the previous target as the automobile market in China and elsewhere lost a lot of steam. Started share buyback for this fiscal year in last December. Book-value per share were the highest ever. (BPS = 1,015.36 yen) February 5, 2020 15
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