Business Results Third Quarter of Fiscal Year Ending March 31, 2009 January 30, 2009 Minebea Co., Ltd.
Summary of Consolidated Business Results Net Sales and Income decreased due to global economic downturn, in addition to currency impacts and higher raw material costs Year ended Year ending Change Mar. '08 Mar. '09 (Millions of yen) 1Q-3Q 1Q-3Q YoY 253,389 209,780 -17.2% Net sales 23,476 16,231 -30.9% Operating income 20,692 14,985 -27.6% Ordinary income 19,199 13,023 -32.2% Income before income taxes 12,528 8,653 -30.9% Net income 31.40 21.81 -30.5% Net income per share (yen) 1Q-3Q of FY 1Q-3Q of FY Foreign exchange rates Remarks Mar. ’08 Mar. ’09 ( ) is on-shore rate reported by the Bank of US$ ¥117.57 ¥103.50 Thailand. Euro ¥162.52 ¥153.34 The large difference between the on-shore and off- ¥3.73 shore Thai Baht rates disappeared in March, 2008 Thai Baht ¥3.10 (¥3.42) when Thailand lifted its restrictions on short-term capital inflows. Chinese RMB ¥15.51 ¥15.00 1 January 30, 2009
Summary of Consolidated Business Results for 3Q Net Sales and Income decreased due to global economic downturn FY ended FY ended Mar. '09 Change Mar. '08 (Millions of yen) 3Q 2Q 3Q YoY QoQ 85,142 76,572 59,166 -30.5% -22.7% Net sales 8,355 6,615 4,532 -45.7% -31.5% Operating income 7,456 6,206 4,094 -45.1% -34.0% Ordinary income 7,003 6,044 2,920 -58.3% -51.7% Income before income taxes 5,054 3,570 2,447 -51.6% -31.5% Net income 12.67 8.95 6.24 -50.7% -30.3% Net income per share (yen) 3Q of FY 2Q of FY 3Q of FY Foreign exchange rates Remarks Mar. ’08 Mar. ’09 Mar. ’09 ( ) is on-shore rate reported by the US$ ¥113.45 ¥107.97 ¥99.17 Bank of Thailand. Euro ¥163.92 ¥165.81 ¥132.72 The large difference between the on- ¥3.64 shore and off-shore Thai Baht rates Thai Baht ¥3.20 ¥2.85 disappeared in March, 2008 when (¥3.33) Thailand lifted its restrictions on Chinese RMB ¥15.17 ¥15.77 ¥14.51 short-term capital inflows. 2 January 30, 2009
Quarterly Net Sales (Billions of yen) Decreased 30.5% YoY Decreased 22.7% QoQ 100.0 80.2 83.8 83.3 83.7 81.8 86.5 85.1 81.0 74.0 76.6 80.0 59.2 60.0 40.0 20.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY 3/09 3 January 30, 2009
Quarterly Operating Income Decreased 45.7% YoY Decreased 31.5% QoQ (Billions of yen) 10.0 9.8% 9.3% 10.0% 9.0% 9.0% 8.7% 8.6% 8.0 7.9% 7.5% 7.7% 7.3% 8.0% 6.9% 8.4 6.0 6.0% 8.0 7.3 7.1 7.5 6.6 4.0 6.6 6.3 4.0% 5.1 5.9 4.5 2.0 2.0% 0.0 0.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY 3/09 Operating income Operating margin 4 January 30, 2009
Business Segments Machined Components Business Operating income Net sales Other machined components (Billions of yen) Pivot assemblies (Billions of yen) 40.0 Rod-ends Operating Income Operating Margin Ball bearings 8.0 20.6% 36.736.1 35.7 35.7 19.8% 34.534.2 35.5 19.8% 19.3% 33.9 20.0% 19.3% 4.5 18.7% 33.3 33.3 18.6% 4.8 4.2 18.7% 4.9 4.6 4.9 4.1 4.9 4.0 17.1% 4.8 30.0 17.8% 6.0 27.1 16.8% 6.7 6.6 8.1 8.1 7.6 15.0% 6.5 7.0 5.8 6.6 6.9 3.8 5.2 5.2 5.3 5.3 5.8 5.0 4.6 4.8 4.9 5.0 4.6 20.0 7.1 7.1 7.1 6.9 4.0 6.8 10.0% 6.6 6.3 4.2 6.2 6.1 5.6 4.8 19.1 2.0 10.0 18.4 18.9 18.9 18.6 5.0% 18.0 18.2 17.9 18.0 17.7 13.3 0.0 0.0% 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY FY 3/07 FY 3/08 FY 3/09 3/09 5 January 30, 2009
Business Segments Electronic Devices & Components Business Operating income Net sales HDD spindle motors Information motors (Billions of yen) Operating Income Others Keyboards 1.5 6.0% Electronic devices Speakers Operating Margin Measuring components (Billions of yen) 49.8 49.3 49.1 48.0 49.1 1.2 50.0 2.4 2.0 46.9 2.0 46.2 3.0 1.9 2.0 2.8 45.3 3.9 3.5 2.0 2.2 3.1 42.7 3.2 3.5 1.0 4.0% 2.9 40.8 0.9 1.8 7.5 3.9 40.0 8.3 8.5 9.2 7.4 3.5 1.8 7.7 7.4 7.6 1.9 32.0 6.1 5.3 5.6 6.0 2.5% 5.6 7.4 4.7 7.3 6.9 4.3 30.0 0.5 4.2 1.1 1.3 1.4 1.5 0.5 2.0% 4.3 1.7 1.3 0.4 1.4 0.4 3.7 1.0 1.5 1.8% 4.7 0.3 1.1% 1.4 0.8% 1.7 19.1 19.2 2.9 0.2 20.0 0.9% 18.8 18.8 0.7% 18.5 17.9 16.8 17.3 0.4% 16.6 1.0 15.7 0.0 0.0% 12.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 10.0 -0.3% FY FY FY 10.4 10.3 10.3 3/07 3/08 3/09 -0.9% 9.9 -0.8% 9.7 8.9 8.7 (0.2) 8.7 7.1 -1.2% (0.3) 5.4 6.7 (0.4) 0.0 (0.5) (0.5) -2.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY 3/09 6 January 30, 2009
Quarterly Net Income （ Yen ） (Billions of yen) Decreased 51.6% YoY Decreased 31.5% QoQ 6.0 14 12.7 10.9 12 10.5 10.5 5.0 9.5 9.0 10 8.2 4.0 7.9 8 5.1 6.6 6.2 3.0 6 4.2 4.2 4.3 3.8 3.6 2.0 3.3 3.0 4 3.1 2.6 2.4 1.0 1.2 2 0.0 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY 3/09 Net income Net income per share (right axis) 7 January 30, 2009
Quarterly S.G. & A. Expenses (Billions of yen) 15.0 20% 11.4 11.7 12.0 12.112.4 12.8 12.8 12.6 12.3 18.4% 12.0 10.9 16.5% 15% 16.6% 15.1% 15.2% 10.0 14.8% 14.3% 14.5% 14.2% 14.8% 13.9% 10% 5.0 5% 0.0 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY 3/09 S.G. & A. expenses S.G. & A. to sales ratio 8 January 30, 2009
Quarterly Inventories (Billions of yen) 60.0 50.9 47.7 48.1 48.6 45.9 48.6 48.5 46.4 45.4 42.4 40.9 40.0 20.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY 3/07 FY 3/08 FY 3/09 9 January 30, 2009
Quarterly Capital Expenditure & Depreciation (Billions of yen) 30.0 26.4 24.9 24.6 24.0 24.0 23.1 22.5 21.9 20.0 18.5 18.5 17.0 17.0 10.0 0.0 FY 3/05 FY 3/06 FY 3/07 FY 3/08 FY 3/09 FY 3/09 1Q-3Q Forecast Capital Expenditure Depreciation & Amortization Expenses *From FY 3/09, due to change in lease accounting, assets of finance leases are included. 10 January 30, 2009
Yearly Net Interest-Bearing Debt Target to reduce net interest-bearing debt to ¥100 billion by this FY end (Billions of yen) (Billions of yen) 150.7 146.9 160.0 30.0 23.4 128.5 120.0 107.6 109.6 100.0 20.0 22.7 80.0 16.0 10.0 9.1 12.5 40.0 3.8 0.0 0.0 FY 3/05 FY 3/06 FY 3/07 FY 3/08 FY 3/09 FY 3/09 3Q 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 11 January 30, 2009
Forecast for Fiscal Year Ending March 31, 2009 Full year forecast revised downward due to global economic downturn and currency impacts Fiscal Year ending Mar. '09 FY ended Fiscal Year ending Mar. '09 Mar. '08 Previous forecast (Millions of yen) Full year Amount change Full year revised YoY Full year (B) (A)-(B) forecast (A) 334,431 260,000 -22.3% 300,000 -40,000 Net sales 30,762 17,500 -43.1% 25,000 -7,500 Operating income Machined components 27,750 18,800 -32.3% 24,000 -5,200 business Electronic devices and 3,012 -1,300 - 1,000 -2,300 components business 27,691 15,500 -44.0% 23,000 -7,500 Ordinary income 25,254 11,500 -54.5% 22,000 -10,500 Income before income taxes 16,303 6,500 -60.1% 12,500 -6,000 Net income 40.86 16.46 -59.7% 31.33 -14.87 Net income per share (yen) FY ending FY ended Remarks Foreign exchange rates Mar. '09 Mar. '08 Assumption ( ) is on-shore rate reported by the Bank of US$ ¥115.29 ¥100.12 Thailand. Euro ¥162.18 ¥144.25 The large difference between the on-shore ¥3.70 and off-shore Thai Baht rates disappeared in Thai Baht ¥3.00 March, 2008 when Thailand lifted its (¥3.39) restrictions on short-term capital inflows. Chinese RMB ¥15.40 ¥14.55 12 January 30, 2009
Business Segments Forecast for Fiscal Year Ending March 31, 2009 Machined Components Electronic Devices and Components Net Sales Net Sales HDD spindle motors Information motors Ball bearings Rod-ends Others Keyboards Pivot assemblies Other machined components Electronic devices Speakers Measuring components (Billions of yen) (Billions of yen) 97.1 96.0 100.0 96.2 94.4 100.0 3.9 4.0 4.5 6.2 6.6 5.7 7.5 83.4 4.1 80.0 7.5 80.0 16.5 14.9 15.9 72.2 71.8 16.1 69.9 3.8 67.8 67.2 9.1 9.0 10.8 14.7 11.2 59.6 9.8 9.6 8.0 9.7 12.8 60.0 60.0 2.9 2.4 3.2 8.0 14.7 2.3 15.7 49.8 8.0 13.6 12.3 13.5 2.5 3.1 7.7 9.3 10.5 10.3 9.8 9.4 9.9 40.0 40.0 38.0 34.5 37.9 5.0 10.0 35.4 1.9 32.5 8.1 23.2 20.0 20.0 37.9 36.7 36.8 36.4 35.7 24.1 20.7 18.6 19.2 18.4 13.9 9.6 0.0 0.0 １H ２H １H ２H １H 2HE １H ２H １H ２H １H 2HE FY 3/07 FY 3/08 FY 3/09 FY 3/07 FY 3/08 FY 3/09 13 January 30, 2009
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