February 13, 2017
To whom it may concern:
Company Name: | MINEBEA MITSUMI Inc. |
Representative: | Yoshihisa Kainuma Representative Director, President and Chief Executive, Officer |
(Code No. 6479, TSE Div. No. 1) | |
Contact: | Hiromi Yoda Director, Senior Managing Executive Officer |
Phone: | +81-(0)3-6758-6711 |
Disclosure of Financial Results of our Subsidiary (MITSUMI ELECTRIC CO., LTD.), the Stocks of Which Have Been Delisted
MINEBEA MITSUMI Inc. (MinebeaMitsumi) hereby announces, as per the attached sheet, the third quarter brief reports of financial results for the fiscal year ending March 31, 2017 of MITSUMI ELECTRIC CO., LTD., which has become MinebeaMitsumi’s wholly owned subsidiary as of January 27, 2017.
THIRD QUARTER BRIEF REPORT OF FINANCIAL RESULTS | |||
〔under Japanese GAAP〕(Consolidated) | |||
(Year ending March 31,2017) | |||
February 13, 2017 | |||
Registered | |||
Company Name : | MITSUMI ELECTRIC CO., LTD. | ||
URL : | http://www.mitsumi.co.jp/ | ||
Representative : | Shigeru Moribe | Representative Director and President | |
Contact : | Kunihiro Noguchi | General Manager of General Affairs Department | |
Phone : +81-(0)42-310-5333 |
Quarterly report filing date : | ― | |
Expected data of payment for dividends : | ― | |
Preparation of supplementary explanation material for quarterly financial results : None | ||
Holding of presentation meeting for quarterly financial results : None |
(Amounts less than one million yen have been omitted)
1. Business performance (April 1, 2016 through December 31, 2016)
(1) Consolidated Results of Operations (Year-to-date) | (%: Changes from corresponding period of previous fiscal year) |
Net sales (millions of yen) | % Change | Operation income (millions of yen) | % Change | Ordinary income (millions of yen) | % Change | |
Nine months ended Dec 31, 2016 | 125,099 | 0.8 | △14,294 | ― | △15,591 | ― |
Nine months ended Dec 31, 2015 | 124,051 | 9.3 | △2,570 | ― | △5,064 | ― |
Net income attributable to owners of the parent (millions of yen) | % Change | Net income per share (yen) | Diluted net income per share (yen) | |
Nine months ended Dec 31, 2016 | △34,666 | ― | △426.88 | ― |
Nine months ended Dec 31, 2015 | △6,018 | ― | △71.64 | ― |
(Notes) Comprehensive Income: Nine months ended December 31, 2016: (34,117) million yen - %
Nine months ended December 31, 2015: (6,723) million yen - %
(2) Consolidated Financial Position
Total assets (millions of yen) | Net assets (millions of yen) | Equity ratio (%) | |
As of December 31, 2016 | 164,626 | 60,161 | 36.5 |
As of March 31, 2016 | 162,724 | 94,279 | 57.9 |
(Reference) Shareholders’equity: As of December 31, 2016: 60,161 million yen
As of March 31, 2016: 94,279 million yen
2. Dividends
Annual Report | |||||
End of first quarter (yen) | End of second quarter (yen) | End of third quarter (yen) | Year-end (yen) | For the year (yen) | |
Year ended March 31, 2016 | ― | ― | ― | 0.00 | 0.00 |
Year ending March 31, 2017 | ― | ― | ― |
(Notes) | On March 30, 2016, we have entered into a share exchange agreement with Minebea Co., Ltd. In accordance with the fact that the Company becoming a wholly owned subsidiary through the Share Exchange and the Company’s common stock was delisted as of January 24, 2017, we have not made any dividend forecasts or business forecasts. |
※ Notes
(1) Changes in significant subsidiaries during the quarter (Changes in certain subsidiaries resulting in change in the scope of consolidation): None
(2) Application of accounting peculiar to preparation of quarterly consolidation financial statement : Yes
(Calculation of tax expenses)
The Company has adopted a method where an effective tax rate after the application of tax effect accounting to income before income taxes for the fiscal year under review is reasonably estimated and tax expenses are calculated by multiplying income before income taxes for the quarter by the effective tax rate so estimated.
(3) Changes in accounting policy, changes in accounting estimates, and restatements
1. Changes in accounting policy associated with revision of accounting standards, etc: Yes
2. Change in accounting policy other than 1: None
3. Changes in accounting estimates: None
4. Restatements: None
(Changes in accounting policy)
In accordance with the revision of the Corporation Tax Act, the Company has applied the “Practical Solution on a change in depreciation method due to Tax Reform 2016” (Accounting Standards Board of Japan (ASBJ) Practical Issues Task Force No. 32, June 17, 2016) as from in the first quarter of the fiscal year under review.
Accordingly, the depreciation method for the facilities attached to buildings and structures that were acquired on or after April 1, 2016 has been changed from the declining balance method to the straight-line method.
The effect of the change on profits and losses for the third-quarter cumulative period of the fiscal year under review is immaterial.
(Additional information)
The Company has adopted the “Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Implementation Guidance No. 26, March 28, 2016) as from the first quarter of the fiscal year under review.
(4) Number of shares outstanding (Common stock)
1. Number of shares outstanding at end of period (Including treasury stock)
As of December 31, 2016: | 87,498,119 shares |
As of March, 2016: | 87,498,119 shares |
2. Number of treasury shares at end of period
As of December 31, 2016: | 6,289,435 shares |
As of March, 2016: | 6,288,753 shares |
3. Average number of shares (Quarterly cumulative period)
Nine months ended December 31, 2016: | 81,209,028 shares |
Nine months ended December 31, 2015: | 84,005,316 shares |
(Notes)
The Company became a wholly owned subsidiary of MINEBEA MITSUMI Inc. on January 27, 2017, and accompanying it, it was delisted as of January 24, 2017.
This summary of financial results was prepared in accordance with the quarterly financial results announcement.
Consolidated Quarterly Financial Statements
(1) Consolidated quarterly balance sheets
(Amount: millions of yen) | ||||||||
Year ended March 31, 2016 (as of March 31, 2016) | Third-quarter period of the year ending March 31, 2017 (as of December 31, 2016) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and deposits | 40,585 | 37,570 | ||||||
Notes and accounts receivable | 42,030 | 53,763 | ||||||
Finished goods | 4,625 | 3,844 | ||||||
Work in process | 14,326 | 18,185 | ||||||
Raw materials and supplies | 19,346 | 23,039 | ||||||
Other | 2,253 | 2,745 | ||||||
Allowance for doubtful accounts | △16 | △16 | ||||||
Total current assets | 123,150 | 139,132 | ||||||
Fixed assets: | ||||||||
Tangible fixed assets | ||||||||
Buildings and structures (Net) | 10,114 | 11,211 | ||||||
Machinery and vehicle (Net) | 15,927 | 4,396 | ||||||
Tools, furniture and fixtures (Net) | 3,655 | 1,414 | ||||||
Land | 5,439 | 5,435 | ||||||
Construction in progress | 2,021 | 592 | ||||||
Total tangible fixed assets | 37,158 | 23,051 | ||||||
Intangible assets | 1,052 | 920 | ||||||
Investments and other assets: | ||||||||
Other | 1,485 | 1,543 | ||||||
Allowance for doubtful accounts | △122 | △20 | ||||||
Total investments and other assets | 1,363 | 1,522 | ||||||
Total fixed assets | 39,573 | 25,494 | ||||||
TOTAL ASSETS | 162,724 | 164,626 |
(Amount: millions of yen) | ||||||||
Year ended March 31, 2016 (as of March 31, 2016) | Third-quarter period of the year ending March 31, 2017 (as of December 31, 2016) | |||||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Notes and accounts payable | 20,351 | 41,513 | ||||||
Short-term loans payable | 7,109 | 23,715 | ||||||
Income taxes payable | 480 | 940 | ||||||
Accrued bonuses | 1,393 | 741 | ||||||
Other | 13,474 | 12,393 | ||||||
Total current liabilities | 42,809 | 79,304 | ||||||
Long-term liabilities: | ||||||||
Bond with subscription rights to share | 20,090 | 20,079 | ||||||
Net defined benefit liabilities | 3,283 | 2,801 | ||||||
Other | 2,262 | 2,279 | ||||||
Total long-term liabilities | 25,635 | 25,161 | ||||||
TOTAL LIABILITIES | 68,445 | 104,465 | ||||||
NET ASSETS | ||||||||
Shareholders’ equity: | ||||||||
Common stock | 39,890 | 39,890 | ||||||
Capital surplus | 43,252 | 43,252 | ||||||
Retained earnings | 28,665 | △6,000 | ||||||
Treasury shares | △5,093 | △5,093 | ||||||
Total shareholders’ equity | 106,714 | 72,047 | ||||||
Accumulated other comprehensive income: | ||||||||
Differences on revaluation of available – for – sale securities | 11 | 26 | ||||||
Foreign currency translation adjustments | △7,653 | △7,829 | ||||||
Remeasurements of defined benefit plans | △4,794 | △4,083 | ||||||
Total accumulated other comprehensive income | △12,435 | △11,886 | ||||||
TOTAL NET ASSETS | 94,279 | 60,161 | ||||||
TOTAL LIABILITIES AND NET ASSETS | 162,724 | 164,626 |
(2) Consolidated quarterly statements of income and consolidated quarterly statements
of comprehensive income
Consolidated quarterly statements of income
(For the consolidated third-quarter cumulative period)
(Amount: millions of yen) | ||||||||
Third-quarter cumulative period of the year ended March 31, 2016 (April 1, 2015 through December 31, 2015) | Third-quarter cumulative period of the year ended March 31, 2017 (April 1, 2016 through December 31, 2016) | |||||||
Net sales | 124,051 | 125,099 | ||||||
Cost of sales | 117,179 | 128,965 | ||||||
Gross profit or gross loss (△) | 6,872 | △3,865 | ||||||
Selling, general and administrative Expenses | 9,442 | 10,428 | ||||||
Operating loss (△) | △2,570 | △14,294 | ||||||
Non-operating income | ||||||||
Interest income | 249 | 93 | ||||||
Royalties earned | 67 | 24 | ||||||
Rents received | 39 | 121 | ||||||
Other income | 237 | 185 | ||||||
Total non-operating income | 594 | 424 | ||||||
Non-operating expenses | ||||||||
Interest expense | 51 | 86 | ||||||
Loss on disposition of fixed assets | 147 | 129 | ||||||
Payment compensation | 2,500 | 592 | ||||||
Provision of allowance for doubtful Accounts | 1 | 1 | ||||||
Foreign exchange loss | 223 | 730 | ||||||
Other expenses | 162 | 180 | ||||||
Total non-operating expenses | 3,087 | 1,720 | ||||||
Ordinary loss (△) | △5,064 | △15,591 | ||||||
Extraordinary gain | ||||||||
Gain from sales of fixed assets | 21 | - | ||||||
Total extraordinary gain | 21 | - | ||||||
Extraordinary losses | ||||||||
Impairment loss on fixed assets | 98 | 18,677 | ||||||
Special retirement benefits | 22 | - | ||||||
Total extraordinary losses | 120 | 18,677 | ||||||
Loss before income taxes (△) | △5,163 | △34,268 | ||||||
Income taxes | 854 | 398 | ||||||
Net loss for the period (△) | △6,018 | △34,666 | ||||||
Net loss attributable to non-controlling interests (△) | - | - | ||||||
Net loss attributable to owners of the parent (△) | △6,018 | △34,666 |
Consolidated quarterly statements of comprehensive income
(For the consolidated third-quarter cumulative period)
(Amount: millions of yen) | ||||||||
Third-quarter cumulative period of the year ended March 31, 2016 (April 1, 2015 through December 31, 2015) | Third-quarter cumulative period of the year ended March 31, 2017 (April 1, 2016 through December 31, 2016) | |||||||
Net loss for the period (△) | △6,018 | △34,666 | ||||||
Other comprehensive income | ||||||||
Differences on revaluation of available - for – sale securities | △34 | 14 | ||||||
Foreign currency translation adjustments | △1,054 | △176 | ||||||
Remeasurements of defined adjustments | 383 | 710 | ||||||
Total other comprehensive income | △705 | 548 | ||||||
Quarterly comprehensive income | △6,723 | △34,117 | ||||||
(Items) | ||||||||
Quarterly comprehensive income attributable to owners of the parent | △6,723 | △34,117 | ||||||
Quarterly comprehensive income attributable to non-controlling interests | - | - |