Results Summary (Japan GAAP)

  • Results Summary
  • Quartaly Financial Results

  • Results Summary

    Below is the summary announced on April 25, 2019 of financial results for FY2018 ended March 31, 2019.

    Consolidated Financial Summary

    (¥ billion)

      FY2017 FY2018 Change
    Net sales 893.5 914.9 21.5
    Operating Income/Loss 56.0 60.0 4.0
    Ordinary Income/Loss 56.0 63.5 7.4
    Net income attributable to owners of parent 37.8 40.3 2.5

      In the fiscal year ended March 31, 2019, the outlook for the Company’s operating environment overseas saw a trend toward limited investment emerge in the Chinese market during the second half of the fiscal year amid the trade friction between the United States and China. In Japan, meanwhile, robust demand was seen for investments in replacements of aged equipment, production equipment automation aimed at productivity improvements, labor saving, and energy conservation, although there was slowdown in certain sectors.

      In the fiscal year ended March 31, 2019, the outlook for the Company’s operating environment overseas saw a trend toward limited investment emerge in the Chinese market during the second half of the fiscal year amid the trade friction between the United States and China. In Japan, meanwhile, robust demand was seen for investments in replacements of aged equipment, production equipment automation aimed at productivity improvements, labor saving, and energy conservation, although there was slowdown in certain sectors.

    Net Sales

      Consolidated net sales in the fiscal year ended March 31, 2019, increased ¥21.5 billion year on year, to ¥914.9 billion, due to higher demand centered on the Power Electronics Systems?Energy Solutions segment, the Power and New Energy segment, and the Electronic Devices segment.

    Operating Income, Ordinary Income and Net Income Attributable to Owners of Parent

      Despite the impacts of slowdown in demand seen in the second half of the fiscal year as well as increased costs associated with a large-scale project in the Power and New Energy segment, consolidated operating income in the fiscal year ended March 31, 2019, rose ¥4.0 billion year on year, to ¥60.0 billion, and ordinary income was up ¥7.4 billion, to ¥63.5 billion, due to higher sales and the benefits of cost reduction efforts. Both of these figures represented new record highs. Meanwhile, net income attributable to owners of parent increased ¥2.5 billion, to ¥40.3 billion.

    Consolidated Financial Results by Segments

    Power Electronics Systems?Energy Solutions

    Net sales: ¥224.8 billion (up 3% year on year)
    Operating income: ¥16.9 billion (up ¥2.8 billion year on year)

      In the Power Electronics Systems?Energy Solutions segment, net sales and operating income were up year on year due to strong performance in the power supply and facility systems business and the ED&C components business.

    In the energy management business, net sales decreased year on year primarily as a result of the rebound from a large-scale project undertaken overseas during the previous fiscal year and reduced demand for smart meters. However, operating results improved year on year due to the benefits of cost reduction efforts.

    In the power supply and facility systems business, net sales and operating results improved year on year due to an increase in large-scale orders in Japan.

    In the ED&C components business, net sales and operating results improved year on year because of strong demand from distribution panel manufacturers.

    Power Electronics Systems?Industry Solutions

    Net sales: ¥321.9 billion (relatively unchanged year on year)
    Operating income: ¥19.4 billion (up ¥0.5 billion year on year)

      In the Power Electronics Systems?Industry Solutions segment, net sales and operating income increased year on year. Performance was driven by the factory automation business, the equipment construction business, and the IT solutions business.

    In the factory automation business, net sales and operating results improved year on year due to increased domestic demand centered on inverters, motors, and factory automation systems, the benefits of which outweighed the impacts of the bearish trends seen overseas during the second half of the fiscal year.

    In the process automation business, net sales and operating results worsened year on year due to the absence of a large-scale order recorded in the previous fiscal year.

    In the social solutions business, net sales and operating results worsened year on year primarily as a result of lower demand for electrical equipment for railcars.

    In the equipment construction business, net sales and operating results improved year on year following an increase in orders for construction of electrical equipment such as factory power distribution equipment.

    In the IT solutions business, net sales and operating results improved year on year due to an increase in orders from the academic sector and the public sector.

    Power and New Energy

    Net sales: ¥107.0 billion (up 10% year on year)
    Operating income: ¥4.8 billion (down ¥0.8 billion year on year)

    In the power and new energy business, net sales increased year on year following growth in orders for solar power generation systems, but operating results worsened year on year due to higher costs associated with a large-scale order.

    Electronic Devices

    Net sales: ¥137.3 billion (up 8% year on year)
    Operating income: ¥15.6 billion (up ¥1.9 billion year on year)

    In the electronic devices business, net sales and operating results improved year on year thanks to higher demand for products for automotive applications, amid the trend toward electric vehicles, and for magnetic disks. These factors offset the impacts of the sluggish demand seen in the domestic industrial power semiconductor market during the second half of the fiscal year.

    Food and Beverage Distribution

    Net sales: ¥113.6 billion (down 4% year on year)
    Operating income: ¥5.8 billion (down ¥0.5 billion year on year)

    In the vending machine business, net sales and operating results improved year on year largely thanks to increased demand from domestic customers.

    In the store distribution business, net sales and operating results worsened year on year because of a decline in demand for store equipment for convenience stores.

    Others

    Net sales: ¥62.2 billion (up 3% year on year)
    Operating income: ¥2.8 billion (down ¥0.1 billion year on year)

    Forecasts for the Fiscal Year Ending March 31, 2020

      Forecasts for consolidated business results in the fiscal year ending March 31, 2020, are as follows.
    Further, forecasts for the fiscal year ending March 31, 2020, assume exchange rates of US$1 =
    ¥105, €1 = ¥123, RMB1 = ¥16.

    (Consolidated Business Results Forecasts)(¥ billion)
      FY2018FY2019 Change
    Net sales 914.9 930.0 15.1
    Operating income 60.0 62.0 2.0
    Ordinary income 63.5 63.6 0.1
    Net income attributable to owners of parent 40.3 40.4 0.1
    Forecasts by Segment(¥ billion)
      FY2018 FY2019 Change
    Net Sales Operating
    Income    		 Net Sales Operating
    Income    		 Net Sales Operating
    Income
    Power Electronics Systems Energy 224.1 16.8 220.0 16.8 (4.1) 0.0
    Power Electronics Systems Industry 322.5 19.4 332.0 21.9 9.5 2.5
    Power Generation 107.0 4.8 116.0 4.3 9.0 (0.5)
    Electronic Devices 137.3 15.6 150.3 17.5 12.9 1.9
    Food and Beverage Distribution 113.6 5.8 113.6 6.6 0.0 0.8
    Others 62.2 2.8 60.0 2.2 (2.2) (0.5)
    Elimination and Corporate (51.9) (5.2) (61.9) (7.4) (10.0) (2.2)
    Total 914.9 60.0 930.0 62.0 15.1 2.0

      Effective from April 1, 2018, the Company partially reorganized the areas of operations contained within the Power Electronics Systems?Energy Solutions and Power Electronics Systems?Industry Solutions business segments.

      Effective from April 1, 2019, the Company reorganized its power electronics systems business to form the Power Electronics Systems Energy segment and the Power Electronics Systems Industry segment. In addition, the Power and New Energy segment was renamed the Power Generation segment. Figures for the fiscal year ended March 31, 2019, for the Power Electronic Systems Energy segment and Power Electronic Systems Industry segment have been restated to reflect this change.

    *Please refer to Financial Results for further details.

  • Quartaly Financial Results

    Consolidated summary

    (Millions of yen)

    　 2019/3
      1Q 2Q 1 Half 3Q 4Q 2 Half Annual
    Net sales 195,815 223,615 419,431 202,819 292,665 495,484 914,915
    Operating income 6,354 12,165 18,519 5,953 35,499 41,452 59,972
    Ordinary income 7,352 12,071 19,423 7,038 37,017 44,055 63,479
    Income before income taxes 8,573 12,716 21,290 6,873 34,123 40,997 62,287
    Profit attributable to owners of parent 5,375 7,161 12,536 3,829 23,901 27,731 40,267

    Net Sales by Segment

    (Millions of yen)

    　 2019/3
      1Q 2Q 1 Half 3Q 4Q 2 Half Annual
    Power Electronics Systems
    - Energy Solutions    		 44,818 49,372 94,191 50,079 80,516 130,596 224,787
    Power Electronics Systems
    - Industry Solutions    		 59,011 82,744 141,755 70,607 109,580 180,187 321,942
    Power and New Energy 24,468 24,682 49,151 21,922 35,938 57,861 107,012
    Electronic Devices 35,343 36,435 71,778 32,064 33,492 65,556 137,334
    Food and Beverage Distribution 28,533 27,749 56,282 25,447 31,876 57,324 113,606
    Others 14,898 15,416 30,315 15,594 16,319 31,913 62,228
    Subtotal 207,072 236,400 443,473 215,715 307,724 523,439 966,913
    Elimination -11,257 -12,785 -24,042 -12,896 -15,058 -27,955 -51,997
    Total 195,815 223,615 419,431 202,819 292,665 495,484 914,915

    Operating Income (Loss) by Segment

    (Millions of yen)

    　 2019/3
    　 1Q 2Q 1 Half 3Q 4Q 2 Half Annual
    Power Electronics Systems
    - Energy Solutions    		 1,331 3,640 4,971 2,919 8,962 11,882 16,854
    Power Electronics Systems
    - Industry Solutions    		 -1,378 3,282 1,904 2,434 15,055 17,489 19,393
    Power and New Energy 963 890 1,853 -2,340 5,236 2,896 4,750
    Electronic Devices 4,793 3,784 8,578 3,127 3,917 7,045 15,623
    Food and Beverage Distribution 1,435 1,207 2,643 531 2,581 3,113 5,756
    Others 502 628 1,131 626 1,007 1,634 2,765
    Subtotal 7,648 13,434 21,082 7,299 36,761 44,060 65,143
    Elimination/corporate -1,293 -1,269 -2,563 -1,345 -1,261 -2,607 -5,170
    Total 6,354 12,165 18,519 5,953 35,499 41,452 59,972
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