Minebea Co., Ltd.
56th Business Term Business Report
April 1, 2001 March 31, 2002 To Our Shareholders
As the 56th Business Term (April 1, 2001 - Under these tough management environments, Minebea March 31, 2002) has ended, I would like to Group continued trying to attain gains in efficiencies of sales- report our business summary. marketing and manufacturing activities while enhancing prod- uct quality and developing value-added products. During our consolidated fiscal year 2002 ended March 2002, the Japanese economy stayed under severe circumstances Consolidated Business Results as a whole. Hit by slowdowns in the U.S. economy and Our full-year consolidated net sales amounted to 279,344 mil- slumps in information technology-related industries, exports lion yen but fell 7,701 million yen (-2.7%), from a year earlier. fell. Affected by inventory adjustments, factory output and Our operating income and ordinary income fell 11,005 million capital investment diminished. Consumer spending alike yen (-33.4%) and 8,731 million yen (-35.3%), respectively stayed in a low key. from a year earlier, to 21,972 million yen and 15,995 million Slowdown in the U.S. economy was spurred further with the yen, respectively. Our net income also decreased by 9,527 terrorist attacks, however, toward the end of our fiscal year million yen (-64.3%) to 5,298 million yen, largely due to an 2002, a recovery began to appear on the horizon. adjustment of income taxes of 2,711 million yen treated in On the other, Asian and European economies also pro- accordance with our tax effect accounting, among others. gressed in a hard situation by and large with factory output and exports decreasing as affected by an economic reces- Non-Consolidated Business Results sion in the U.S. and sluggish demand from IT-related indus- Net sales fell by 22,457 million yen (-11.4%) from the previous tries. year to 175,218 million yen. Operating income also declined Information- and telecommunication equipment-related 10,398 million yen (-84.9%) from the previous term to 1,848 industries constitute a major market for our products. million yen. Ordinary income, in the meantime, decreased Demand from this market was sluggish, as the world mere 2,093 million yen (-17.3%) from the preceding year, to economies were taking shape of a slump almost concurretly 10,033 million yen owing mainly to the increased dividends as remarked above. And such tough surroundings lasted from our overseas subsidiaries. throughout the year. Extraordinary loss decreased compared with the previous year. In addition, we included 3,104 million yen in income tax