Consolidated Financial Data (Unaudited) [In accordance with US GAAP]
Murata Manufacturing Co., Ltd. and Subsidiaries
Consolidated Financial Flash Report (September 30, 2021) | Date: October 29, 2021 | |
Company Name | : Murata Manufacturing Co., Ltd. | Stock Exchange Listings: |
Listing Code | : 6981 | Tokyo Stock Exchange |
Stock Exchange of Singapore | ||
Phone | : (075) 955-6525 | |
The date of payout of dividends | : November 29, 2021 |
1. Consolidated financial results for the six months ended September 30, 2021
(1) Operating results
Net sales | Operating income | Income before | Net income attributable to | |||||||
income taxes | Murata Corporation | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||
Six months ended September 30, 2021 | 908,074 | 20.8 | 222,109 | 68.9 | 227,853 | 71.1 | 167,788 | 68.0 | ||
Six months ended September 30, 2020 | 752,005 | (1.2) | 131,518 | 8.3 | 133,154 | 6.7 | 99,860 | 10.1 |
Comprehensive income attributable to Murata Corporation: 175,828 million yen for the six months ended September 30, 2021 and 99,950 million yen for the six months ended September 30, 2020.
Basic earnings attributable | Diluted earnings attributable | |
to Murata Corporation | to Murata Corporation | |
per share | per share | |
Yen | Yen | |
Six months ended September 30, 2021 | 262.24 | - |
Six months ended September 30, 2020 | 156.08 | - |
- Percentage represents year-on-year changes.
- Financial position
Total assets | Shareholders' | Shareholders' | Shareholders' equity | |
equity | equity ratio | per share | ||
Millions of yen | Millions of yen | % | Yen | |
At September 30, 2021 | 2,598,565 | 2,058,671 | 79.2 | 3,217.51 |
At March 31, 2021 | 2,462,261 | 1,920,805 | 78.0 | 3,002.12 |
2. Dividends (Year ended March 31, 2021 and the year ending March 31, 2022)
Cash dividends per share | |||||||||
First Quarter | Second Quarter | Third Quarter | Year-end | Total | |||||
Yen | Yen | Yen | Yen | Yen | |||||
2021 | - | 55.00 | - | 60.00 | 115.00 | ||||
2022 | - | 60.00 | - | ||||||
2022 (Projected) | - | 60.00 | 120.00 |
* No change in the projected dividends during the three months ended September 30, 2021.
3. Projected financial results for the year ending March 31, 2022 (Consolidated basis)
Income before | Net income attributable to | Basic earnings attributable to | |||||||||
Net sales | Operating income | Murata Corporation | |||||||||
income taxes | Murata Corporation | ||||||||||
per share | |||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Year ending March 31, 2022 | 1,730,000 | 6.1 | 365,000 | 16.5 | 367,000 | 16.0 | 271,000 | 14.3 | 423.56 |
- No change in the projected financial results during the three months ended September 30, 2021. Percentage represents year-on-year changes.
4. Notes
- Changes in significant subsidiaries during the six months ended September 30, 2021 (changes in specific subsidiaries that caused change in scope of consolidation): None
- Adoption of simplified and specifically applied accounting methods
Murata Manufacturing Co., Ltd. and Subsidiaries (the "Companies") adopted accounting methods specifically applied for quarterly consolidated financial reporting.
(3) Changes in accounting policy
Changes due to adoption of new accounting standard: None
Changes due to reasons other than above: None
(4) Number of common shares outstanding
Number of shares outstanding, including treasury stock: 675,814,281 shares at September 30, 2021 and at March 31, 2021
Number of treasury stock: 35,981,605 shares at September 30, 2021 and 35,998,818 shares at March 31, 2021
Average number of shares outstanding: 639,815,713 shares for the six months ended September 30, 2021 and 639,796,585 shares for the six months ended September 30, 2020
*Notes to the projected financial results
The above projections were prepared based on estimates using information currently available.
Actual results may differ from the projections. For assumptions and other information regarding the projections, refer to "Business Results and Financial Position".
1
Business Results and Financial Position
(from April 1, 2021 through September 30, 2021)
1. Business Results
The global economy during the six months ended September 30, 2021 showed signs of recovery mainly in the United States and Europe, where economic activities were resumed as COVID-19 vaccines became widely available. However, the economic recovery slowed in the period under review mainly due to the global resurgence of COVID-19 variants and constrained production activities caused by a shortage of semiconductor supplies. The business recovery of the U.S. slowed due to sluggish personal consumption and employment amid the resurgence of COVID-19, despite the implementation of large-scale economic measures. In China, a sense of economic stagnation is growing amid high resource prices and delayed recovery of employment, together with concerns about tightening of restrictions on certain sectors.
Murata Manufacturing Co., Ltd. and subsidiaries (hereinafter referred to as the Companies) operate in the electronics market. In this market, demand for Automotive electronics increased significantly year-on- year due to the recovery in automobile production volume and accumulating parts inventory to prepare for future production growth. Demand also expanded in the smartphone market driven by an increase in 5G smartphones, and demand for PCs continued to be steady, boosted mainly by the demand for remote work.
In these circumstances, in the six months ended September 30, 2021, net sales of our mainstay multilayer ceramic capacitators (MLCCs) increased significantly in the areas of automotive electronics, computers and peripherals, and net sales of inductors rose in the areas of smartphones, computers and peripherals. Net sales of lithium ion secondary batteries for power tools also increased. As a result, net sales in the six months ended September 30, 2021 increased by 20.8% year-on-year to 908,074 million yen, boosted in part by currency fluctuations (the yen depreciated by 2.88 yen year-on-year).
Performance was positively contributed to by an improved operation ratio and cost reduction, despite an increase in production-related expenses driven by production growth. As a result, operating income was 222,109 million yen, up 68.9% year on year, income before income taxes was 227,853 million yen, up 71.1% year on year, and net income attributable to Murata Corporation was 167,788 million yen, up 68.0% year on year.
2
Millions of yen | |||||||
Six months ended | Six months ended | Change | |||||
September 30, 2020 | September 30, 2021 | ||||||
%* | %* | % | |||||
Net sales | 752,005 | 100.0 | 908,074 | 100.0 | 156,069 | 20.8 | |
Operating income | 131,518 | 17.5 | 222,109 | 24.5 | 90,591 | 68.9 | |
Income before income taxes | 133,154 | 17.7 | 227,853 | 25.1 | 94,699 | 71.1 | |
Net income attributable to | 99,860 | 13.3 | 167,788 | 18.5 | 67,928 | 68.0 | |
Murata Corporation | |||||||
Average exchange rate (Yen/U.S. dollar) | 106.92 | - | 109.80 | - | 2.88 | - | |
Average exchange rate (Yen/Euro) | 121.29 | - | 130.89 | - | 9.60 | - |
*Component ratio as a percentage of net sales
Sales by Product Category
Net sales by product category for the period under review were as follows.
Millions of yen | ||||||||
Six months ended | Six months ended | Change | ||||||
September 30, 2020 | September 30, 2021 | |||||||
%* | %* | % | ||||||
Capacitors | 290,557 | 38.7 | 391,683 | 43.2 | 101,126 | 34.8 | ||
Piezoelectric Components | 60,742 | 8.1 | 76,328 | 8.4 | 15,586 | 25.7 | ||
Other Components | 178,704 | 23.8 | 231,891 | 25.6 | 53,187 | 29.8 | ||
Components Total | 530,003 | 70.6 | 699,902 | 77.2 | 169,899 | 32.1 | ||
Modules | 220,731 | 29.4 | 206,727 | 22.8 | (14,004) | (6.3) | ||
Net sales | 750,734 | 100.0 | 906,629 | 100.0 | 155,895 | 20.8 |
*Component ratio as a percentage of net sales
Sales of Components for the period under review increased by 32.1% year-on-year to 699,902 million yen.
〔Capacitors〕
The Capacitors category includes MLCCs.
Sales of capacitators for automobile electronics increased significantly in the six months ended September 30, 2021, as customers continued to secure inventories of components aimed at boosting production in the future. Sales of computers and peripherals as well as smartphones, also increased.
As a result, overall net sales increased by 34.8% year-on-year to 391,683 million yen.
〔Piezoelectric Components〕
The Piezoelectric Components category includes SAW filters, piezoelectric sensors, and ceramic resonators.
Sales of SAW filters increased significantly for smartphones and IoT devices, in the six months ended September 30, 2021.
As a result, overall net sales increased by 25.7% year-on-year to 76,328 million yen.
3
〔Other Components〕
Other Components include lithium ion secondary batteries, inductors, electromagnetic interference suppression filters, connectors, sensors and thermistors.
Sales of inductors for smartphones and PCs, as well as sales of lithium ion secondary batteries for power tools, increased significantly in the six months ended September 30, 2021.
As a result, overall net sales increased by 29.8% year-on-year to 231,891 million yen.
The Modules category includes connectivity modules, RF modules, multilayer resin substrates, power supplies modules, and multilayer ceramic devices.
In the six months ended September 30 2021, sales of connectivity modules decreased for smartphones due to the restructuring of product portfolios, and sales of RF modules also fell for smartphones.
As a result, overall net sales decreased by 6.3 % year-on-year to 206,727 million yen.
Sales by Application Category
Net sales by Application Category for the period under review were as follows.
Millions of yen | |||||||
Six months ended | Six months ended | Change | |||||
September 30, 2020 | September 30, 2021 | ||||||
% | % | % | |||||
AV | 36,143 | 4.8 | 39,614 | 4.4 | 3,471 | 9.6 | |
Communications | 381,315 | 50.8 | 392,723 | 43.3 | 11,408 | 3.0 | |
Computers and Peripherals | 139,264 | 18.5 | 182,757 | 20.1 | 43,493 | 31.2 | |
Automotive Electronics | 109,263 | 14.6 | 164,837 | 18.2 | 55,574 | 50.9 | |
Home and Others | 84,749 | 11.3 | 126,698 | 14.0 | 41,949 | 49.5 | |
Net sales | 750,734 | 100.0 | 906,629 | 100.0 | 155,895 | 20.8 | |
*Based on our estimate |
〔AV〕
On the back of demand from the stay-at-home economy, sales of MLCCs for video game consoles increased in the six months ended September 30, 2021.
As a result, overall net sales increased by 9.6% year-on-year to 39,614 million yen.
〔Communication〕
Sales of MLCCs and SAW filters for smartphones increased in the six months ended September 30, 2021, while sales of MLCCs for base stations decreased.
As a result, overall net sales increased by 3.0% year-on-year to 392,723 million yen.
4
〔Computers and Peripherals〕
Sales of MLCCs and inductors for PCs increased significantly in the six months ended September 30, 2021 on the back of the healthy demand for remote work and e-learning.
As a result, overall net sales increased by 31.2% year-on-year to 182,757 million yen.
〔Automotive Electronics〕
Sales of MLCCs increased significantly in the six months ended September 30, 2021, as customers continued to secure inventories of components aimed at boosting production in the future. Sales of electromagnetic interference suppression filters and inductors also increased.
As a result, overall net sales increased by 50.9% year-on-year to 164,837 million yen.
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Murata Manufacturing Co. Ltd. published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 06:17:01 UTC.