Consolidated Financial Data (Unaudited) [In accordance with US GAAP] Murata Manufacturing Co., Ltd. and Subsidiaries
Consolidated Financial Flash Report (March 31, 2022)
Date: April 28, 2022
Company Name | : Murata Manufacturing Co., Ltd. | Stock Exchange Listings: |
Listing Code | : 6981 | Tokyo Stock Exchange |
(URLhttps://corporate.murata.com) | Stock Exchange of Singapore | |
Phone | : (075) 955-6525 |
The date of payout of dividends: June 30, 2022
1. Consolidated Financial results for the year ended March 31, 2022 (1) Operating results (Years ended March 31, 2022 and 2021)
Net sales | Operating income | Income before income taxes | Net income attributable to Murata Corporation | |||||
2022 2021 | Millions of yen 1,812,521 1,630,193 | % 11.2 6.3 | Millions of yen 424,060 313,240 | % 35.4 23.7 | Millions of yen 432,702 316,417 | % 36.8 24.6 | Millions of yen 314,124 237,057 | % 32.5 29.5 |
Comprehensive income attributable to Murata Corporation: 419,069 million yen for the year ended March 31, 2022 and 293,766 million yen for the year ended March 31, 2021.
Basic earnings attributable to Murata Corporation per share | Diluted earnings attributable to Murata Corporation per share | Net income attributable to Murata Corporation / Shareholders' equity | Income before income taxes / Total assets | Operating income / Net sales | |
2022 2021 | Yen 490.95 370.51 | Yen - - | % 15.0 13.1 | % 16.4 13.4 | % 23.4 19.2 |
* Percentage represents year-on-year changes.
(2) Financial position (At March 31, 2022 and 2021)
Total assets | Shareholders' equity | Shareholders' equity ratio | Shareholders' equity per share | |
2022 2021 | Millions of yen 2,809,171 2,462,261 | Millions of yen 2,263,596 1,920,805 | % 80.6 78.0 | Yen 3,537.80 3,002.12 |
(3) Cash flows (Years ended March 31, 2022 and 2021)
Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by financing activities | Cash and cash equivalents at end of year | |
2022 2021 | Millions of yen 421,458 373,571 | Millions of yen (212,300) (150,275) | Millions of yen (117,505) (118,189) | Millions of yen 512,072 407,699 |
2. Dividends (Years ended March 31, 2022 and 2021, and the year ending March 31, 2023)
Cash dividends per share | Cash dividends (Total) | Consolidated basis | ||||||
First Quarter | Second Quarter | Third Quarter | Year-end | Total | Payout ratio | Dividend on equity (DOE) | ||
2021 2022 | Yen - - | Yen 55.00 60.00 | Yen - - | Yen 60.00 70.00 | Yen 115.00 130.00 | Millions of yen 73,579 83,178 | % 31.0 26.5 | % 4.1 4.0 |
2023 (Projected) | - | 75.00 | - | 75.00 | 150.00 | 29.6 |
* The effect of purchase of the Company's own shares resolved at Board of Directors Meeting held on April 28, 2022 is not included in the calculation of "Payout ratio".
3. Projected financial results for the six months ending September 30, 2022 and the year ending March 31, 2023 (Consolidated basis)
Net sales | Operating income | Income before income taxes | Net income attributable to Murata Corporation | Basic earnings attributable to Murata Corporation per share | |||||
Six months ending September 30, 2022 Year ending March 31, 2023 | Millions of yen 952,000 1,930,000 | % 4.8 6.5 | Millions of yen 209,000 440,000 | % (5.9) 3.8 | Millions of yen 210,000 442,000 | % (7.8) 2.1 | Millions of yen 154,000 324,000 | % (8.2) 3.1 | Yen 240.69 506.38 |
* Percentage represents year-on-year changes.
* The effect of purchase of the Company's own shares resolved at Board of Directors Meeting held on April 28, 2022 is not included in the calculation of "Basic earnings attributable to Murata
Corporation per share".
4. Notes
(1) Changes in significant subsidiaries (changes in specific subsidiaries that caused change in scope of consolidation): None
(2) Changes in accounting policy
Changes due to adoption of new accounting standard: None Changes due to reasons other than above: None
(3) Number of common shares outstanding
Number of shares outstanding, including treasury stock: 675,814,281 shares at March 31, 2022 and 675,814,281 shares at March 31, 2021 Number of treasury stock: 35,982,533 shares at March 31, 2022 and 35,998,818 shares at March 31, 2021
Average number of shares outstanding: 639,819,808 shares for the year ended March 31, 2022 and 639,801,439 shares for the year ended March 31, 2021 *See "Amounts per Share" for the average common shares outstanding, which is the basis of computation of earnings per share.
[Reference] Financial Results on Parent Company Basis
1. Financial results for the year ended March 31, 2022
(1) Operating results (Years ended March 31, 2022 and 2021)
Net sales | Operating income | Income before income taxes and extraordinary items | Net income | |||||
2022 2021 | Millions of yen 1,233,464 1,107,863 | % 11.3 6.0 | Millions of yen 125,480 47,138 | % 166.2 24.7 | Millions of yen 213,786 90,872 | % 135.3 32.4 | Millions of yen 184,784 85,317 | % 116.6 26.1 |
Basic earnings per share | Diluted earnings per share | |
2022 2021 | Yen 288.80 133.35 | Yen - - |
*1 Percentage represents year-on-year changes.
*2 The diluted earnings per share are not stated since there were no dilutive potential securities.
(2) Financial position (At March 31, 2022 and 2021)
Total assets | Shareholders' equity | Shareholders' equity ratio | Shareholders' equity per share | |
2022 2021 | Millions of yen 1,425,313 1,268,960 | Millions of yen 730,966 623,496 | % 51.3 49.1 | Yen 1,142.44 974.49 |
*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".
Business Results and Financial Position (from April 1, 2021 through March 31, 2022)
1. Business Results
The global economic environment for the period under review showed signs of recovery, resulting from progress in economic activities driven by the spread of COVID-19 vaccinations and government stimulus measures in various countries. On the other hand, there are signs that the supply chain has been disrupted globally mainly due to Russia's invasion of Ukraine and lockdowns in China in the wake of the spread of COVID-19, and inflation has been sped up by surges in natural resource and energy prices, leaving the outlook for the global economy uncertain.
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 progress in electrification of automobiles and the accumulation of parts inventory by customers. Demand for PCs continued to be steady, boosted mainly by the demand for remote work. On the other hand, demand for smartphones remained weak partly due to inventory adjustment by major clients in Greater China.
In these circumstances, net sales of connectivity modules for smartphones decreased. However, net sales of multilayer ceramic capacitors (MLCCs) increased significantly in the areas of computers and peripherals and automotive Electronics. Further, net sales of lithium-ion secondary batteries for power tools increased. As a result, net sales for the period under review increased 11.2% year on year to 1,812,521 million yen, marking a record high, boosted in part by currency fluctuations (the yen depreciated by 6.32 yen year-on-year).
Performance was positively contributed to by an improved operation ratio and cost reduction, depreciation of the yen, despite an increase in production-related expenses driven by production growth.
As a result, operating income was 424,060 million yen, up 35.4% year on year, income before income taxes was 432,702 million yen, up 36.8% year on year, and net income attributable to Murata Corporation was 314,124 million yen, up 32.5% year on year.
For the period under review, ROIC (pre-tax basis) increased 4.1 points year on year to 22.6% due to big growth in operating income, despite an increase in invested capital as a result of building up inventories with an eye on demand for electronic components expected in the next consolidated fiscal year.
Millions of yen | ||||||
Year ended March 31, 2021 | Year ended March 31, 2022 | Change | ||||
Net sales | 1,630,193 | %* 100.0 | 1,812,521 | %* 100.0 | 182,328 | % 11.2 |
Operating income | 313,240 | 19.2 | 424,060 | 23.4 | 110,820 | 35.4 |
Income before income taxes | 316,417 | 19.4 | 432,702 | 23.9 | 116,285 | 36.8 |
Net income attributable to Murata Corporation | 237,057 | 14.5 | 314,124 | 17.3 | 77,067 | 32.5 |
Return on invested capital (ROIC)* (pre-tax basis) | 18.5 | - | 22.6 | - | 4.1 | - |
Average exchange rate (Yen/US dollar) | 106.06 | - | 112.38 | - | 6.32 | - |
Average exchange rate (Yen/Euro) | 123.70 | - | 130.56 | - | 6.86 | - |
*ROIC(pre-tax basis)= Pre-tax operating income / Average invested capital at the beginning and end of the period(=Net fixed assets[book value]+inventories+accounts receivable-trade-accounts payable-trade )
Sales by Product Category
Net sales by product category for the period under review were as follows.
Millions of yen | ||||||
Year ended March 31, 2021 | Year ended March 31, 2022 | Change | ||||
Capacitors Piezoelectric Components Other Components Components Total | 626,546 129,288 387,648 | %* 38.5 8.0 23.8 | 785,254 138,357 460,443 | %* 43.4 7.7 25.4 | 158,708 9,069 72,795 | % 25.3 7.0 18.8 |
1,143,482 | 70.3 | 1,384,054 | 76.5 | 240,572 | 21.0 | |
Modules | 484,099 | 29.7 | 425,562 | 23.5 | (58,537) | (12.1) |
Net sales | 1,627,581 | 100.0 | 1,809,616 | 100.0 | 182,035 | 11.2 |
*Component ratio as a percentage of net sales
Sales of Components for the period under review increased by 21.0% year-on-year to 1,384,054 million yen.
〔Capacitors〕
The Capacitors category includes MLCCs.
For the period under review, sales of multilayer ceramic capacitors (MLCCs) increased significantly not only for PCs, against the background of demand for remote work and online education, but also for car electronics due to progress in electrification of automobiles and the accumulation of parts inventory by clients.
As a result, overall net sales increased by 25.3% year-on-year to 785,254 million yen.
〔Piezoelectric Components〕
The Piezoelectric Components category includes SAW filters, piezoelectric sensors, and ceramic resonators.
For the period under review, sales of piezoelectric sensors grew for HDDs, and sales of ceramic resonators expanded for a broad range of applications.
As a result, overall net sales increased by 7.0% year-on-year to 138,357 million yen.
〔Other Components〕
Other Components include lithium-ion secondary batteries, inductors, electromagnetic interference suppression filters, connectors, sensors and thermistors.
For the period under review, sales of lithium-ion secondary batteries for power tools, as well as sales of inductors for PCs and automotive electronics, increased significantly.
As a result, overall net sales increased by 18.8% year-on-year to 460,443 million yen.
The Modules category includes connectivity modules, RF modules, multilayer resin substrates, power supplies modules, and multilayer ceramic devices.
For the period under review, sales of connectivity modules decreased for smartphones due to the restructuring of product portfolios, and sales of multilayer resin substrates also fell for communication devices.
As a result, overall net sales decreased by 12.1% year-on-year to 425,562 million yen.
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Murata Manufacturing Co. Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 06:14:40 UTC.