Yokowo Co., Ltd.

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Latest Results

Latest Financial Announcements

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Financial Announcements for the Current Term

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Trends in the Past Three Fiscal Years and the Current Fiscal Year

2016/03 2017/03 2018/03 2019/03*
Net sales
(million yen)
FY 39,998 44,077 51,919 54,500
Operating income
(million yen)
FY 1,057 2,516 3,135 3,600
Ordinary income
(million yen)
FY 822 2,608 2,911 3,500
Profit attributable to owners of parent
(million yen)
FY 412 2,381 2,337 2,500
Basic earnings per share
FY 20.61 118.94 115.82 123.59

*Numbers for the full year of the term ending March 2019 are forecasts announced on May 10, 2018.

Overview of Consolidated Financial Results for the Fiscal Year Ended March 31, 2018

Consolidated net sales for the fiscal year under review reached 51,919 million (up 17.8% year on year), a record high for the fourth consecutive year, as a result of year-on-year sales growth in all segments. Operating income increased to 3,135 million (up 24.6% year on year) thanks to significant year-on-year growth in the circuit testing connector and wireless communication equipment segments, offsetting a decline in the vehicle communication equipment segment. Ordinary income rose to 2,911 million (up 11.6% year on year) with the increase in operating income, despite a foreign exchange loss incurred 305 million due to the appreciation of the yen during the fiscal year under review, in contrast to the foreign exchange gain in the previous fiscal year. Profit attributable to owners of parent stood at 2,337 million (down 1.9% year on year), as a result primarily of recognizing extraordinary income of 175 million, including the reversal of provision for product warranties and reversal of accounts payable, despite an increase in tax expenses due to the normalization of the tax payment ratio.

Overview of Sales by Product

The profit and loss measurement method applicable to the reporting segments was changed, effective from the consolidated first quarter under review. In the following year-on-year comparison, the figures for the same period of the previous fiscal year are reclassified in accordance with the change to the measurement method.

Vehicle Communication Equipment

In the vehicle market, a key market for this segment, there was stable demand in ASEAN countries, but new vehicle sales fell below the year-ago level as demand leveled off in the US market. In the Chinese market, growth slowed. In Japan, new vehicle sales increased year on year due to an upturn in sales of light vehicles.
In this environment, sales of mainstay products such as shark fin antennas, GPS antennas and other antennas for car manufacturers were up on the previous fiscal year due to sales growth both in Japan and overseas. In terms of key domestic products meanwhile, sales of film antennas were up year on year, while sales of ETC antennas were down due to a decline in extraordinary demand for ETC 2.0-compatible antenna products.
As a result, sales for this segment increased to 36,256 million (up 13.2% year on year) from the previous fiscal year. Net income from this segment was 86 million (down 92.8% year on year). This reflected increased labor costs for pay raises in China for securing and improving the retention rate of production personnel and significantly increased transport costs from frequent use of airfreight resulting from decreased productivity due to the increased ratio of newly hired employees and delayed purchase of parts.

Circuit Testing Connector

In the market for semiconductor testing systems, a key market for this segment, there was sluggish demand for PCs and declining demand for tablet PCs, as well as concerns over growth in products for smartphones. The market is expected to continue to grow on an overall basis however, due to increased demand for NAND, DRAM, and other memory products.
In this environment, sales of BGA sockets and other jigs for semiconductor back-end testing, which comprise the Group’s mainstay products, were up significantly on the previous fiscal year due to strong surge in orders and the effects of the weak yen. Sales of jigs for front-end testing, for which high-frequency electronic component testing MEMS probe cards form a strategic centerpiece, were also up year on year, due to active sales promotion.
As a result, sales in this segment increased significantly from the previous fiscal year, to 9,503 million (up 38.1% year on year). Net income from this segment was 1,791 million (up 159.8% year on year), reflecting increased sales and the increased sales ratio of products with relatively high profit ratios, as well as the lower cost ratio due to the higher ratio of Malaysian plant production and the benefits of a weaker yen.

Personal Communication Equipment

The mobile device and POS terminal markets are the principal markets for this segment. In the mobile device market, growth is slowing for smartphones and tablets due to the trend towards worldwide saturation. POS terminals on the other hand are increasingly used in a wide range of industries, including physical distribution and manufacturing. The market for POS terminals is therefore expected to expand steadily, as devices become more diverse and offer more advanced functionality.
In this environment, sales for the fine connector business, for which fine spring connectors act as core products, rose from the previous fiscal year. Sales growth for the business reflected strong sales achieved by products for POS terminal manufacturers and sales of products for mobile device manufacturers that exceeded sales in the previous fiscal year.
Sales grew year on year also for the medical device business included in this segment, largely reflecting strong sales of components and the launch of full-scale sales of guide wire units to overseas customers.
As a result, sales in this segment increased significantly from the previous fiscal year, to 6,158 million (up 19.3% year on year). Net income from this segment was 1,240 million (up 108.5% year on year) due to increased sales and the increased sales ratio of products with relatively high profit ratios.