Yokowo Co., Ltd.

IR Information

Latest Results

Latest Financial Announcements

Financial Announcements for the Current Term

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

2019/03 2020/03 2021/03 2022/03*
Net sales
(million yen)
FY 54,752 60,595 59,976 65,000
YoY 5.5% 10.7% △1.0% 8.4%
Operating income
(million yen)
FY 3,028 4,916 5,179 5,800
YoY △3.4% 62.3% 5.3% 12.0%
Ordinary income
(million yen)
FY 3,286 4,583 5,320 5,250
YoY 12.9% 39.5% 16.1% △1.3%
Profit attributable to owners of parent
(million yen)
FY 2,209 3,440 3,818 3,850
YoY △5.5% 55.8% 11.0% 0.8%
Basic earnings per share
FY 109.18 169.85 184.55 174.67
- - - - -

*Numbers for the full year of the term ending March 2022 are forecasts announced on May 14, 2021.

Overview of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021

Net sales in the consolidated fiscal year under review decreased to ¥59,976 million (down 1.0% year on year), reflecting a decrease in sales from the year-ago level in the Vehicle Communication Equipment segment due to the COVID-19 pandemic, despite year-on-year increases in sales in the Circuit Testing Connectors and Personal Communication Equipment segments. Operating income increased to ¥5,179 million (up 5.3% year on year), mainly because the Vehicle Communication Equipment segment move back into the black in the second quarter and thereafter due to an improvement in profitability and the Personal Communication Equipment segment recorded an increase in income, which offset the impact of a sharp increase and decrease in orders and production delays that occurred at some manufacturing bases. Ordinary income increased to ¥5,320 million (up 16.1% year on year), reflecting an exchange gain of ¥192 million attributable to the weakening of the yen, among other factors. Profit attributable to owners of parent increased to ¥3,818 million (11.0% year on year) mainly due to a rise in ordinary income, despite the posting of ¥139 million as a loss on valuation of investment securities.
As described above, although net sales decreased slightly year on year, profits achieved record highs at all levels surpassing the former records in the previous fiscal year.

Overview of Sales by Product

Vehicle Communication Equipment

In the automotive market, which is the main market of the segment, automobile manufacturers were forced to decrease production in the first quarter due to the spread of COVID-19. The amount of decreases diminished due to recovery in demand in the second quarter and thereafter. However, with the impact of the global shortage of semiconductors and resin materials extending to the automobile industry as a whole, both production and sales declined from levels in the previous fiscal year. Looking at the number of new vehicles sold by region, although the number increased significantly year on year in China, the number declined in the U.S., ASEAN and Japanese markets due to sluggish demand and the reduction and suspension of production in the first half of the fiscal year.
In this environment, mainstay products for car manufactures that are sold in Japan and overseas, such as shark fin antennas and GPS antennas, and ETC antennas and other products mainly marketed in Japan achieved net sales exceeding the levels in the second quarter of the previous fiscal year, supported by a recovery in production at car manufacturers. However, the sales from the second quarter were insufficient to make up for the sales decrease posted in the first quarter.
As a result, sales for this segment decreased year on year, to ¥ 37,292 million (down 5.0% year on year). The segment posted a profit of ¥433 million (a profit of ¥30 million in the previous fiscal year), reflecting a significant improvement in profitability. This was mainly due to a rise in the percentage of relatively profitable products in the second quarter and thereafter, a decline in manufacturing expenses due to the full-scale implementation of cost management, and an increase in the yield at each manufacturing process, which offset a surge in ocean freights and an increase in physical distribution cost attributable to the increased use of air shipments that resulted from parts procurement difficulties and production delays in the second half and the temporary write down of inventory, in addition to losses recorded in the first quarter.

Circuit Testing Connector

In the market for semiconductor testing systems, a key market for this segment, amid the spread of COVID-19, demand for personal computers expanded due to the adoption of remote work, and demand for servers rose to address the jump in the number of Internet users that resulted from restrictions and voluntary restraint on leaving home. Demand related to 5G mobile networks fell temporarily due to sluggish investment, but was on a recovery path from the second half onwards. In the meantime, given the likelihood that business activities may be further constrained by geopolitical risks subject to the aggravation of the U.S.-China trade friction, the situation remained uncertain.
In this environment, sales of jigs for semiconductor back-end testing, the Group's mainstay products, were on a par with the levels in the previous fiscal year. In the first quarter, orders for sockets for logic semiconductor testing and sockets supporting high frequency testing increased. However, orders from major customers declined from the second quarter under the effects of COVID-19's spread and U.S.-China trade friction.
Sales of jigs for semiconductor front-end testing rose substantially year on year due to an overall rise in orders against the backdrop of an increase in the number of 5G-based smartphones sold globally, despite a quarterly increase and decrease in the turnkey business in which the Group provides one-stop solutions for products including peripheral equipment.
As a result, sales for this segment increased year on year, to ¥13,242 million (up 3.2% year on year). The segment posted profit of ¥2,682 million (down 14.4% year on year), mainly reflecting a rise in fixed expenses caused by production system buildups in anticipation of future order recovery and growth, as well as an increase in fixed expenses for indirect departments borne by the segment as a result of higher sales.

Personal Communication Equipment

In the market for mobile communication terminals, a key market for this segment, sales for wearable terminals are expected to grow due to their increasing diversification and sophistication, while sales of smartphones are on a declining trend. The POS terminal market has been growing steadily in a wide range of industries, including those engaging in logistics and manufacturing, with a view toward improvements in operational efficiency through information management. In addition, other markets, including the market for industrial equipment, are also expected to grow.
In this environment, the fine connector business, for which fine spring connectors act as core products, posted a year-on-year net sales increase, supported by factors, including a growth in orders for products for mobile terminals used for teaching at schools and the strong sales of products for POS terminals.
In the medical device business, which is included in the segment, sales were at the same level as those in the previous fiscal year, reflecting solid sales of new models of unit-based devices, despite a fall in orders for components due to the impact of the COVID-19 pandemic.
As a result, sales for this segment increased year on year, to ¥9,441 million (up 11.1% year on year). The segment posted a profit of ¥2,062 million (up 17.5% year on year), mainly reflecting an increase in profit due to higher sales in the fine connector business.