Yokowo Co., Ltd.

IR Information

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

2017/03 2018/03 2019/03 2020/03*
Net sales
(million yen)
FY 44,077 51,919 54,752 58,500
1Q 10,383 12,324 13,235 14,975
Operating income
(million yen)
FY 2,516 3,135 3,028 4,050
1Q 539 617 630 1,175
Ordinary income
(million yen)
FY 2,608 2,911 3,286 3,700
1Q 188 686 835 932
Profit attributable to owners of parent
(million yen)
FY 2,381 2,337 2,209 2,650
1Q 43 524 578 694
Basic earnings per share
(yen)
FY 118.94 115.82 109.18 130.92
1Q 2.16 26.01 28.60 34.32

*Numbers for the full year of the term ending March 2020 are forecasts announced on August 7, 2019.

Overview of Consolidated Financial Results for the First Quarter of Fiscal Year Ending March 31, 2020

Sales for the first quarter of the consolidated fiscal year under review grew to 14,975 million (up 13.1% year on year), reflecting year-on-year increases in all segments. Operating income increased to 1,175 million (up 86.3% year on year), due to a significant rise in the circuit testing connector and wireless communication equipment segments, despite a year-on-year decline in the vehicle communication equipment segment. Ordinary income came to 932 million (up 11.6% year on year), due to an increase in operating income, which offset the posting of foreign exchange losses of 242 million due to the appreciation of the yen in contrast to the posting of foreign exchange gains of 200 million in the same period of the previous year. Profit attributable to owners of parent rose significantly year on year, to 694 million (up 20.1% year on year), mainly due to an increase in ordinary income and a decline in the burden rate of income tax expenses.

Overview of Sales by Product

Vehicle Communication Equipment

The vehicle market, a key market for this segment, experienced a decrease in the number of vehicles sold in both the United States and China mainly due to the impact of the prolonged US - China trade tensions, and produced a mix of increases and decreases in demand in ASEAN. In Japan, the number of new cars sold increased slightly year on year, reflecting a regained momentum in sales of registered vehicles as well as strong sales of light vehicles.
In this environment, sales of mainstay products such as shark fin antennas, GPS antennas and other antennas for car manufacturers increased year on year due to sales growth both in Japan and overseas. Sales of products mainly for the domestic market such as ETC antennas rose year on year on the strength of new orders.
As a result, sales for this segment increased year on year, to 9,864 million (up 6.9% year on year). The segment recorded profit of 105 million (down 28.2% year on year), reflecting a surge in fixed expenses caused by a rise in product transportation costs attributable to the delay in materials procurement and rises in labor costs at production facilities resulting from an expansion in the volume of business.

Circuit Testing Connector

In the market for semiconductor testing systems, a key market for this segment, growth is expected to continue in the medium to long term, given increasing demand for products in growth areas such as those related to IoT, in-vehicle equipment, big data and AI, although demand for memories continue to decline and remains sluggish.
In this environment, sales of BGA sockets and other jigs for semiconductor back-end testing, the Group’s mainstay products, increased significantly year on year, mainly due to a sharp increase in orders in the non-memory field, in contrast to the same period of the previous year when demand had remained stagnant primarily in the memory field. Sales of jigs for semiconductor front-end testing also rose year on year, mainly reflecting orders for a turnkey business that provides one-stop solutions services including peripheral devices.
As a result, sales for this segment increased significantly year on year, to 2,957 million (up 29.9% year on year). The segment posted profit of 542 million (up 207.0% year on year), reflecting rises in profits attributable to higher sales, an increase in the sales ratio of products whose profitability is relatively high and an improvement in the operation rate of production facilities.

Personal Communication Equipment

In the market for mobile communication terminals, a key market for this segment, sales for wearable terminals are expected to grow going forward, due to their increasing diversification and sophistication, while sales of smartphones are declining. The POS terminal market has been growing steadily in a wide range of industries, including those engaging in logistics and manufacturing, reflecting the viewpoint of improvements in operational efficiency through information management. In addition, other markets including those for healthcare and industrial equipment are also expected to grow.
In these conditions, sales increased year on year in the fine connector business which features fine spring connectors as its core product. This was due to an expansion in sales for wearable terminals and a one-off increase in orders for terminals for industrial use, as well as strong sales of components for the POS and healthcare markets.
The medical device business that constitutes this segment also recorded significant year-on-year growth in sales, reflecting an increase in sales of components as well as strong sales of unit products both in Japan and overseas.
As a result, sales for this segment increased considerably year on year, to 2,153 million (up 24.5% year on year). The segment recorded profit of 525 million (up 71.3% year on year), mainly reflecting higher sales and an increase in the sales ratio of products with comparatively high profitability, as well as an improvement in the yield rate in the medical device business.