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 58,000
Operating income
(million yen)
FY 2,516 3,135 3,028 3,650
Ordinary income
(million yen)
FY 2,608 2,911 3,286 3,600
Profit attributable to owners of parent
(million yen)
FY 2,381 2,337 2,209 2,500
Basic earnings per share
FY 118.94 115.82 109.18 123.54

*Numbers for the full year of the term ending March 2020 are forecasts announced on May 13, 2019.

Overview of Consolidated Financial Results for the Fiscal Year Ended March 31, 2019

Consolidated sales for the fiscal year under review grew to 54,752 million (up 5.5% year on year), reaching a record high for the fifth consecutive year, reflecting year-on-year increases posted in the vehicle communication equipment and personal communication equipment segments. Operating income fell to 3,028 million (down 3.4% year on year) due to a year-on-year decline in the circuit testing connector segment, which offset substantial year-on-year growth posted in the vehicle communication equipment and personal communication equipment segments. Ordinary income came to 3,286 million (up 12.9% year on year) owing to the posting of foreign exchange gains of 258 million due to the depreciation of the yen. Profit attributable to owners of parent amounted to ¥2,209 million (down 5.5% year on year), mainly due to the posting of product warranty expenses.

Overview of Sales by Product

Vehicle Communication Equipment

The vehicle market, a key market for this segment, is expected to continue to expand slowly thanks to the satisfactory growth of the Indian and ASEAN markets, even though a downward turn occurred in the Chinese market and there was a slight fall in the U.S. market. In the Japanese market, new vehicle sales rose slightly year on year, reflecting strong sales of light vehicles, despite a slight fall in the number of registered vehicles.
In this environment, the sales of mainstay products, such as shark fin antennas, GPS antennas and other vehicle antennas, grew year on year, supported by increased sales to Japanese car manufacturers operating in Japan and overseas.
As a result, sales for this segment increased year on year, to 38,183 million (up 5.3% year on year). The segment recorded profit of 482 million (up 459.1% year on year), reflecting a reduction in transportation costs for components and products due to improving production control efficiency, although profits were pushed down by factors such as rising labor costs in China, rises in customs duties on exports to the United States, and the change of the evaluation method of inventories.

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 in growth areas such as IoT, vehicle communication, big data and AI, despite deceleration due to a fall and stagnation in demand for memory products after the second half of 2018, in addition to a slowdown in products for smartphones.
In this environment, sales of BGA sockets and other jigs for semiconductor back-end testing, which comprise the Group’s mainstay products, decreased year on year, due to production adjustments made by major customers against the background of slowing market growth and other factors. Sales of jigs for semiconductor front-end testing, for which high-frequency electronic component testing MEMS probe cards act as a strategic centerpiece, declined year on year due to a fall in sales of existing products, although the launch of a new business by offering one-stop solutions services including jigs and peripheral devices was a factor for the increase. Meanwhile, the LTCC business included in this segment achieved year-on-year growth, supported by sharp rises in the sales of interposer and LED substrates.
As a result, sales for this segment declined to 9,138 million (down 3.8% year on year). Net income for the segment came to 930 million (down 48.1% year on year), reflecting factors such as falls in the sales ratios of relatively high-margin products and rises in fixed costs attributable to a sharp increase in the number of technical/manufacturing personnel aimed at expanding the scale of business in the future.

Personal Communication Equipment

In the mobile device market, the principal market for this segment, growth is slowing for smartphones and tablets, while further growth is expected for wearable terminals given their increasing diversification and sophistication. The POS terminal market has been growing steadily in a wide range of industries, including physical distribution and manufacturing, reflecting the businesses’ viewpoint of improving operational efficiency through information management. In addition, growth in this segment is also expected in the healthcare, industrial equipment and other markets.
In this environment, sales rose from the previous fiscal year in the fine connector business, with fine spring connectors as the company’s core products. This was due to strong sales of products for POS terminal manufacturers and the healthcare market, offsetting a fall in sales to mobile device manufacturers caused by a decrease in orders.
In the medical device business, which also forms part of this segment, sales grew sharply year on year as a result of strong sales of unit products to domestic customers as well as an increase in sales of components.
As a result, sales in this segment expanded significantly from a year earlier, to 7,429 million (up 20.6% year on year). Net income from this segment was 1,615 million (up 30.3% year on year) due to a rise in the ratio of products with a relatively high profit margin, in addition to higher profits due to stronger sales.