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First, we would like to once again thank our shareholders for your ongoing support.
Here we will provide a report on the overall state of our businesses during the 72nd Term (from April 1, 2022 to March 31, 2023).
The domestic economy during this consolidated fiscal year started picking back up from April onward as restrictions on economic activities due to COVID were lifted. However, circumstances going forward remain uncertain as infections from the 7th and 8th waves of COVID began spreading again from July onward, raw materials costs and energy prices soared due to the Russia-Ukraine situation, and exchange rates fluctuated wildly, among other factors. In this environment, our corporate Group is in the midst of the second year of the Medium-Term Management Plan (FY2021 to FY2023) that started in FY2021. We have further strengthened our effective utilization of business resources through selection and focus and our efforts toward growth markets, working together throughout the Group to achieve the targets set out in the plan.
The results for the consolidated fiscal year were net sales of ¥62,882 million yen (+5.1% year-on-year), operating profit of ¥5,056 million (-13.7% year-on-year), ordinary profit of ¥5,730 million (-12.0% year-on-year) and profit attributable to owners of parent of ¥4,132 million (-4.5% year-on-year).
Our results by segment are as follows.
Bearings
Oil-less bearings either require no lubrication or can dramatically reduce the frequency and volume of lubrication, and they are widely used in many types of industrial machinery including automotive from the perspectives of resource conservation and the environment.
Sales in general industrial products were strong particularly for machine tools, as production in domestic manufacturing recovered. Automotive products were impacted by first-half lockdowns in Shanghai, China and by production cuts of cars in Europe, North and South America, and domestically in Japan due to the semiconductor shortage. However, sales still surpassed the previous fiscal year due to resurgence of demand for the India & ASEAN region in addition to the impact of yen depreciation. Spikes in raw materials costs and energy prices squeezed profit, but profit in the bearings segment overall still increased year on year as progress was made in areas such as passing on these costs to sales prices and curtailing fixed costs.
As a result, net sales in the bearings segment totaled ¥43,881 million (+9.0% year-on-year), and segment profit was ¥3,008 million (+1.1% year-on-year).
Structural Devices
Seismic isolation and vibration control technologies protect human life, social property, and urban functions from earthquakes. These technologies were developed as derivatives of our tribology (friction, wear and lubrication) technology, which has been cultivated through many years of research and development on oil-less bearings.
Construction products maintained strong performance from last fiscal year in areas including products for urban redevelopment projects and logistics centers. Bridge products contributed to sales and profit. The completion of overseas construction projects was a factor behind this contribution. However, despite achieving a high profit margin, sales and profit decreased year on year in the structural devices segment overall due to the impact of fewer large-scale projects than the previous fiscal year.
As a result, net sales in the structural devices segment totaled ¥11,375 million (-7.6% year-on-year), and segment profit was ¥1,512 million (-40.0% year-on-year).
Architectural Devices
Our architectural device products can freely manipulate wind and sunlight to create comfortable, safe indoor environments. They are used in many different types of buildings, from high-rise buildings and public facilities to hospitals, residences, and more.
Sales and profit in residential products decreased year on year due to fewer new construction housing units, but sales and profit in building products increased year on year as performance was strong in Window Operators smoke exhaust and ventilation devices which are our flagship products.
As a result, net sales in the architectural devices segment totaled ¥6,132 million (+5.9% year-on-year), and segment profit was ¥487 million (+42.2% year-on-year).
