Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the fiscal year ended March 31, 2020 (“fiscal year 2020” or “the period”), as summarized below. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html
Executive Summary
Sales revenue from the Electronic Devices and Document Solutions Groups declined due to prolonged inventory adjustments and the economic slowdown precipitated by the COVID-19 pandemic. This decline was more than enough to offset the rising sales revenue in the Industrial & Automotive Components Group, which gained a new revenue stream through M&A during the period. As a result, sales revenue for fiscal year 2020 totaled JPY1,599,053 (USD14,670) million, a decrease of 1.5% from the prior-year period.
Profit increased, in spite of higher depreciation costs, mainly due to the absence of one-time charges totaling approximately JPY68.5 billion (USD628 million) that were recorded in the prior year – including, notably, structural reforms in the solar energy and organic materials businesses. As a result, in comparison with the prior year, operating profit increased in fiscal year 2020 by JPY5,370 (USD49) million, or 5.7%, to JPY100,193 (USD919) million; profit before income taxes increased by JPY8,216 (USD75) million, or 5.8%, to JPY148,826 (USD1,365) million; and profit attributable to owners of the parent increased by JPY4,511 (USD41) million, or 4.4%, to JPY107,721 (USD988) million.
Average exchange rates for the period reflect the Japanese yen’s appreciation of 1.8% against the U.S. dollar, to JPY109, and 5.5% against euro, to JPY121, as compared to the prior year. As a result, sales revenue and profit before income taxes were pushed down by approximately JPY36 billion (USD330 million) and JPY11.5 billion (USD106 million), respectively.
About KYOCERA
Kyocera Corporation (TOKYO:6971) (https://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of industrial and automotive components, semiconductor packages, electronic devices, solar power generating systems, printers, copiers, and mobile phones. Kyocera is ranked #655 on Forbes magazine’s 2019 “Global 2000” list of the world’s largest publicly traded companies.
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