KYOTO, Japan--(BUSINESS WIRE)--Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the fiscal year ended March 31, 2023 (“fiscal year 2023” or the “period”), as summarized below. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html
Consolidated Results: Year-Over-Year
| Unit: Millions (except percentages and per-share amounts) | ||||||
| Year Ended March 31, | ||||||
| 2022 (FY22) in JPY |
2023 (FY23) in JPY |
Change | 2023 (FY23) in USD |
2023 (FY23) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: |
1,838,938 |
2,025,332 |
186,394 |
10.1 |
15,114 |
13,872 |
| Operating profit: |
148,910 |
128,517 |
(20,393) |
(13.7) |
959 |
880 |
| Profit before income taxes: |
198,947 |
176,192 |
(22,755) |
(11.4) |
1,315 |
1,207 |
| Profit attributable to owners of the parent: |
148,414 |
127,988 |
(20,426) |
(13.8) |
955 |
877 |
| Earnings per share attributable to owners of the parent (basic): |
411.15 |
356.60 |
－ |
－ |
2.66 |
2.44 |
| Note on exchange rates: U.S. dollar (USD) and euro (EUR) conversions are provided above as a convenience to the reader, based on the rates of USD1 = JPY134 and EUR1 = JPY146, rounded to the nearest unit (as of March 31, 2023) | ||||||
Summary
During this period, the economic environment was characterized by unforeseen geopolitical instability, inflation, rising interest rates, and substantial depreciation in the value of the Japanese yen in relation to other major currencies. The global economy began to exhibit signs of a slowdown during the fiscal year ended March 31, 2023.
The company’s key markets entered an adjustment phase, led by declining demand for smartphones. Even in semiconductor-related markets, following a period of demand growth, sales of commodity products began trending downward.
Sales revenue was affected by sagging demand for components used in smartphones. Nonetheless, the company succeeded in achieving its long-term milestone goal of JPY 2 trillion in consolidated sales revenue. Contributing factors included rising production of components for advanced semiconductors, which remain in high demand; expanding sales from the Industrial Tools and Document Solutions businesses; and favorable foreign-exchange impact on products due to the weakened Japanese yen. As a result of these factors, sales revenue increased by 10.1%, to JPY2,025,332 (USD15,114) million over the prior fiscal year.
Profit decreased, however, due mainly to steep increases in the cost of raw materials, energy, and logistics, as well as a significant decline in sales from the Communications business, despite the favorable foreign-exchange impact of the devaluated yen. Further, after recording one-time expenses totaling approximately JPY19 billion related to litigation, additional pension obligations, and structural reforms, operating profit decreased by 13.7%, to JPY128,517 (USD959) million; profit before income taxes decreased by 11.4%, to JPY176,192 (USD1,315) million; and profit attributable to owners of the parent decreased by 13.8%, to JPY127,988 (USD955) million.
Consolidated Financial Highlights: Fourth Quarter
| Unit: Millions (except percentages) | ||||||
| Three Months Ended March 31, | ||||||
| 2022 (FY22-Q4) in JPY |
2023 (FY23-Q4) in JPY |
Change | 2023 (FY23-Q4) in USD |
2023 (FY23-Q4) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: |
483,273 |
498,835 |
15,562 |
3.2 |
3,723 |
3,417 |
| Operating profit: |
30,452 |
14,633 |
(15,819) |
(51.9) |
109 |
100 |
| Profit before income taxes: |
35,844 |
13,436 |
(22,408) |
(62.5) |
100 |
92 |
| Profit attributable to owners of the parent: |
28,581 |
9,205 |
(19,376) |
(67.8) |
69 |
63 |
| (See note above regarding exchange rates) | ||||||
Consolidated Forecasts: Year Ending March 31, 2024
Uncertainty surrounding the geopolitical and economic environment will continue, with market adjustments expected to affect semiconductor-, automotive-, and smartphone-related products. However, the company forecasts gradual recovery beginning late in the first half (the six months ending September 30, 2023).
The company will continue business expansion efforts in its Core Components and Electronic Components segments by improving manufacturing capacities and expanding production, particularly in semiconductor-related markets. In the Solutions business, the company will strive to improve profitability by developing new products and businesses, especially in the Document Solutions business, and by restructuring low-profit, low-growth businesses.
We expect exchange rates of JPY125 to the U.S. dollar and JPY130 to the euro during the fiscal year ending March 31, 2024.
| Unit: Yen in millions (except percentages, per-share amounts and exchange rates) | ||||||
| Fiscal 2023 Results |
Fiscal 2024 Forecasts | Change (%) from Fiscal 2023 Results |
||||
| Sales revenue: |
2,025,332 |
2,100,000 |
3.7 |
|||
| Operating profit: |
128,517 |
147,000 |
14.4 |
|||
| Profit before income taxes: |
176,192 |
200,000 |
13.5 |
|||
| Profit attributable to owners of the parent: |
127,988 |
145,000 |
13.3 |
|||
| Earnings per share attributable to owners of the parent (basic): |
356.60 |
404.00 |
* |
- |
||
| Average USD exchange rate: |
135 |
125 |
- |
|||
| Average EUR exchange rate: |
141 |
130 |
- |
|||
| *Based on the average number of shares outstanding during the year ended March 31, 2023 | ||||||
Forward‐Looking Statements
Please refer to https://global.kyocera.com/ir/disclaimer.html
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, smart energy systems, printers, copiers, and mobile phones. Kyocera is ranked #665 on Forbes magazine’s 2022 “Global 2000” list of the world’s largest publicly traded companies, and has been named among “The World’s 100 Most Sustainably Managed Companies” by The Wall Street Journal.
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Contacts
Kenichi Hara
Tel: +81-(0)75-604-3514
Fax: +81-(0)75-604-3516
[email protected]
KYOCERA Corporation (Japan), Corporate Communications
