Kyocera Announces Consolidated Financial Results for Year Ended March 31, 2023

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

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, 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.

# # #

Contacts

Kenichi Hara

Tel: +81-(0)75-604-3514

Fax: +81-(0)75-604-3516

webmaster.pressgl@kyocera.jp
KYOCERA Corporation (Japan), Corporate Communications