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Consolidated Financial Results Ended March 31, 2023
|（Unit:Millions of Yen）||Net sales||Operating income||Ordinary income||Profit attributable to owners of parent||Net income per share(yen)|
In this situation, consolidated net sales of the Group during the fiscal year under review increased 34.8% year on year, to 226,171 million yen, reflecting the increase in demand for semiconductor and electronic components for consumer equipment and industrial equipment.
On the profit side, operating profit increased 83.5% year on year, to 10,997 million yen, reflecting increased sales and a boost in yen-based gross profit in the Electronic Devices Business against the backdrop of the yen’s weakness in exchange markets from the beginning of the fiscal year under review. Looking at non-operating income and expenses, interest expenses increased 1,663 million yen year on year due to the rise in the US dollar interest rate.
In addition, foreign exchange losses of 1,043 million yen were posted as settlement losses were generated during the fiscal year due to the repayment of borrowings in foreign currency, which resulted from the depreciation of the yen that had continued since the beginning of the fiscal year. As a result, ordinary profit increased 92.6% year on year, to 7,909 million yen, and profit attributable to owners of parent increased 113.4% year on year, to 5,201 million yen.
Segment profit for the Fiscal Year Ending March 31, 2023
|（Unit: Millions of Yen）||Net sales||Segment profit|
|Electronic Devices business||168,872||8,521|
|Electronic Systems business||54,494||2,438|
|Electronic Solutions business||2,805||42|
＜Electronic Devices business＞
In the Electronic Devices Business, semiconductors for consumer equipment grew significantly due to the acquisition of new commercial rights. In addition, demand for products for data centers and vehicles also increased given the strong showing of semiconductors and electronic components for industrial equipment, mainly including industrial robots.
As a result, net sales increased 43.8％ year on year, to 168,872 million yen. Segment profit increased 134.2% year on year, to 8,521 million yen, attributable to an increase in sales and higher gross profit on a yen conversion basis against the backdrop of the depreciation of the yen that had continued. –
＜Electronic Systems business＞
In the Electronic Systems Business, with continuation of capital investment for the manufacturing of semiconductors and electronic components, demand for devices for mounting, inspecting, and analyzing electronic components increased in the industrial equipment field, and sales of diagnostic imaging equipment grew in the medical equipment field.
In addition, LED light sources remained strong in the laser equipment field while sales of electronic equipment increased in the field of space and defense electronics. Consequently, net sales stood at 54,494 million yen, an increase of 13.0% from the same period of the previous year. Segment profit increased 19.5% year on year, to 2,438 million yen, due to an increase in sales.
＜Electronic Solutions business＞
In the Electronic Solutions Business, net sales increased 32.3% year on year, to 2,805 million yen, attributable to an increase in demand for commercial products related to optical transmission for communications infrastructure. On the other hand, segment profit declined 86.6% year on year, to 42 million yen, due to a decline in the gross profit ratio and an increase in selling, general and administrative expenses.
Financial Forecasts for the Fiscal Year Ending March 31, 2024
|（Unit: Millions of Yen）||Net sales||Operating income||Ordinary income||Profit attributable to owners of parent||Net income per share(yen)|
On October 31, we revised our consolidated earnings forecast for the fiscal year ending March 31, 2024 from that announced on May 12, 2023.
Net sales for the current fiscal year are projected at 240,000 million yen (up 6.1% from the previous fiscal year) due to favorable sales in the device business in the first half of the fiscal year, exceeding the initial projection. Operating income is projected at 12,500 million yen (up 13.7% y-o-y) due to the increase in sales and a boost in gross profit on a yen-equivalent basis resulting from the progression of yen depreciation. On the other hand, due to the foreign exchange loss recorded in the first half of the current fiscal year as a result of the yen’s depreciation and the expected increase in interest expenses due to higher US dollar interest rates, the Company forecasts ordinary income of 5,000 million yen (down 36.8% from the previous year) and net income attributable to owners of the parent of 3,000 million yen (down 42.3% from the previous year).
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