[April 26, 2018] |
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KYOCERA Announces Consolidated Financial Results for Year Ended March 31, 2018
Kyocera
Corporation (NYSE:KYO)(TOKYO:6971) today announced its consolidated
financial results for the fiscal year ended March 31, 2018 ("fiscal year
2018" or "the period"), as summarized below. Complete details are
available at: https://global.kyocera.com/ir/index.html
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Consolidated Results: Year-Over-Year
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Unit: Millions (except percentages and per-share amounts)
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Year Ended March 31,
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2017 (FY17) in JPY
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2018 (FY18) in JPY
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Increase (Decrease)
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2018 (FY18) in USD
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2018 (FY18) in EUR
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Amount
in JPY
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%
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Net sales:
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1,422,754
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1,577,039
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154,285
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10.8
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14,878
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12,038
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Profit from operations:
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104,542
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95,575
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(8,967)
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(8.6)
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902
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730
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Income before income taxes:
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137,849
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131,866
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(5,983)
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(4.3)
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1,244
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1,007
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Net income attributable to Kyocera (News - Alert) Corporation's shareholders:
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103,843
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81,789
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(22,054)
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(21.2)
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772
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624
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Diluted earnings per share attributable to Kyocera Corporation's
shareholders:
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282.62
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222.43
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-
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-
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2.10
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1.70
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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 = JPY106 and EUR1 = JPY131, rounded to the nearest
unit (as of March 30, 2018)
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Summary Kyocera Corporation ("the Company") attained record
consolidated net sales totaling JPY1,577,039 (USD14,878) million during
the period, an increase of 10.8% over the prior year, due to the
following factors:
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Robust demand for information and communications equipment,
automobiles, and industrial machinery led the Company to expand
production capacity, which enabled a revenue increase in the
components business.
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Revenue in the Company's document solutions business increased as
well, following new product launches and aggressive sales promotion.
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Mergers and acquisitions made new contributions to the Company's
business.
Profitability in the components and document solutions businesses
improved due to increased revenue, cost reduction, and rising
productivity. However, long-term purchase agreements for polysilicon
material used in the Company's solar energy business led to a write-down
totaling JPY50,165 (USD473) million. As a result, profit from operations
decreased 8.6%, to JPY95,575 (USD902) million, and income before income
taxes decreased 4.3%, to JPY131,866 (USD1,244) million. In addition,
extraordinary tax expenses incurred by U.S. subsidiaries including AVX (News - Alert)
Corporation resulting primarily from U.S. tax law revisions reduced net
income by approximately JPY11,000 (USD104) million. Net income
attributable to Kyocera Corporation's shareholders consequently
decreased 21.2%, to JPY81,789 (USD772) million.
Averaged exchange rates during fiscal year 2018 show the Japanese yen
weakened against the U.S. dollar by approximately 2.8%, to JPY111; and
against the euro by approximately 9.2%, to JPY130, as compared with
year-ago averages. This had the effect of increasing net sales and
income before income taxes by approximately JPY39,000 (USD368) million
and JPY16,000 (USD151) million, respectively.
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Consolidated Q4 Results, Year-Over-Year
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Unit: Millions (except percentages)
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Three Months Ended March 31,
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2017 (FY17-Q4) in JPY
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2018 (FY18-Q4) in JPY
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Increase (Decrease)
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2018 (FY18-Q4) in USD
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2018 (FY18-Q4) in EUR
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Amount
in JPY
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%
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Net sales:
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408,126
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432,023
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23,897
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5.9
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4,076
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3,298
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Profit from operations:
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37,440
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-13,409
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(50,849)
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-
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-127
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-102
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Income before income taxes:
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39,143
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-12,998
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(52,141)
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-
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-123
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-99
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Net income attributable to Kyocera Corporation's shareholders:
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32,991
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-8,478
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(41,469)
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-
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-80
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-65
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(See note above regarding exchange rates.)
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Consolidated Forecast: Year Ending March 31, 2019 The year
ending March 31, 2019 (fiscal year 2019) is expected to bring continued
strong demand for components used in information and communications
equipment, automobiles, and semiconductor fabrication, with particular
demand for advanced components of high functionality. Continued
production capacity expansions, combined with recent mergers and
acquisitions, are expected to facilitate increased revenue in fiscal
year 2019.
The Company expects rising profit in fiscal year 2019 resulting from
increased sales, continued cost reduction, and productivity improvements
attained through expanded deployment of industrial automation and
AI-enabled processes.
Kyocera forecasts a strengthening of the Japanese yen during fiscal year
2019 to JPY105 against the U.S. dollar, marking appreciation of JPY6
(5.4%) compared with JPY111 for fiscal 2018, while forecasting JPY130
against the euro (unchanged from fiscal 2018).
As previously announced, Kyocera will transition from U.S. Generally
Accepted Accounting Principles (U.S. GAAP) to International Financial
Reporting Standards (IFRS), and has used IFRS to develop its forecasts
for the year ending March 31, 2019 shown below.
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Unit: Yen in millions (except percentages, per-share amounts and
exchange rates)
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Fiscal 2018 Results (U.S.GAAP)
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Fiscal 2019 Forecast (IFRS)
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Increase (%) to Fiscal 2018 Results
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Net sales:
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1,577,039
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1,650,000
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4.6
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Profit from operations:
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95,575
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154,000
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61.1
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Income before income taxes:
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131,866
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190,000
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44.1
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Net income attributable to Kyocera Corporation's shareholders:
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81,789
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134,000
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63.8
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Diluted earnings per share attributable to Kyocera Corporation's
shareholders:
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222.43
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364.42
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*
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-
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Average USD exchange rate:
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111
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105
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-
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Average EUR exchange rate:
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130
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130
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-
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*Forecast of "Diluted earnings per share attributable to Kyocera
Corporation's shareholders" is based on the diluted average number
of shares outstanding during the year ended March 31, 2018.
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FORWARD-LOOKING STATEMENTS Except for historical information
contained herein, the matters set forth in this press release are
forward-looking statements that involve risks and uncertainties
including, but not limited to, product demand, competition, regulatory
approvals, the effect of economic conditions and technological
difficulties, and other risks detailed in the Company's filings with the
U.S. Securities and Exchange Commission.
About
KYOCERA Kyocera
Corporation (NYSE:KYO; TOKYO:6971; https://global.kyocera.com/index.html),
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 semiconductor
packages, industrial and automotive components, electronic devices,
solar power generating systems, printers, copiers, and mobile phones.
Kyocera appears on the "Top 100 Global Innovators" list by Clarivate
Analytics and is ranked #522 on Forbes magazine's 2017 "Global 2000"
listing of the world's largest publicly traded companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180425006954/en/
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