KYOCERA Announces Consolidated Financial Results for Year Ended March 31, 2016

KYOTO, Japan--()--Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its consolidated financial results for the fiscal year ended March 31, 2016, as summarized below. Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Consolidated Results: Year-Over-Year

Unit: Millions (except percentages and per-share amounts)

    Years Ended March 31,

2015
(FY15)
in JPY

 

2016
(FY16)
in JPY

 

Increase
(Decrease)

 

2016
(FY16)
in USD

 

2016
(FY16)
in EUR

Amount

in JPY

  %
Net sales: 1,526,536 1,479,627 (46,909) (3.1) 13,131 11,587
Profit from operations: 93,428 92,656 (772) (0.8) 822 726
Income before income taxes: 121,862 145,583 23,721 19.5 1,292 1,140

Net income attributable to
shareholders of Kyocera
Corporation:

115,875 109,047 (6,828) (5.9) 968 854

Diluted earnings per share
attributable to shareholders of
Kyocera Corporation:

  315.85   297.24   -   -   2.64   2.33

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of USD1 = JPY112.68 and EUR1 = JPY127.70, rounded to the nearest unit.

Consolidated Results Summary

During fiscal year 2016, the Company recorded increased sales in the Fine Ceramic Parts Group and the Electronic Device Group, with particular sales gains from components used in smartphones and automotive applications. However, these increases were offset by reduced sales in the Telecommunications Equipment Group and the Applied Ceramic Products Group, which includes the solar energy business.

Despite one-time charges totaling approximately JPY23 billion — including a goodwill impairment in the Electronic Device Group — profit from operations remained flat against the prior fiscal year, due primarily to profitability improvements attained through cost reduction in the Applied Ceramic Products Group. Income before income taxes increased, due primarily to a gain on an asset sale totaling approximately JPY20 billion. Net income attributable to shareholders of Kyocera Corporation decreased in fiscal year 2016 as compared to the previous fiscal year, due to a decrease in benefits derived from revaluations of deferred tax assets and liabilities in line with revisions in Japan’s tax system.

In summary, consolidated net sales for fiscal year 2016 decreased 3.1% as compared to the previous year, to JPY1,479,627 (USD13,131) million; profit from operations decreased 0.8%, to JPY92,656 (USD822) million; income before income taxes increased 19.5%, to JPY145,583 (USD1,292) million; and net income attributable to shareholders of Kyocera Corporation decreased 5.9%, to JPY109,047 (USD968) million.

 

Consolidated Q4 Results, Year-Over-Year

Unit: Millions (except percentages)

    Three Months Ended March 31,

2015
(FY15-Q4)
in JPY

 

2016
(FY16-Q4)
in JPY

 

Increase
(Decrease)

 

2016
(FY16-Q4)
in USD

 

2016
(FY16-Q4)
in EUR

Amount

in JPY

  %
Net sales: 424,844 386,597 (38,247) (9.0) 3,431 3,027
Profit from operations: 3,206 26,636 23, 430 730.8 236 209
Income before income taxes: 7,195 48,193 40,998 569.8 428 377

Net income attributable to
shareholders of Kyocera
Corporation:

  41,904   49,543   7,639   18.2   440   388

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of USD1 = JPY112.68 and EUR1 = JPY127.70, rounded to the nearest unit.

Consolidated Forecast: Year Ending March 31, 2017

For the year ending March 31, 2017 (“fiscal 2017”), most economists anticipate continued expansion in the U.S. economy, low rates of growth in the Japanese and EU economies, and a declining growth rate in China. With regard to the principal markets served by Kyocera, early indicators suggest steady expansion in global automotive demand, stagnant demand in the mobile phone handset market globally and a contraction in demand for solar power generating systems in Japan. In light of these conditions, Kyocera projects consolidated financial results for fiscal 2017 as shown below.

 

Unit: Yen in millions

 

(except percentages, per-share amounts and exchange rates)

Fiscal 2016
Results

 

Fiscal 2017
Forecast

 

Increase
(Decrease)

(%) to Fiscal
2016 Results

Net sales: 1,479,627 1,520,000 2.7
Profit from operations: 92,656 110,000 18.7
Income before income taxes: 145,583 130,000 (10.7)

Net income attributable to
shareholders of Kyocera Corporation:

109,047 85,000 (22.1)

Diluted earnings per share attributable
to shareholders of Kyocera Corporation*:

297.24 231.70 -
Average USD exchange rate: 120 110 -
Average EUR exchange rate: 133 120 -

*Forecast of “Diluted earnings per share attributable to shareholders of Kyocera Corporation” is based on the diluted average number of shares outstanding during the year ended March 31, 2016.

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) (http://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 electronic components, printers, copiers, solar power generating systems, mobile phones, semiconductor packages, cutting tools and industrial ceramics. Kyocera appears on the 2014 and 2015 listings of the “Top 100 Global Innovators” by Thomson Reuters, and is ranked #552 on Forbes magazine’s current “Global 2000” listing of the world’s largest publicly traded companies.

Contacts

KYOCERA Corporation (Japan)
Hina Morioka, +81-(0)75-604-3416
Corporate Communications
webmaster.pressgl@kyocera.jp
Fax: +81-(0)75-604-3516

Release Summary

Kyocera Corporation today announced its consolidated financial results for the fiscal year ended March 31, 2016.

Contacts

KYOCERA Corporation (Japan)
Hina Morioka, +81-(0)75-604-3416
Corporate Communications
webmaster.pressgl@kyocera.jp
Fax: +81-(0)75-604-3516