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Friday, 31 July 2020, 13:11 HKT/SGT

Source: Denso
DENSO Announces First Quarter Financial Results

KARIYA, JAPAN, July 31, 2020 - (JCN Newswire) - DENSO, the world's second-largest mobility supplier, today announced its global financial results for its first quarter, ending June 30, 2020, for its 2021 fiscal year, ending March 31, 2021:

- Consolidated revenue totaled 765.1 billion yen (US$7.1 billion), a 42.2 percent decrease from the previous year.
- Consolidated operating profit totaled -106.6 billion yen (US$-989.6 million).
- Consolidated profit attributable to owners of the parent company totaled -90.1 billion yen (US$-836.0 million).

"Revenue decreased as vehicle sales declined due to the epidemic of COVID-19 and operating loss is caused by production volume decrease. For our 2021 fiscal year, ending March 31, 2021, we forecast sales of 4.54 trillion yen and operating income of 100 billion yen." said Yasushi Matsui, senior executive officer of DENSO Corporation.

Revenue declined significantly in all areas due to the impact of COVID-19.

In Japan, revenue decreased to 528.3 billion yen (US$4.9 billion) (Down 33.7% from the same quarter in the previous year). and an operating loss was 90.8 billion yen (US$842.4 million) (Operating income of 34 billion yen in the same quarter of the previous year).

In North America, revenue decreased to 121.8 billion yen (US$1.1 billion) (Down 61.4% from the same quarter in the previous year) and operating loss was 26.3 billion yen (US$244.3 million) (Operating income of 11.6 billion yen in the same quarter of the previous year).

In Europe, revenue decreased to 67.2 billion yen (US$623.5 million) (Down 57.7% from the same quarter in the previous year) and operating loss was 8.3 billion yen (US$76.6 million) (Operating income of 7 billion yen in the same quarter of the previous year).

In Asia, although revenue decreased to 228.2 billion yen (US$2.1 billion) (Down 30.6% from the same quarter in the previous year) and operating income decreased to 3.5 billion yen (US$32.7 million) (Down 86.0% from the same quarter in the previous year), operating income was secured because operations in China recovered earlier than in other areas and revenue increased year on year.

In other areas, revenue decreased to 2.9 billion yen (US$27.3 million) (Down 84.0% from the same quarter in the previous year), and operating income decreased to 1.3 billion yen (US$12.2 million) (Down 68.3% from the same quarter in the previous year).

"We announced our forecast which had not been decided in FY19. This forecast is based on an annual around 20% decrease in vehicle production, and our revenue is expected to decrease 12% from the previous year," said Matsui.

(Foreign exchange rates used for the full-year are USD=106 yen, Euro=120yen)

The above forecasts are created based on the information obtained by the date of this announcement and the actual results may differ due to various causes in the future. U.S. dollar amounts have been translated, for convenience only, at the rate of 107.74 yen=US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market June. 30, 2020. Billion is used in the American sense of one thousand million.

About DENSO Corporation

DENSO is a $47.6 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its worldwide 202 facilities to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 170,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.9 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2020. For more information about global DENSO, visit https://www.denso.com/global/en

Topic: Press release summary
Sectors: Automotive
From the Asia Corporate News Network

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