An Increase of 18.9 percent Over Previous Year
TOKYO - DENSO Corporation today announced global financial results for the fiscal year ended March 31, 2002:
- Consolidated net income totaled 72.3 billion yen (US$543.7 million), an 18.9 percent increase from the previous year, due to that year's one-time reduction of 27.0 billion yen (US$203.1 million ) for the introduction of new accounting standards for retirement benefits;
- Operating income totaled 133.3 billion yen (US$1,002.6 million), a 7.9 percent increase from the previous year. An irregular 15-month reporting period, due to the fiscal year end shift from December to March for consolidated subsidiaries overseas, affected operating income by 3.4 billion yen (US$25.6 million), and
- Consolidated net sales totaled 2,401.1 billion yen (US$18.1 billion), a 19.2 percent increase from the previous year, because this year included the effect (218.0 billion yen [US$1.6 billion]) of the irregular 15-month reporting period.
In Japan, sales totaled 1,643.1 billion yen (US$12.3 billion), a 4.1 percent increase from the previous year, and operating income totaled 113.5 billion yen (US$853.0 million), a 14.8 percent increase from the previous year which was led by depreciated yen.
The Americas
"In spite of a weak U.S. market, depreciated yen and an irregular 15-month reporting period for consolidated subsidiaries led increased sales in North America, Central America and South America," said Masatoshi Ano, managing director responsible for DENSO finance. "However, cellular phone business liquidation diminished operating income."
Combined sales for those regions totaled 643.3 billion yen (US$4.8 billion), a 37.6 percent increase from the previous year, and operating income totaled 18.2 billion yen (US$137.3 million), a decrease of 32.7 percent. Excluding the effect of the irregular 15-month reporting period, sales totaled 511.9 billion yen (US$3.8 billion), a 9.5 percent increase from the previous year, and operating income totaled 16.0 billion yen (US$120.3 million), a 41.1 percent decrease from the previous year.
Europe
In Europe, sales totaled 309.3 billion yen (US$2.3 billion), a 93.4 percent increase from the previous year due to the irregular 15-month reporting period for consolidated subsidiaries and a new consolidation of DENSO Thermal Systems S.p.A. (DNTS). One-time amortization of goodwill in DENSO Manufacturing Italia S.p.A. (DMIT) and other factors resulted in an operating loss of 5.9 billion yen (US$ 44.2 million). Excluding the effect of the irregular 15-month reporting period, sales totaled 242.3 billion yen (US$1.8 billion), a 51.5 percent increase from the previous year, and operating loss totaled 5.4 billion yen (US$40.6 million).
Asia and Oceania
In Asia and Oceania, sales totaled 169.4 billion yen (US$1.3 billion), a 32.0 percent increase from the previous year, and operating income totaled 7.6 billion yen (US$57.1 million), a 78.6 percent increase from the previous year.
"Sales increased due to a new consolidation of DENSO PS Electronics Corporation (DNPS) and the irregular 15-month reporting period for consolidated subsidiaries," Ano said. "Stable vehicle sales and the irregular 15-month reporting period contributed to the increases of operating income."
Excluding the effect of the irregular 15-month reporting period, sales totaled 144.7 billion yen (US$1.1 billion), a 12.8 percent increase from the previous year, and operating income totaled 5.9 billion yen (US$44.4 million), a 39.5 percent increase from the previous year.
