4th Quarter/March 2016 Consolidated Financial Result
3/27 Message from Management: FY2015 Overview
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In 2015 fiscal year ending March 31, 2016 (FY 2015), we saw 3% revenue growth compared with last FY2014 to 1,031.7 billion yen. Operating profit, at 60.1 billion yen, posted a 9% decrease year-on-year (YoY). The decrease in profit of 5.7 billion yen from FY2014 is attributable to the yen appreciation against the euro, which resulted in a 9.2 billion yen exchange-rate loss. In review of results in 3Q and business environment anticipated in FY2016, we decided in March to allocate an additional 2.5 billion yen expense to implement structural reform. This expense was not incorporated into the earnings forecast, was deployed in structural reform in the sales companies and production departments of Business Technologies Business both in Japan and overseas. Operating profit for the period under review was 60.1 billion yen. Profit declined 22% YoY to 32 billion yen. One factor in this decline was an increase in tax burden prompted by the reversal of deferred tax assets as a result of tax reform in Japan. This reversal lowered in profit by a one-time tax burden of 3.8 billion yen. In 2016, our tax expense is expected to decrease. On the right-hand side is an overview of the financial results of 4Q. Yen appreciation in 4Q drove revenue down 2%, translating into a negative impact of 12.4 billion yen. However, operating profit remained close to the level of the previous fiscal year at 18.5 billion yen, even after inclusion of the restructuring expense of 2.5 billion yen.
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