KARIYA, Japan – DENSO Corp. has announced global financial results for the fiscal year ending March 31.

Consolidated net sales totaled $37.7 billion, a 5.2 percent increase from the previous year. Consolidated operating income totaled $2.3 billion, a 37.8 percent increase from the previous year. Consolidated net income totaled $1.7 billion, a 94.8 percent increase from the previous year.

“Despite the effect of the Great East Japan Earthquake, both sales and income increased from the previous year due to the steady increase in car production mainly in North America and Asia,” said Nobuaki Katoh, president and CEO of DENSO Corp.

In Japan, despite a sales decrease due to the Japan Earthquake, the government’s vehicle incentive program in the first half of the fiscal year and increasing product exports throughout the year led to an increase in sales to $25.4 billion, a 3.5 percent increase from the previous year. The increase in production volumes and cost-reduction efforts led to an operating income of $762.3 million, a 55 percent increase from the previous year.

In North America, an increase in sales, mainly due to GM, Ford and Chrysler, led to an increase in sales totaling $6.4 billion, a 13 percent increase from the previous year. Operating income totaled $305 million, a 309.8 percent increase from the previous year as a result of the increase in production volume.

In Europe, despite an increase in sales mainly due to European car manufactures, a substantial currency exchange loss led to a decrease in sales totaling $4.8 billion, a 2.4 percent decrease from the previous year. The increase in production volume led to an increase in operating income to $131.4 million, a 2.3 percent increase from the previous year.

In Asia and Oceania, strong car production of Japanese car manufactures and Hyundai Kia Automotive Group led to an increase in sales to $7.8 billion, a 22.2 percent increase from the previous year. Operating income totaled $998.4 million, a 10.2 percent increase from the previous year due to the increase in production volumes.

In other areas, mainly the South American region, including countries like Brazil and Argentina, sales totaled $725.6 million, a 4.3 percent increase from the previous year. The operating income totaled $77.8 million, a 3.6 percent decrease from the previous year.

“Since the effects of the Great East Japan Earthquake to our company still remain unclear, the full-year forecast for the fiscal year ending March 31, 2012, is undecided. We will announce the forecast as soon as we assess the impact,” said Katoh. “For the time being, the recovery from the earthquake will be our top priority.”

DENSO Announces Management Changes
DENSO Corp. also has announced changes to its board of directors, corporate auditors and executive directors. Changes will take place after the 88th Annual General Meeting of Shareholders on June 22.

New appointments for the Board of Directors include:

·    Sojiro Tsuchiya, executive vice president (from senior executive director)
·    Akio Tajima, senior executive director (from executive director)

New Corporate Auditor: Toshimichi Kondo

New Executive Directors:

·    Masanari Murakami (Electronics Manufacturing Division)
·    Yukihiro Shinohara (Diesel Injection Business Unit)
·    Kazumasa Kimura (Global Sales & Business Development Division)

Board of Director, Corporate Auditor and Executive Director retirements include:

·    Mitsuhiko Masegi (from senior executive director)
·    Tamiki Kishida (from corporate auditor)
·    Yoshiki Sekiguchi (from executive director)