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DENSO Announces Q1 Financial Results

Consolidated revenue totaled 765.1 billion yen (U.S. $7.1 billion).

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DENSO recently announced its global financial results for its first quarter, ending June 30, 2020, for its 2021 fiscal year, ending March 31, 2021.

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• Consolidated revenue totaled 765.1 billion yen (U.S. $7.1 billion), a 42.2 percent decrease from the previous year.

• Consolidated operating profit totaled -106.6 billion yen (U.S. $-989.6 million).

• Consolidated profit attributable to owners of the parent company totaled -90.1 billion yen (U.S. $-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 (U.S. $4.9 billion), down 33.7% from the same quarter in the previous year, and operating loss was 90.8 billion yen (U.S. $842.4 million). Operating income was 34 billion yen in the same quarter of the previous year.

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

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

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In Asia, although revenue decreased to 228.2 billion yen (U.S. $2.1 billion), down 30.6% from the same quarter in the previous year, and operating income decreased to 3.5 billion yen (U.S. $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 (U.S. $27.3 million), down 84.0% from the same quarter in the previous year, and operating income decreased to 1.3 billion yen (U.S. $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 US$= 106 yen, Euro= 120 yen)

Forecast for Fiscal Year Ending March 31, 2021

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