Press release

KYOCERA Announces Consolidated Financial Results for Year Ended March 31, 2019

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(TOKYO:6971) today announced its consolidated financial
results for the fiscal year ended March 31, 2019 (“fiscal year 2019” or
“the period”), as summarized below. From the start of this fiscal year,
Kyocera Corporation and its consolidated subsidiaries have adopted
International Financial Reporting Standards (“IFRS”) in lieu of U.S.
Generally Accepted Accounting Principles. Financial figures for the
prior fiscal year have been reclassified below in accordance with IFRS
for comparative analysis. Complete details are available at:

Consolidated Results: Year-Over-Year

Unit: Millions (except percentages and per-share amounts)
    Year Ended March 31,

in JPY


in JPY


in USD


in EUR


in JPY

Sales revenue: 1,577,039 1,623,710 46,671 3.0 14,628 12,990
Operating profit: 90,699 94,823 4,124 4.5 854 759
Profit before income taxes: 129,992 140,610 10,618 8.2 1,267 1,125

Profit attributable to owners of
the parent:

79,137 103,210 24,073 30.4 930 826

Earnings per share attributable
to owners of the parent

  215.22   284.94  


    2.57     2.28

Note on exchange rates: U.S. dollar (USD) and euro (EUR)
conversions are provided above as a convenience to the reader,
on the rates of USD1 = JPY111 and EUR1 = JPY125, rounded to the
nearest unit (as of March 29, 2019)

For the second consecutive year, Kyocera Corporation
(“the Company”) attained record consolidated sales revenue, totaling
JPY1,623,710 (USD14,628) million, an increase of 3.0% over the prior
year. The increase was driven by holistic sales expansion as well as
mergers and acquisitions in both the Electronic Devices and the
Industrial & Automotive Components segments. Sales revenue in the Life &
Environment segment decreased due to a decline in orders for solar
energy products.

Profits increased over the prior year due to the greater total sales
revenue, as well as successful cost reduction efforts. Together, these
factors more than offset an extraordinary expense of JPY52,313 (USD471)
million related to the settlement of long-term purchase agreements for
polysilicon raw material in the solar energy business, and an impairment
loss totaling JPY16,184 (USD146) million related to machinery,
equipment, goodwill and intangible assets in the organic materials
business. As a result, operating profit increased by JPY4,124 (USD37)
million, or 4.5%, to JPY94,823 (USD854) million; profit before income
taxes increased by JPY10,618 (USD96) million, or 8.2%, to JPY140,610
(USD1,267) million; and profit attributable to owners of the parent
increased by JPY24,073 (USD217) million, or 30.4%, to JPY103,210
(USD930) million in fiscal 2019 as compared with fiscal 2018, due in
part to lower tax expenses. The major reasons for the lower tax expenses
are that Kyocera’s U.S. subsidiaries, including AVX Corporation recorded
additional tax expenses in the prior fiscal year due to tax law
revisions in the United States. Additionally, Kyocera recognized
deferred tax assets related to tax losses carried forward from the
merger of Kyocera Display Corporation into Kyocera Corporation in fiscal

Averaged exchange rates during fiscal year 2019 show the Japanese yen
unchanged against the U.S. dollar, at JPY111; and stronger by
approximately 1.5% against the Euro, to JPY128, as compared to the
averaged rates of the prior year. This had the effect of decreasing
sales revenue and profit before income taxes by approximately JPY7,500
(USD68) million and JPY2,000 (USD18) million, respectively.

Consolidated Q4 Results, Year-Over-Year

Unit: Millions (except percentages)
    Three Months Ended March 31,


in JPY



in JPY

  Change   2019


in USD



in EUR


in JPY

Sales revenue: 432,023   409,293 (22,730 ) (5.3 ) 3,687 3,274
Operating profit: (17,623 ) 34,247 51,870     309 274
Profit before income taxes: (17,270 ) 36,510 53,780     329 292

Profit attributable to owners of
the parent:

  (13,951 )   23,791   37,742         214   190
(See note above regarding exchange rates.)

Consolidated Forecast: Year Ending March 31, 2020

The components businesses are expected to grow during the fiscal year
ending March 31, 2020 (“fiscal 2020”), led by rising demand for 5G
telecommunications infrastructure equipment, even as the smartphone
market itself is expected to slow down. In automotive-related markets,
rising adoption of advanced driver-assist systems (ADAS) and related
products is expected to boost demand as well. In the Document Solutions
segment, the company will seek growth through strategic mergers and
acquisitions. Through these initiatives, the company will aim to achieve
record sales revenue for the third consecutive year.

In fiscal 2020, the company forecasts increased depreciation costs
resulting from aggressive capital investment, as well as higher costs
associated with creating new businesses and developing new markets. In
addition, one-time costs are planned for celebratory events recognizing
the company’s 60th anniversary. The company will pursue the profit
forecasts below by improving profitability in the solar energy and
organic materials businesses, building on structural reforms implemented
in fiscal 2019, and accelerating a company-wide project to double
productivity through the use of artificial intelligence (AI) and
automation technologies.

The company anticipates exchange rates of JPY105 to the U.S. dollar, and
JPY120 to the euro, during the fiscal year ending March 31, 2020.

Unit: Yen in millions (except percentages, per-share amounts and
exchange rates)

Fiscal 2019


Fiscal 2020


(%) from
Fiscal 2019

Sales revenue: 1,623,710 1,700,000 4.7
Operating profit: 94,823 140,000 47.6
Profit before income taxes: 140,610 180,000 28.0

Profit attributable to owners of the

103,210 125,000 21.1

Earnings per share attributable to
owners of the parent

284.94 345.10 *
Average USD exchange rate: 111 105
Average EUR exchange rate:   128   120  
*Based on the average number of shares outstanding during the year
ended March 31, 2019

Forward‐Looking Statements
Please refer to

(TOKYO:6971) (,
the parent and global headquarters of the Kyocera Group, was founded in
1959 as a producer of fine
(also known as “advanced ceramics”). By combining these
engineered materials with metals and integrating them with other
technologies, Kyocera has become a leading supplier of industrial and
automotive components, semiconductor packages, electronic devices, solar
power generating systems, printers, copiers and mobile phones. Kyocera
appears on the “Derwent Top 100 Global Innovators 2018-19” list by
Clarivate Analytics and is ranked #612 on Forbes magazine’s 2018
“Global 2000” list of the world’s largest publicly traded companies.