Difference between Forecast and Actual Results for the Year Ended March 2021
- TOKYO, Japan, April 28, 2021 -
Seiko Epson Corporation (TSE: 6724, "Epson") has announced a difference between the forecast for the year ended March 2021, announced on January 28, and the actual results announced today.
1. Difference between forecast and actual results for the year ended March 2020 (April 1, 2020 to March 31, 2021)
|Revenue||Business profit||Profit from operating activities||Profit before tax||Profit for the period||Profit for the period attributable to owners of the parent company||Net income per share|
|Millions of yen||Millions of yen||Millions of yen||Millions of yen||Millions of yen||Millions of yen||yen|
|Previous forecast (A)||980,000||50,000||38,000||34,000||18,000||18,000||52.03|
|Actual results (B)||995,940||61,642||47,654||44,933||30,995||30,922||89.38|
Results for the year ended March 2020
Business profit is calculated by subtracting cost of sales and selling, general and administrative expenses from revenue.
2. Reasons for the difference
Revenue and profit in each category exceeded the previous forecast. As demand for at-home printing continued, our inkjet printer business saw ink cartridge model hardware prices remain higher than forecast alongside steady sales of high-capacity ink tank models and ink. We also saw demand recovering for projectors, quartz devices and semiconductors, and reduced costs due to increased spending efficiency companywide.
We are recording an impairment loss of 7.5 billion yen for the accounting year in question due to decreasing profitability and a strategy revision in the wearables business.
Epson is a global technology leader dedicated to co-creating sustainability and enriching communities by leveraging its efficient, compact, and precision technologies and digital technologies to connect people, things, and information. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson will become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of around JPY 1 trillion.