Citizen Watch : February 10 , 2021Notice of Revision to Consolidated Operating Results Forecasts

February 10, 2021

Press Release

Company name: Citizen Watch Co., Ltd.

Representative: Toshihiko Sato, President and CEO (Code: 7762, First Section, Tokyo Stock Exchange)

Please address inquiries to Toshiyuki Furukawa

Director in charge of Public & Investor Relations Department

TEL: [phone]

Notice of Revision to Consolidated Operating Results Forecasts

Based on the current business performance, we announced the following revision to the forecast of the full-year consolidated operating results for the fiscal year ending March 31, 2021 (From April 1, 2020 to March 31, 2021), which was initially presented on November 12, 2020.

Note

1. Revision to the forecast of the consolidated operating results for the fiscal year ending March 31, 2021 (From April 1, 2020 to March 31, 2021)

(Unit: millions of yen, %)

Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent	Earnings per share
Forecast previously announced (A) (Announced on November 12, 2020)	202,000	(14,000)	(10,000)	(30,000)	(95.96) yen
Current Forecast （B）	204,000	(10,500)	(6,500)	(30,000)	(95.96) yen
Change (B - A)	2,000	3,500	3,500	－	－
Change (%)	1.0％	－	－	－	－
(Reference) Results for the previous year	278,531	6,136	7,531	(16,667)	(53.07) yen

2. Background of revision

The Group has revised its previously announced consolidated earnings forecasts for the fiscal year ending March 31, 2021 upward because the results in the mainstay Watches and Machine Tools segments were better than expected, taking into consideration the financial results for the nine months under review, although there is still no prediction that COVID-19 will be contained or will subside any time soon.

The foreign exchange rates in the fourth quarter of the fiscal year under review and thereafter are assumed to be 105 yen against the U.S. dollar and 125 yen against the euro.

End