KYB : Notice Concerning Differences between Full-Year Forecasts and Results for Fiscal Year Ended March 31, 2023
May 10, 2023
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May 11, 2023
For Immediate Release
Company name: KYB Corporation
Representative: Masao Ono
Representative Director, President Executive Officer
Stock code: 7242 (Prime Market)
Contact: Tsuyoshi Matsuoka
Manager, Public Relations & Investor Relations Sect., Executive Office Dept.
(Tel: +81-3-3435-3580)
Notice Concerning Differences between Full-Year Forecasts and Results for Fiscal Year Ended
March 31, 2023
KYB Corporation (the "Company") announces that its full-year consolidated financial forecasts for the fiscal year ended March 31, 2023 (April 1, 2022 through March 31, 2023), which were announced on February 8, 2023, differ from the financial results announced today. Details are as follows.
1.Differences between the full-year consolidated financial forecasts and the results for the fiscal year ended March 31, 2023 (April 1, 2022 through March 31, 2023)
(1) Differences
Profit
Net sales
Segment
Operating
Profit before
Profit for the
attributable
Basic earnings
profit
profit
taxes
period
to owners of
per share
the parent
Previously announced
Millions
Millions
Millions
Millions
Millions
Millions
Yen
of Yen
of Yen
of Yen
of Yen
of Yen
of Yen
forecasts (A)
761.88
442,000
26,500
29,700
28,900
21,700
20,400
(February 8, 2023)
Results (B)
431,205
25,500
32,547
31,770
28,660
27,210
1,028.40
Changes (B-A)
(10,795)
(1,000)
2,847
2,870
6,960
6,810
Rate of change (%)
(2.4)
(3.8)
9.6
9.9
32.1
33.4
(Reference)
Results for the
388,360
24,713
30,001
28,817
23,900
22,549
854.96
previous fiscal year
(Fiscal year ended
March 31, 2022)
(2) Reason for Differences
After the release of the previous forecast, operating profit and profit before taxes were better than expected, mainly due to the impact of the provision and the reversal of the provision for product warranties relating to seismic isolation/mitigation oil dampers. In addition, profit attributable to owners of parent surpassed the previously announced forecast by a wide margin, reflecting a decrease in taxable earnings due to the reversal of provision for product warranties at the parent company, a decrease in corporate income taxes due to the inclusion of previous years' provisions in deductible expenses at a local subsidiary in the United States, and an increase in deferred tax assets at a local subsidiary in Mexico.
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KYB Corporation published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2023 22:29:09 UTC.
KYB Corp is a Japan-based company mainly engaged in the manufacture and sale of hydraulic shock absorbers and hydraulic equipment, as well as the provision of services related to each business. The Company operates through three segments. The Automotive Components (AC) segment produces hydraulic equipment for automobiles, mainly hydraulic shock absorbers for automobiles and motorcycles, and power steering products. The Hydraulic Components (HC) segment produces industrial hydraulic equipment mainly for construction machinery, stage mechanisms, naval equipment, and vibration damping devices. The Aviation Equipment segment produces takeoff and landing gear, steering gear, and control equipment for aircraft. The Company also manufactures and sells concrete mixers, powder and granule transport vehicles, special function vehicles, and electronic equipment.