Sumitomo Electric Industries : Consolidated Business Results for Fiscal Year 2021

Our consolidated business results for the fiscal year ended March 31, 2022 marked an increase in income and profits from the previous year, which experienced a profound impact from the COVID-19 pandemic. For the business forecast that we announced on February 3 this year, net sales and profit attributable to owners of the parent achieved the forecast, and operating income and ordinary income resulted in almost the same level as forecasted, despite headwinds created by the shortage of semiconductors leading to decreased automotive production and soaring raw material and logistics costs. This has been made possible through your generous support, for which I would like to take this opportunity to express my sincere gratitude.

Regarding our full-year business forecast for this fiscal year, we plan to increase income and profits with a forecast of 3.85 trillion yen, the highest ever, in net sales, 165 billion yen in operating income, 160 billion yen in ordinary income, and 100 billion yen in profit attributable to owners of the parent.

As I mentioned during the press conference, while we have been experiencing some issues beyond our control, such as the steep rise in ocean freight rates and material costs, we will strive to accurately capture growing customer demand in each business, thereby boosting sales, and to thoroughly reduce costs.

I hope we will continue to enjoy your even greater support and cooperation for this fiscal year.