¥235.9 billion¥17.0 billionThe fiscal year ended March 31, 2021, my first year as president of LINTEC, was intended to mark the commencement of a new medium-term business plan after the end of the previous plan, LINTEC INNOVATION PLAN 2019 (LIP-2019), which concluded in the fiscal year ended March 31, 2020. However, in preparation for applying the Accounting Standard for Revenue Recognition from the fiscal year ending March 31, 2022, the Company instead took steps toward achieving its single-year targets. To sum up the fiscal year under review, I would define it as a period when the Company was seriously affected by the COVID-19 pandemic, which emerged at the tail end of the previous fiscal year. As global economic activity slumped, demand weak-ened in most of our product and business fields. However, in Advanced Materials Operations, which focuses on products Net SalesOperating IncomeProfit Attributable to Owners of ParentUnder the previous medium-term business plan, LIP-2019, the Company implemented measures to attain its targets for consolidated net sales of ¥270.0 billion, operating income of ¥25.0 billion, and both an operating income margin and ROE of more than 9% by the fiscal year ended March 31, 2020—the concluding year of the plan. In the previous plan’s first year, we got off to a good start with consolidated net sales of ¥249.0 billion and operating income of ¥20.1 billion. In the second and third years of the plan, however, LINTEC was adversely affected by related to semiconductors and electronic components, demand was robust thanks to the proliferation of teleworking and stay-at-home demand. When we announced the financial results of the second quarter in November 2020, we lowered our full-year forecasts of business results in light of weak performance in the first half. However, in February 2021 the Company raised its forecasts due to signs of a gradual recovery in economic activ-ity, as well as the recovery of earnings in each business opera-tion in the second half. In other words, it was a challenging year to formulate accurate forecasts. Ultimately, net sales finished higher than our upwardly revised forecast. Profit reached a new record high in Electronic and Optical Products and, overall, performance was stronger than we initially anticipated, which was a satisfactory result in a challenging year. Upward revision to full-year forecasts (February 2021)U.S.–China trade friction and inventory adjustments in electronics-related markets. In the last year of the plan, we fell well short of our targets with consolidated net sales of ¥240.7 billion, operating income of ¥15.4 billion, an operating income margin of 6.4%, and ROE of 5.0%. executing three-year business plans based on existing business trajectories is inadequate for plotting a future direction for the Company, and we therefore decided to create a long-term In light of these results, we realized that formulating and LINTEC Integrated Report 2021Consolidated Business Results in Fiscal Year Ended March 31, 2021Initial full-year Downward revision forecasts to full-year forecasts (as of May 2020)(November 2020)¥240.0 billion¥226.0 billion¥15.0 billion¥13.0 billion¥11.0 billion¥8.5 billion¥233.0 billion¥16.0 billion¥10.5 billionResults¥240.7 billion¥15.4 billion¥9.6 billionPrevious year’s results15Review of Fiscal Year Ended March 31, 2021Background to Formulation of the Long-term Vision¥11.4 billion
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