20212022202320202021202220232024(Target)285.0256.8256.8235.921.621.617.015.424.021.5In the fiscal year ended March 31, 2022, the application of the Accounting Standard for Revenue Recognition had a ¥13.6 billion negative impact on net sales. Nevertheless, net sales rose ¥20.9 billion year on year, to ¥256.8 billion, thanks to a major increase in the sale of semiconductor- and electronic components-related products, as well as a recovery in demand for other products, and the acquisition of a U.S. company. Operating income rose ¥4.6 billion, to ¥21.6 billion, as income increased in Electronic and Optical Products, and Printing and Industrial Materials Products turned profitable. As a result, we posted record highs in net sales, exceeding the previous record of ¥250.9 billion in the fiscal year ended March 31, 2019, and operating income, ¥20.9 billion in the fiscal year ended March 31, 2011. Accordingly, in the first year of our medium-term business plan, LSV 2030-Stage 1, we achieved the management targets we had set for the final year of that plan (the fiscal year ending March 31, 2024). Given this situation, we changed our management targets, which included net sales of ¥300.0 billion and operating income of ¥24.0 billion. The operating environment is extremely 240.7Consolidated Net Sales¥ Billion3002001002020(Forecast)(Fiscal years ended / ending March 31)challenging, due to such factors as sharply higher prices on raw materials and fuel, as well as the resurgent COVID-19 pandemic. Consequently, in the fiscal year ending March 31, 2023, we expect a year-on-year decline in income despite higher sales. While we anticipate positive contributions to performance from our newly established U.S. subsidiary, SPINNAKER PRESSURE SENSITIVE PRODUCTS LLC, and the impact of price revisions, we expect these improvements to fall short of compensating for higher raw materials, fuel, and logistics costs. For the current fiscal year, we assume an exchange rate of ¥115 to US$1. We expect annual exchange rate sensitivity to result in approximately ¥100.0 million in operating income for each ¥1 in depreciation against the dollar. That said, the sensitivity is difficult to judge exactly, due to the major impact of other Asian currencies, such as the South Korean won, the Chinese yuan, and the Taiwanese dollar. In addition, although Russia’s invasion of Ukraine will not affect our operations directly because we have no Group bases or major customers there, we expect to be affected indirectly through higher prices on raw materials, fuel, and logistics.300.0Consolidated Operating Income¥ Billion302010002024(Target)(Forecast)(Fiscal years ended / ending March 31)26A Message from the CFOWe aim to increase profitability and capital efficiency through aggressive investment, thereby enhancing corporate value.Yoichi ShibanoDirector, Senior Executive Officer, and CFO, Executive General Manager, Administration Div., and General Manager, Finance & Accounting Dept.Review of the Fiscal Year Ended March 31, 2022, and Outlook for the Future
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