First, I would like to express my sincere appreciation for your support of GS Yuasa.
I will present the Company's operating performance for the fiscal year ending March 31, 2021.
In the fiscal year ended March 31, 2021, the global economy saw business conditions deteriorate severely owing to the impact of the novel coronavirus (COVID-19) pandemic. While economic activity has been resuming in stages and there is great expectation that vaccinations will gradually end the spread of infection, the recent resurgence in infections means that the economic outlook remains highly uncertain.
In this economic environment, the GS Yuasa Group’s consolidated net sales for the fiscal year totaled ¥386,511 million, ¥9,042 million or 2.3% less than in the previous fiscal year. The main reasons for the decline in Group sales were a decrease in domestic and overseas sales of lead-acid batteries for new vehicles and lithium-ion batteries for plug-in hybrid vehicles. Operating profit was ¥24,810 million (¥27,069 million before goodwill amortization), a year-on-year increase of ¥3,134 million or 14.5%, due to solid domestic and overseas sales of replacement batteries for automobiles and lithium-ion batteries for hybrid vehicles. Ordinary profit rose to ¥27,279 million, a ¥4,169 million or 18.0% year-on-year increase on the back of the increase in operating profit and improvements in non-operating items, such as the recording of foreign exchange gains. Additionally, a new record high was set for operating profit and ordinary profit. Profit attributable to owners of parent, on the other hand, fell to ¥11,455 million, a year-on-year decrease of ¥2,219 million or 16.2%, that takes into account the recording of impairment losses as well as the recoverability of deferred tax assets in light of the decline in profitability of some consolidated subsidiaries.
I sincerely hope we will be able to count on the continued support and encouragement of our shareholders as we rise to meet the challenges ahead.
May 12, 2021