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For reference only: SANYO Reports its FY 2008 Financial Results

SANYO Electric Co., Ltd. Consolidated Financial Results for Fiscal Year 2008

      

SANYO Electric Co., Ltd. (SANYO) announces its consolidated results for the Fiscal Year (FY) ended March 31, 2009.

The consolidated net sales total was 1,770.7 billion yen, a decrease of 12.2% or 247.2 billion yen compared to the previous year. For the Japanese market, while sales of washing machines, including the highly popular “AQUA” washer-dryer unit, and commercial kitchen equipment were favorable, air conditioners and components such as semiconductors and electronic components were bearish, leading to an overall decrease of 71.8 billion yen or 9.7% compared to the previous year, resulting in a total of 670.8 billion yen. As for overseas markets, although there were favorable sales of commercial-use showcases in China and photovoltaic systems in Europe, due to the severe market situation for almost all categories caused by the downturn in the global economy, total sales ended at 1099.9 billion yen, decreasing 13.8% or the equivalent of 175.4 billion yen compared to the previous year.

 

As for operating profit, the FY 2008 results showed lower revenue, ending the fiscal year with a total of 8.3 billion yen, a decrease of 89.1% or 67.9 billion yen compared to the previous year. Despite concentrated cost reduction efforts, due to the sharp yen appreciation, escalation of costs for raw materials in the first half and adding the overall decrease in sales from the stagnant economy, the results ended much lower than the previous year.

 

Profit before tax for continuing operations decreased 171.0 billion yen from the previous year and ended with a deficit of 113.7 billion yen, primarily from posting restructuring costs of total approximately 85.0 billion yen for items such as impairment losses on fixed assets for the semiconductor business. The result was a net loss for the continuing operations of 122.2 billion yen. The net loss for FY 2008 ended at 93.2 billion yen, decreasing 121.9 billion yen compared to the previous year total which included profit from the sale of operations such as the mobile phone business.

 

Seiichiro Sano, Executive Director & President of SANYO, commented, “SANYO’s business really felt the effects of the global economic downturn, especially in the 2^nd half of FY 2008, causing the results for this year to be severe.” He added, “While we expect the business operating environment to continue to be severe, we will continue to focus on our strengths such as the rechargeable and solar battery businesses with further concentrated investments despite the current economic situation, as well as enhancing management practices to be able to weather the storm.”

 

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