Full Year 2020 Kuraray Co Ltd Earnings Call Transcript
This is Hitoshi Kawahara. And I have been serving as President and Representative Director since January 1, 2021. Thank you for taking time out of your very busy schedule to participate in our earnings presentation. I will begin by explaining the financial results for the full fiscal year 2020.
Please go to Page 2. FY '20 results were affected by the spread of COVID-19 and due to the global economic slowdown, demand fell in many of our businesses, resulting in lower sales and production adjustments.
As the slide shows, net sales fell 5.9% year-on-year to JPY 541.8 billion. Operating income fell 18.1% to JPY 44.3 billion. Ordinary income fell 17.7% to JPY 39.7 billion. Net income was JPY 2.6 billion. A fall in both sales and profits year-on-year, excluding net income. As in the previous year, net income was significantly affected by loss on litigation in the U.S. Assumptions for the Forex is shown on the table below.
Please go to Page 3. This shows the outcome of main initiatives introduced in FY 2020,
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