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DENSO Corporation Announces Year-end 2006 Financial Results

April 2007
 Filed under: CORPORATE Car News | CORPORATE Headlines
KARIYA, Japan, April 26 /PRNewswire/ -- DENSO Corporation today announced global financial results for the fiscal year ended March 31, 2007:

-- Consolidated net sales totaled 3,609.7 billion yen (US$30.6 billion), a 13.2 percent increase from the previous year.
-- Consolidated operating income totaled 303.1 billion yen (US$2.6 billion), a 13.7 percent increase from the previous year.
-- Consolidated net income totaled 205.2 billion yen (US$1.7 billion), a 20.9 percent increase from the previous year.

"This year we have hit record highs for consolidated net sales, consolidated operating income and consolidated net income," said Koji Kobayashi, managing officer of DENSO Corporation. "These favorable results are due to continued growth in domestic and overseas car production for Japanese auto manufacturers and sales expansion to non-Japanese auto manufacturers."
In Japan, sales totaled 2,541.3 billion yen (US$21.5 billion), an 11.0 percent increase from the previous year. In spite of the sales increase led by robust domestic car production supported by growing export, rising material costs led to operating income of 215.3 billion yen (US$1.8 billion), a 3.7 percent increase from the previous year.

In North, Central and South America, sales expansion to Toyota, Honda and General Motors led to an increase in sales to 769.1 billion yen (US$6.5 billion), an 11.4 percent increase from the previous year. Operating income increased to 29.2 billion yen (US$247.3 million), an increase of 33.4 percent from the previous year. Increased production volume and cost reduction efforts lessened the impact of an increase in raw material costs.

In Europe, sales expansion to Toyota, Ford, Fiat and OPEL for cooling modules, diesel common rail injection systems, and air conditioning systems raised sales to 519.3 billion yen (US$4.4 billion), a 22.8 percent increase from the previous year. Operating income improved drastically from 1.6 billion yen (US$13.6 million) the previous year to 12.2 billion yen (US$103.3 million), due to increased production volume and cost reduction efforts in Hungary and the Czech Republic.

In Asia and Oceania, sales totaled 480.2 billion yen (US$4.1 billion), a 21.5 percent increase from the previous year, and operating income totaled 45.9 billion yen (US$388.8 million), a 25.1 percent increase from the previous year. In spite of a decrease in car production in ASEAN countries, strong car production in China and sales expansion in Thailand resulted in an increase in both sales and operating income.

Forecast for Fiscal Year Ended March 31, 2008 Half-Year Current FY Changes from Forecast Forecast Previous FY Net Sales 1,830.0 billion yen 3,800.0 billion yen + 5.3 percent (US$15.5 billion) (US$32.2 billion) Income before income taxes and minority 149.0 billion yen 323.0 billion yen + 0.3 percent interests (US$1.3 billion) (US$2.7 billion) Net Income 95.0 billion yen 207.0 billion yen + 0.9 percent (US$0.8 billion) (US$1.8 billion)

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Worldwide, the company employs 112,000 people in 32 countries and regions, including Japan. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges in Japan.

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In the Americas, DENSO employs more than 15,000 people at 39 companies. Southfield, Mich.-based DENSO International America, Inc., serves as DENSO's North American headquarters.

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U.S. dollar amounts have been translated, for convenience only, at the rate of 118.05 yen = US$1, the approximate exchange rate prevailing on March 31, 2007. Billion is used in the American sense of one thousand million.

Source: DENSO Corporation

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