Taxes and Coronavirus: Epson misses forecasts
April 30, 2020
The OEM has released its consolidated financial results for the year ended 31 March 2020, missing previously forecasted results due to coronavirus and increased tax expenses.
Epson recorded revenues of ¥1.043 trillion ($9.78 billion/ €8.99 billion), a decrease of 4.2% from the previous fiscal year where revenues were recorded as ¥1.089 trillion ($10.21 billion/ €9.39 billion). Business profits were down 42% at ¥40,861 billion ($383 million/ €352 million).
Epson explained: “Revenue and business profit were below the previous forecast due to the impact of the novel coronavirus pandemic. On the other hand, profit from operating activities and profit before tax exceeded the forecast due to insurance proceeds.
Profit for the period was below the previous forecast due to an increase in tax expenses accompanying a reversal of recoverable deferred tax assets, resulting from a review of the recoverable amount.”
Net sales for the period were ¥715,768 billion ($6.71 billion/ €6.17 billion), also a decrease year-on-year of 9.5%, where sales were recorded as ¥790,424 billion ($7.41 billion/ €6.81 billion).
Epson added: “It is not possible at this stage to accurately and reasonably calculate the impact of the coronavirus pandemic. Therefore, the consolidated financial outlook has yet to be finalised. The financial outlook will be announced as soon as it is possible to do so.”
Epson also announced that a meeting of its board of directors had provisionally approved the following executive personnel changes. The changes are subject to final approval at the company’s annual general meeting scheduled to be held on 25 June 2020. The lineup of executive officers from 25 June has also been approved.
New appointments include Susumu Murakoshi and Michiko Otsuka as Directors Audit & Supervisory Committee Member. Michihiro Nara and Chikami Tsubaki are due to retire and newly appointed Executive Officers include Junkichi Yoshida who is currently Deputy General Administrative Manager, DX Division, and General Manager, P Strategic Planning Department, Printing Solutions Operations Division, Samba Moorthy, currently Managing Director, Epson India Pvt. Ltd. and Yoichi Yamada currently Deputy Chief Operating Officer, Printing Solutions Operations Division.
Categories : City News
Tags : Business Epson Financials OEM