Jan. 31, 2017
TDK Corporation today announced revisions to its projected consolidated financial results for the fiscal year ending March 31, 2017 that was announced on October 31 in 2016, in light of recent business performance. Details of the revisions are as follows.
Revision of Projections for Consolidated Financial Results
Consolidated Projections for FY March 2017 (April 1, 2016 – March 31, 2017)
|Net Sales||Operating Income||Income Before Income Taxes||Net Income Attributable to TDK||Net Income per Common Share Attributable to TDK|
|Previous projections (A)||(Million yen)
|Revised projections (B)||1,150,000||213,000||212,000||145,000||1,149.34|
|Reference: Results for year ended March 31, 2016||1,152,255||93,414||91,839||64,828||514.23|
Reason for Revising Projections for Consolidated Operating Results
TDK Corporation (“TDK”) announces an agreement on the transfer of business to RF360 Holdings Singapore PTE. Ltd. (“RF360 Holdings”), a joint venture with Qualcomm Incorporated (“Qualcomm”) that will deliver RF front-end (RFFE) modules and RF filters, as disclosed under “Announcement on Agreement to Establish of Joint Venture and Expand Collaboration with Qualcomm” on January 13, 2016.
TDK now expects to execute the transfer of business to the joint venture based on the agreement. Accordingly, TDK expects to record a gain on transfer (operating income of ¥149.0 billion) in fiscal 2017 in conjunction with the transfer of a 51% equity interest in RF360 held by EPCOS AG, a wholly-owned subsidiary of TDK, to QGT. Moreover, TDK expects to record restructuring expenses to strengthen its future earnings structure. In addition to these factors, based on TDK’s demand projections for electronic components in light of information currently available and on a view that the yen is expected to grow weaker against the U.S. dollar than previously assumed, TDK has decided to revise its projections for consolidated operating results.
In addition, items that are marked “to be announced” will be disclosed as soon as the pertinent decision has been rendered as disclosed under “Announcement on Agreement to Establish of Joint Venture and Expand Collaboration with Qualcomm” on January 13, 2016
Note: These projections are based on information available to TDK at this time. Actual business performance may vary as a result of various factors arising in the future.
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