Difference between Forecast and Actual Results for the Year Ended March 2020

- TOKYO, Japan, April 30, 2020 -

Seiko Epson Corporation (TSE: 6724, "Epson") has announced a difference between the forecast for the year ended March 2020, announced on January 31, and the actual results announced today.

1. Difference between forecast and actual results for the year ended March 2020 (April 1, 2019 to March 31, 2020)

  Revenue Business profit Profit from operating activities Profit before tax Profit for the period Profit for the period attributable to owners of the parent company Net income per share
Millions of yen Millions of yen Millions of yen Millions of yen Millions of yen Millions of yen yen
Previous forecast (A) 1,060,000 42,000 37,000 36,000 27,000 27,000 78.05
Actual results (B) 1,043,600 40,861 39,479 39,713 7,823 7,733 22.26
Difference (B-A) -16,399 -1,138 2,479 3,713 -19,176 -19,266 -
Difference (%) -1.5 -2.7 6.7 10.3 -71.0 -71.4 -
Results for the year ended March 2019
1,089,676 70,498 71,355 72,040 54,044 53,710 152.49


Business profit is calculated by subtracting cost of sales and selling, general and administrative expenses from revenue.

2. Reasons for the difference

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.

About Epson
Epson is a global technology leader dedicated to becoming indispensable to society by connecting people, things and information with its original efficient, compact and precision technologies. The company is focused on driving innovations and exceeding customer expectations in inkjet, visual communications, wearables and robotics. Epson is proud of its contributions to realizing a sustainable society and its ongoing efforts to realizing the United Nations' Sustainable Development Goals.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion.