August 2, 2023

Company name:

NOK CORPORATION

Representative:

Masao Tsuru

Representative Director, CEO

Securities code:

7240

Contact person:

Kiyoshi Igarashi

Manager, IR Department

(TEL: +81-3-5405-6372)

Notice of Revisions to Consolidated Financial Forecasts for the first six months and the full year of FY2023

NOK Corporation has made the following revisions to the consolidated financial forecasts for the first six months and the full year of the fiscal year ending March 31, 2024 (FY2023) announced on May 10, 2023 based on the recent business environment as well as the consolidated financial results for the first three months of the fiscal year ending March 31, 2024 disclosed today.

1. Revisions to the forecasts

Consolidated financial forecasts for the first six months of FY2023 (April 1, 2023 to September 30, 2023)

Net sales

Operating

Ordinary income

Profit attributable

Earnings

income

to owners of parent

per share

Previously announced

Million yen

Million yen

Million yen

Million yen

Yen

forecasts (A)

353,800

5,100

9,000

1,900

10.92

Revised forecasts (B)

341,000

2,400

8,800

2,300

13.57

Change (B-A)

(12,800)

(2,700)

(200)

400

Rate of change (%)

(3.6)

(52.9)

(2.2)

21.1

(Reference) Results for the six

352,769

6,117

16,561

10,185

59.02

months of FY2022

Consolidated financial forecasts for the full year of FY2023 (April 1, 2023 to March 31, 2024)

Net sales

Operating

Ordinary income

Profit attributable

Earnings

income

to owners of parent

per share

Previously announced

Million yen

Million yen

Million yen

Million yen

Yen

forecasts (A)

748,000

26,200

34,300

18,400

106.95

Revised forecasts (B)

735,200

23,500

34,200

18,800

110.92

Change (B-A)

(12,800)

(2,700)

(100)

400

Rate of change (%)

(1.7)

(10.3)

(0.3)

2.2

(Reference) Results for

the

709,956

15,378

26,557

13,320

77.55

full year of FY2022

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2. Reasons for the revision

With regard to the forecasts for the first six months of the fiscal year ending March 2024, while automobile production volume is steadily recovering reflecting gradual recovery from the supply shortage of semiconductors and other components, in the seal business, sales for automobile applications and general industrial machinery applications in the Chinese and ASEAN market are anticipated to be lower than our expectation. In the electronic product business, although we expected demand recovery in hard disk drives, sales in the area were below our anticipation. In addition to that, sales growth for automobile applications where we expect as a growth driver was weaker than the forecast.

Based on the recent business circumstances and the consolidated financial results for the first three months, we expect sales would be lower than the previously announced forecast. Operating income is also anticipated to be below the previous forecast due to the lower sales.

With regard to the full-year forecasts for the fiscal year ending March 2024, we just reflected the revisions to the forecasts for the first six months as above and left the forecasts for the second half of the fiscal year unchanged because of the uncertainty in the business outlook.

*Any forward-looking statements on business result projections stated in this material are based on information currently available to NOK Corporation and certain assumptions which NOK Corporation deems reasonable, and are not meant to promise the achievement of such projections. Furthermore, actual financial results may differ significantly due to various factors.

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Nok Corporation published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 06:10:25 UTC.