Full Year 2023 NSK Ltd Earnings Call Transcript
Thank you for joining our financial conference. Today, I will outline NSK's full-year business results for fiscal 2022. Our forecast for fiscal 2023 and the steering business joint venture agreement we entered into with Japan Industrial Solutions. Additionally, I will also touch on the company's decision to implement share buybacks and the decision to abolish our takeover defense policy.
Let's begin.
Looking at page 4. Sales for the year ended March 31, 2023 were JPY938.1 billion, an increase of JPY72.9 billion year on year. And operating income was JPY32.9 billion, an increase of JPY3.5 billion. Net income attributable to owners of the parent was JPY18.4 billion. Although real volume was down from the previous year, transferring increased costs to sales prices and the yen's depreciation contributed to our result of an increase in both sales and profits.
Regarding transferring increased costs to sales prices, we exceeded our February forecast target due to a strong effort by the sales team and better understanding by customers than we
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