Forecast

Update: 2020/11/4

Forecast

	FY19	FY20 forecast (11/4)
Sales（Billion of yen）	404.4	375.0
Operating income（Billion of yen）	35.6	30.0
Ordinary income（Billion of yen）	36.3	30.0
Net income（Billion of yen）	14.7	19.0
Earnings per share (yen)	55.02	71.18

Financial Forecasts by Segment

Orders

(Billion of yen)

	FY19	FY20 forecast (11/4)
Control	385.9	329.0
Measurement	25.7	25.0
Aviation and other	7.0	6.0

Sales

(Billion of yen)

	FY19	FY20 forecast (11/4)
Control	370.5	344.0
Measurement	24.8	25.0
Aviation and other	9.1	6.0

Operating income

(Billion of yen)

	FY19	FY20 forecast (11/4)
Control	34.2	31.0
Measurement	1.6	0.5
Aviation and other	▲0.2	▲1.5

<Cautions concerning the use of business forecasts>

As the above business forecast is based on certain assumptions judged by the Company to be reasonable at present, actual business results may differ.
The main factors that may cause changes in the results are as follows.

Changes in foreign exchange rates, particularly the U.S. dollar, the euro, Asian currencies, and the currencies of the Middle East
Sudden changes in the price of crude oil
Sudden changes in the political and economic situation in major markets
Geopolitical risks in the Middle East and East Asia, etc.
Changes in the business environment such as revisions to trade regulations
Dramatic shifts in product supply and demand in the market
Changes in Japanese share prices
Protection of the Company's patents and the licensing of patents held by other companies
M&A and business alliances with other companies for purposes such as product development
Occurrences of natural disasters such as earthquakes, floods, and tsunamis