02 15-14 fuji heavy-results_q3_2013-3
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02 15-14 fuji heavy-results_q3_2013-3 Presentation Transcript

  • 1. Presentation of Business Results for the 3rd quarter of FYE 2013 Fuji Heavy Industries Ltd. February 4, 2014 http://www.fhi.co.jp/english/ir/index.html 0
  • 2. Summary Financial results for the 3rd quarter (9 months) of FYE March 2014  Due to healthy sales of Forester in Japan and North America, consolidated automobile sales set an all-time records of 593k units for a fiscal 9 months period.  In addition to gain on currency exchange, increase in sales volume, improvement in product mix and cost reduction brought all time record high in net sales and all profits for a fiscal 9 months period. Net sales Actual results (YoY) Operating income Ordinary income Net income Consolidated automobile units ¥1,708.5bil. ¥233.4bil. ¥221.4bil. ¥181.5bil. 593.4k (+¥337.8bil.) (+160.0bil.) (+¥158.0bil.) (+¥128.4bil.) (+66.8k) Financial projections full year for the FYE March 2014  Plan to record-setting performance of consolidated automobile units, net sales and all profits  Due to improvement of sales volume, product mix in Japan and US and revision of assumed currency exchange rate, full year projections of net sales and all profits to be increased compared to previous projections. Net income Consolidated automobile units ¥294.0bil. ¥221.0bil. 829.3k (+¥193.4bil.) (+¥101.4bil.) (+104.8k) Net sales Actual results (YoY) Operating income Ordinary income ¥2,380.0bil. ¥310.0bil. (+¥467.0bil.) (+¥189.6bil.) http://www.fhi.co.jp/english/ir/index.html 1
  • 3. Business results for the 3rd quarter (9 months) of FYE March 2013 http://www.fhi.co.jp/english/ir/index.html 2
  • 4. 9 months : Consolidated Automobile Units (Thousand Units) Actual Results 9 months FYE 2013 Passenger cars Minicars Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Actual Results 9 months FYE 2014 Increase / Decrease 76.9 34.7 86.9 37.0 +10.0 +2.3 111.5 123.9 +12.3 259.4 23.6 13.3 34.9 28.3 40.3 15.3 326.4 27.2 9.5 23.5 29.6 29.6 23.8 +67.0 +3.6 -3.8 -11.4 +1.4 -10.7 +8.4 415.1 526.6 469.5 593.4 +54.5 +66.8 * China figures are consolidated on the calendar year basis from Jan. to Sep. 3
  • 5. 9 months : Consolidated Income Statements (100 Million Yen) Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Increase / Decrease 13,707 17,085 +3,378 Domestic 4,823 4,788 -35 Overseas 8,884 12,297 +3,413 Operating income 734 2,334 +1,600 Ordinary income 634 2,214 +1,580 Income before taxes and minority interests 617 2,671 +2,054 Net income 531 1,815 +1,284 ¥80/US$ ¥98/US$ +¥19/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html 4
  • 6. 9 months : Analysis of Increase and Decrease in Operating Income Changes (consolidated) US$ : +1,271 EURO : +35 CA$ : +71 CNY : -1 Currency exchange adjustment : +52 (100 Million Yen) Gain on currency exchange +194 +1,428 Improvement of sales volume & mixture and others +195 734 Increase of R&D expenses Cost reduction -80 Increase of SG&A expenses and others -137 FHI : +159 SIA : +35 ・Increase of fixed cost and SG&A expenses ・Decrease of warranty claims 2,334 Domestic : Increase of sales volume & deterioration of mixture Overseas : Improvement of sales volume & mixture Actual results Operating income 9 months FYE March 2013 http://www.fhi.co.jp/english/ir/index.html +160.0 billion Actual results Operating income 9 months FYE March 2014 5
  • 7. 9 months : Automobile Segment (Consolidated) (100 Million Yen) Net sales Operating income +25.5 % +226.6 % 15,962 2,203 12,717 674 2012年3月期 9 months FYE2013 2013年3月期 9 months FYE2014 92012年3月期 months FYE2013 2013年3月期 9 months FYE2014  Net sales to be increased due to increase of sales in Japan and US and gain on currency.  Operating income to be increased due to increase of sales units and cost reduction offset increase of SG&A costs. http://www.fhi.co.jp/english/ir/index.html 6
  • 8. 9 months : Aerospace Segment (Consolidated) (100 Million Yen) Net sales Operating income +33.0 % +180.3 % 846 106 636 38 2012年3月期 9 months FYE2013 2013年3月期 9 months FYE2014 92012年3月期 months FYE2013 2013年3月期 9 months FYE2014  Increase in both sales and operating income.  Increase in both Defense and Commercial Sectors with gain on currency exchange. http://www.fhi.co.jp/english/ir/index.html 7
  • 9. 9 months : Industrial Products Segment (Consolidated) (100 Million Yen) Net sales Operating income -1.5 % 224 -32.9 % 220 3 2 2012年3月期 9 months FYE2013 2013年3月期 9 months FYE2014 2012年3月期 9 months FYE2013 2013年3月期 9 months FYE2014  Decrease in both net sales and operating income.  Despite increase of engines sales in Japan and Asia, sales decrease in engines for leisure vehicles for North America. http://www.fhi.co.jp/english/ir/index.html 8
  • 10. 9 months : Non-Operating Income & Expenses and Extraordinary Income & Loss (Consolidated) (100 Million Yen) Actual Results 9 months FYE 2013 Financial revenue and expenditure Actual Results 9 months FYE 2014 Increase / Decrease -8 1 +8 FOREX effects -79 -108 -28 Other -12 -12 +0 Total non-operating income & expenses -99 -119 -20 Gain on sales of investment securities 5 472 +468 -16 -17 -1 -6 1 +7 -17 457 +474 Loss on sales and retirement of noncurrent assets Other Total extraordinary income & loss http://www.fhi.co.jp/english/ir/index.html 9
  • 11. Consolidated Balance Sheets (100 Million Yen) Increase / Decrease As of Mar. 2013 As of Dec. 2013 15,775 17,859 +2,085 Current assets 9,440 11,565 +2,124 Noncurrent assets 6,334 6,295 -39 Interest bearing debts 3,072 2,760 -312 Net assets 5,968 7,643 +1,675 Retained earnings 3,014 4,595 +1,581 Shareholder’s equity Shareholder’s equity to total assets D/E ratio 5,954 7,612 +1,658 37.7% 42.6% +4.9 0.52 0.36 -0.15 Total assets http://www.fhi.co.jp/english/ir/index.html 10
  • 12. 9 months : Consolidated Statement of Cash Flows (100 Million Yen) Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Free cash flows Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (Decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation Cash and cash equivalents at end of period http://www.fhi.co.jp/english/ir/index.html Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 1,113 2,215 +1,102 -467 -121 +345 646 2,094 +1,447 -439 -547 -108 45 145 +99 252 1,691 +1,438 2,581 3,289 +709 213 1 -212 3,046 4,982 - Increase / Decrease 11
  • 13. 9 months : Operating Results of Subsidiaries in U.S. (Million US$) SOA Net sales Operating income Net income Retail sales (Thousand units) SIA Net sales Operating income Net income Subaru production (Thousand units) http://www.fhi.co.jp/english/ir/index.html Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Increase / Decrease 6,385 130 85 8,115 199 123 +1,730 +69 +38 254.9 331.0 +76.1 Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Increase / Decrease 3,021 30 19 2,817 162 102 -204 +132 +83 131.7 119.7 -12.0 12
  • 14. Outlook for the term Ending March 2014 http://www.fhi.co.jp/english/ir/index.html 13
  • 15. Full Year : Consolidated Automobile Sales Plan (Thousand Units) Actual results FYE 2013 Passenger cars Minicars Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Plan FYE 2014 Increase / Decrease 112.8 50.4 135.0 53.8 +22.3 +3.4 163.1 188.8 +25.7 357.6 32.6 14.7 46.4 38.1 50.2 21.7 439.8 36.0 15.4 31.9 39.1 44.8 33.4 +82.3 +3.4 +0.7 -14.5 +1.0 -5.4 +11.7 561.3 724.5 640.5 829.3 +79.1 +104.8 * China figures are consolidated on the calendar year basis from Jan. to Dec. 14
  • 16. Full Year : Consolidated Operating Plan (100 Million Yen) Actual results FYE 2013 Plan FYE 2014 Increase / Decrease 19,130 23,800 +4,670 Domestic 6,718 6,495 -223 Overseas 12,411 17,305 +4,893 Operating income 1,204 3,100 +1,896 Ordinary income 1,006 2,940 +1,934 931 3,331 +2,400 1,196 2,210 +1,014 ¥82/US$ ¥99/US$ +¥17/US$ Net sales Income before taxes and minority interests Net income FHI exchange rate http://www.fhi.co.jp/english/ir/index.html 15
  • 17. Analysis of Increase and Decrease in Operating Income Changes (consolidated) US$ : +1,497 EURO : +48 CA$ : +77 CNY : +7 Currency exchange adjustment : -9 (100 Million Yen) Gain on currency exchange Increase of R&D expenses Cost reduction +210 +1,620 Improvement of sales volume & mixture and others FHI : +172 SIA : +38 -109 Increase of SG&A expenses and others -309 +484 1,204 Actual results Operating income FYE March 2013 http://www.fhi.co.jp/english/ir/index.html 3,100 Increase of fixed cost and SG&A expenses Decrease of warranty claims Domestic : Improvement of sales volume & mixture Overseas : Improvement of sales volume & mixture +189.6 billion Plan Operating income FYE March 2014 16
  • 18. Full Year : Operating Plan of Subsidiaries in U.S. (Million US$) SOA Net sales Operating income Net income Retail sales (Thousand units) SIA Net sales Operating income Net income Subaru production (Thousand units) http://www.fhi.co.jp/english/ir/index.html Actual results FYE 2013 Plan FYE 2014 Increase / Decrease 8,805 133 97 10,935 175 109 +2,130 +42 +12 347.1 435.1 +88.0 Actual results FYE 2013 Plan FYE 2014 Increase / Decrease 4,158 71 46 3,839 257 155 -319 +186 +109 181.2 163.5 -17.7 17
  • 19. Capex / Depreciation / R&D / Interest bearing debt (100 Million Yen) FYE2013 Actual results 9 months FYE2014 Actual Results Actual results Full year 9 months (a) Plan Full year (b) Increase / Decrease (b) - (a) Capex 484 702 412 720 +18 Depreciation 389 559 394 550 -9 R&D 353 491 433 600 +109 3,236 3,072 2,760 2,700 -372 Interest bearing debt http://www.fhi.co.jp/english/ir/index.html 18
  • 20. Appendix (1) ・Segment information (by Business / Geographic) ・Segment ・Overseas net sales ・Overseas ・Non-consolidated automobile sales ・Non-consolidated ・3rd quarter (3 months), consolidated statements income ・3rd ・2nd half (6 months), consolidated statements income ・2nd ・ Full year, Previous plan vs. revised plan http://www.fhi.co.jp/english/ir/index.html 19
  • 21. 9 months : Net Sales and Operating Income by Business Segment (consolidated) (100 Million Yen) Net sales Operating income Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Increase / Decrease Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Increase / Decrease Automobile 12,717 15,962 +3,245 674 2,203 +1,528 Aerospace 636 846 +210 38 106 +68 Industrial products 224 220 -3 3 2 -1 Others 130 56 -73 15 18 +3 4 4 +1 734 2,334 +1,600 Elimination and corporate Total 13,707 http://www.fhi.co.jp/english/ir/index.html 17,085 +3,378 20
  • 22. 9 months : Consolidated Operating Income by Geographic Area (100 Million Yen) Net sales Operating income Actual Actual Actual Actual Increase Increase Results Results Results Results / / 9 months 9 months 9 months 9 months Decrease Decrease FYE 2013 FYE 2014 FYE 2013 FYE 2014 Japan 6,600 6,839 +238 595 2,038 +1,443 North America 5,859 9,084 +3,225 146 434 +288 Other 1,248 1,163 -86 -2 -5 -3 -6 -133 -128 734 2,334 +1,600 Elimination and corporate Total 13,707 http://www.fhi.co.jp/english/ir/index.html 17,085 +3,378 21
  • 23. 9 months : Overseas Net Sales (100 Million Yen) Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Increase / Decrease 6,273 9,640 +3,367 Europe 960 837 -124 Asia 880 916 +36 Other 771 904 +133 8,884 12,297 +3,413 North America Total http://www.fhi.co.jp/english/ir/index.html 22
  • 24. 9 months : Non-Consolidated Automobiles Units (Thousand Units) Actual Results 9 months FYE 2013 Actual Results 9 months FYE 2014 Domestic production 425.6 482.3 +56.7 Domestic sales 119.4 131.2 +11.8 Passenger cars 84.5 90.9 +6.5 Minicars 34.9 40.3 +5.4 284.6 371.6 +87.0 136.0 124.3 -11.6 539.9 627.2 +87.3 Number of vehicles exported Components for overseas production Total Increase / Decrease * Domestic Production figures include Toyota 86. http://www.fhi.co.jp/english/ir/index.html 23
  • 25. 3rd Quarter : Consolidated Automobile Units (Thousand Units) Actual Results Q3 FYE 2013 Passenger cars Minicars Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Actual Results Q3 FYE 2014 Increase / Decrease 31.5 8.1 25.1 11.4 -6.4 +3.3 39.6 36.5 -3.0 95.0 7.3 2.2 9.5 6.2 13.7 4.7 117.5 8.5 2.7 8.1 8.3 10.6 8.4 +22.4 +1.2 +0.5 -1.4 +2.1 -3.1 +3.8 138.6 178.2 164.2 200.8 +25.6 +22.6 * China figures are consolidated on the calendar year basis from Jul. to Oct. 24
  • 26. 3rd Quarter : Consolidated Income Statements (100 Million Yen) Actual Results Q3 FYE 2013 Actual Results Q3 FYE 2014 Increase / Decrease 4,727 5,829 +1,102 Domestic 1,725 1,482 -243 Overseas 3,002 4,347 +1,345 Operating income 301 827 +525 Ordinary income 181 752 +571 Income before taxes and minority interests 159 1,218 +1,059 Net income 127 817 +690 ¥79/US$ ¥99/US$ +¥20/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html 25
  • 27. 3rd Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) US$ : +512 EURO : +15 CA$ : +22 CNY : -1 Currency exchange adjustment : +7 Gain on currency exchange +556 Cost reduction +59 FHI : +43 SIA : +16 (100 Million Yen) Increase of R&D expenses -30 Increase of SG&A expenses and others -41 Deterioration of sales volume & mixture and others -18 Decrease of fixed cost Increase of SG&A expenses and warranty claims 301 Actual results Operating income 3rd quarter FYE March 2013 http://www.fhi.co.jp/english/ir/index.html 827 Domestic : Deterioration of sales volume & mixture Overseas : Improvement of sales volume & mixture +52.5 billion Plan Operating income 3rd quarter FYE March 2014 26
  • 28. 2nd Half : Consolidated Automobile Sales Plan (Thousand Units) Actual Results 2nd Half FYE 2013 Passenger cars Minicars Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Plan 2nd Half FYE 2014 Increase / Decrease 67.4 23.8 73.3 28.2 +5.9 +4.4 91.1 101.5 +10.3 193.2 16.3 3.6 21.0 16.1 23.6 11.0 230.9 17.3 8.6 16.5 17.8 25.9 18.1 +37.7 +1.0 +5.0 -4.5 +1.8 +2.3 +7.0 284.9 376.0 335.2 436.6 +50.3 +60.6 * China figures are consolidated on the calendar year basis from Jul. to Dec. 27
  • 29. 2nd Half : Consolidated Operating Plan (100 Million Yen) Actual Results 2nd Half FYE 2013 Plan 2nd Half FYE 2014 Increase / Decrease 10,149 12,544 +2,394 Domestic 3,621 3,189 -431 Overseas 6,529 9,354 +2,825 Operating income 772 1,593 +821 Ordinary income 553 1,478 +925 Income before taxes and minority interests 472 1,878 +1,406 Net income 791 1,212 +420 ¥84/US$ ¥99/US$ +¥15/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html 28
  • 30. 2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) US$ : +738 EURO : +28 CA$ : +28 CNY : +7 Currency exchange adjustment : -53 (100 Million Yen) Gain on currency exchange Increase of R&D expenses +748 Cost reduction Improvement of sales volume & mixture and others +271 +75 -58 Increase of SG&A expenses and others -215 1,593 FHI : +56 SIA : +19 Decrease of fixed cost Increase of SG&A expenses and warranty claims 772 Domestic : Deterioration of sales volume & mixture Overseas : Improvement of sales volume & mixture Actual results Operating income 2nd half FYE March 2013 http://www.fhi.co.jp/english/ir/index.html +82.1 billion Plan Operating income 2nd half FYE March 2014 29
  • 31. Full Year : Consolidated Automobile Units Previous plan vs. Revised plan (Thousand Units) Previous plan FYE 2014 Passenger cars Minicars Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Revised plan FYE 2014 Increase / Decrease 116.3 53.6 135.0 53.8 +18.7 +0.2 169.9 188.8 +18.9 434.8 35.9 15.4 34.6 39.9 44.2 32.5 439.8 36.0 15.4 31.9 39.1 44.8 33.4 +5.0 +0.1 -0.0 -2.8 -0.8 +0.6 +0.9 637.4 807.3 640.5 829.3 +3.1 +22.0 * China figures are consolidated on the calendar year basis from Jan. to Dec. 30
  • 32. Full Year : Consolidated Income Statements Previous Plan vs. Revised Plan (100 Million Yen) Previous plan FYE 2014 Revised plan FYE 2014 Increase / Decrease 23,000 23,800 +800 Domestic 6,437 6,495 +58 Overseas 16,563 17,305 +742 Operating income 2,780 3,100 +320 Ordinary income 2,720 2,940 +220 Income before taxes and minority interests 3,111 3,331 +220 Net income 2,070 2,210 +140 ¥97/US$ ¥99/US$ +¥2/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html 31
  • 33. Full Year : Analysis of Increase and Decrease in Operating Income Changes Previous Plan vs. Revised Plan US$ : +233 EURO : +6 CA$ : +1 CNY : +7 Currency exchange adjustment : +39 (100 Million Yen) Gain on currency exchange Cost reduction +36 +286 Improvement of sales volume & mixture and others +47 Increase of SG&A expenses and others FHI : +34 SIA : +2 -49 3,100 Decrease of fixed cost Increase of SG&A expenses and warranty claims 2,780 Domestic : Improvement of sales volume & mixture Overseas : Improvement of sales volume & mixture Previous plan Operating Income FYE March 2014 http://www.fhi.co.jp/english/ir/index.html +32.0 billion Revised plan Operating Income FYE March 2014 32
  • 34. Appendix (2) ・Net sales / Operating income ・Net ・Consolidated automobile units / OPM ・Consolidated ・Complete cars production / Retail units ・Complete ・FCF / Shareholders’ equity to total assets ・FCF Shareholders’ ・Interest-bearing debt / D/E ratio ・Interest-bearing http://www.fhi.co.jp/english/ir/index.html 33
  • 35. Net Sales & Operating Income Net Sales (100 million yen) Operating Income (100 million yen) ¥83/$ 6,000 ¥83/$ ¥82/$ ¥79/$ Net sales ¥77/$ ¥78/$ ¥81/$ ¥79/$ Operating income 5,000 ¥89/$ ¥98/$ ¥98/$ ¥99/$ 5,787 5,829 5,422 5,469 4,877 4,000 3,706 ¥79/$ 4,691 4,727 900 827 811 800 4,289 4,059 3,546 700 696 3,744 600 3,004 3,000 1,000 500 470 400 2,000 259 161 1,000 107 107 4Q 1Q FYE2011 http://www.fhi.co.jp/english/ir/index.html 2Q 100 91 81 3Q 200 173 161 0 300 301 0 3Q FYE2012 4Q 1Q 2Q 3Q FYE2013 4Q 1Q 2Q 3Q FYE2014 34
  • 36. Consolidated Automobile Units & Operating Income Margin Automobile sales (1,000 cars) OPM Consolidated automobile sales 208 OPM 18% 198 200 183 169 166 157 166 178 201 15% 14.0% 14.2% 12.7% 148 150 191 202 12% 118 9% 8.7% 100 6% 6.4% 5.5% 4.4% 50 3.6% 2.3% 2.6% 2.4% 3.3% 4.0% 3% 0% 0 3Q 4Q 1Q FYE2011 http://www.fhi.co.jp/english/ir/index.html 2Q 3Q FYE2012 4Q 1Q 2Q 3Q FYE2013 4Q 1Q 2Q 3Q FYE2014 35
  • 37. Complete Cars Production & Retail Units Units (1000 units) Production 213 196 200 164 162 156 150 211 207 195197 193 Retail Units 147 150 136 138 196 191 158 197 182 178 172 167 212 210 177 111 100 50 0 Oct.Dec. Jan.Mar. Apr.Jun. 2011 Jul.Sep. 2012 Oct.Dec. Jan.Mar. Apr.Jun. Jul.Sep. 2012 Oct.Dec. Jan.Mar. Apr.Jun. Jul.Sep. Oct.Dec. 2013 * Production figures include Toyota 86. http://www.fhi.co.jp/english/ir/index.html 36
  • 38. Free Cash Flows & Shareholders’ Equity to Total Assets FCF (100 million yen) Shareholders’ Equity to Total Assets 2,094 1,900 45% 42.6% FCF 41.2% Shareholders' equity to total assets 39.9% 1,400 40% 1,198 953 900 871 778 35.4% 34.7% 400 397 34.2% 34.7% 33.7% 33.3% 47 646 35.2% 33.7% 35% 516 34.2% 221 283 78 37.7% -42 -100 30% 3Q 4Q FYE2011 http://www.fhi.co.jp/english/ir/index.html 1Q 2Q 3Q FYE2012 4Q 1Q 2Q 3Q FYE2013 4Q 1Q 2Q 3Q FYE2014 37
  • 39. Interest-Bearing Debt & D/E Ratio Interest Bearing Debts (100 million yen) D/E ratio 4,500 3,965 3,866 4,000 3,500 3,179 3,410 3,381 3,301 3,236 0.91 0.80 0.76 D/E ratio 1.4 3,688 3,306 3,000 2,500 Interest bearing debt 0.89 1.2 3,072 2,967 2,918 2,760 1.0 0.85 0.76 0.74 2,000 0.69 0.8 0.64 0.6 0.52 1,500 0.46 1,000 0.36 0.4 0.41 500 0.2 0 0.0 3Q 4Q 1Q FYE2011 http://www.fhi.co.jp/english/ir/index.html 2Q 3Q FYE2012 4Q 1Q 2Q 3Q FYE2013 4Q 1Q 2Q 3Q FYE2014 38
  • 40. Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information and assumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of various factors including, without limitation, economic conditions, market demand and fluctuations in foreign exchange rates. Investors are asked not to rely solely on the information in this presentation when they make their final investment decisions. http://www.fhi.co.jp/english/ir/index.html 39
  • 41. http://www.fhi.co.jp/english/ir/index.html 40