2011 4

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2011 4

  1. 1. This notice has been translated from the original notice in Japanese. In the event of any discrepancy, the original in Japanese shall prevail.Fiscal Year 2011 Resultsand Fiscal Year 2012 Plan April 27, 2012 TOTO
  2. 2. Contents 1. Financial Results for FY 2011 2. Financial Plan for FY 2012 2
  3. 3. Fiscal 2011 Financial Overview■ Increase in sales and profits Net Sales: Increase (2 years running) Operating profit: Increase (3 years running)In addition to the strong demand for new housing, Recurring profit: Increase (3 years running) Net profit: Increase (3 years running)company-wide efforts towards cost reduction andbusiness reorganization through the V Plan 2017 also contributed to increasing profits.Domestic housing equipment business:• Sales increased by 12% compared to last year thanks to strong demand for new housing, especially condominiums.• Sales growth in the Remodeling business was slow and remained at the same level as last fiscal year due to a lack of skilled construction workers. Demand also remained stable.Overseas housing equipment business:• Sales steadily grew throughout Asia, including China, by 12% for the Overseas housing equipment business as a whole (on a yen basis).• In the United States, the resale housing market has yet to recover due to continued economic stagnation.New domain business:• In the Environmental construction materials business, sales increased only slightly due to the effects of the earthquake.• In the Ceramics business, sales decreased compared to last year due to continued market correction. 3
  4. 4. FY2011 Result■Financial result ※Y billion, rounded down YoY FY10 FY11 Difference Result Result (%) +19.1 Net Sales 433.5 452.6 (+4.4%) + 4.7 Operating Profit 14.0 18.7 (+34.0%) + 5.6 Recurring Profit 13.8 19.5 (+41.0%) Extraordinary Loss -5.7 -3.9 -1.8 Net Profit 5.1 9.2 + 4.1 Capital Investment 26.2 32.2 Depreciation 19.7 18.3 4
  5. 5. FY2011 Result■Sales and profit by business segment ( )= YoY difference 433.5 452.6 (+4%) ※Y billion, rounded down 500.0 Others Others New Domain New Domain 14.4 (-13%) 2 1 16.5 400.0 62.6 (+12%) <Operating Profit> 55.7 18.7 Remodeling 20 300.0 Remodeling 248.4 16 14.0 248.0 (±0%) 12 361.0 375.4 8 200.0 (+4%) 4 0 FY10 FY11 100.0 New Housing Domestic H.E. 11.0 17.2 New Housing 126.9 Others (Remodeling) 11.5 14.2 113.0 (+12%) New Domain (New Housing) -0.5 2.9 Overseas H.E. Overseas H.E. 7.2 7.0 0.0 New Domain -2.1 -2.9 Domestic H.E FY10 FY11 Others -2.1 -2.5 Sales of both domestic and overseas housing equipment increased 5
  6. 6. FY2011 Result■Sales per products in domestic housing equipment ※Y billion, rounded down FY10 FY11 S ales S ales YoY (%) Restroom Products Total 143.4 146.1 + 2% Fittings + 1% Bathrooms +10% Modular Kitchens/Basins + 5% Bath/Kitchen Products Total ※1 192.8 201.7 + 5% Others Totatl 34.5 38.0 +10% Total(Before adjustment) ※2 370.8 385.9 + 4% Domestic H.E. Total 361.0 375.4 + 4% ※1: TOTO has corrected the second half financial results as a result of the sales and profit from Marblight products being transferred from the “Modular Kitchens/Basins” category to the “Others” category from this fiscal year ※2: Internal sales or sales transferred between different segments 6
  7. 7. FY2011 Result■Sales and profit per region in Overseas housing equipment In Local Currency In Japanese Yen ($ million, rounded down) (JPY billion) Americas FY10 FY11 YoY FY10 FY11 YoY Net S ales 194.9 191.9 -2% 15.88 14.91 -6% Operating Profit 3.5 -8.3 - 0.29 -0.64 - (Exchange rate JPY/US $) 81.49 77.74 (Billion Chineseyuan, rounded down) (JPY billion) China FY10 FY11 YoY FY10 FY11 YoY Net S ales 22.5 27.4 +22% 27.73 33.77 +22% Operating Profit 6.2 5.9 -4% 7.62 7.29 -4% (Exchange rate JPY/RMB) 12.30 12.31 ($ million, rounded down) (JPY billion) Asian & Oceanian Region FY10 FY11 YoY FY10 FY11 YoY Net S ales 127.6 153.8 +21% 10.40 11.95 +15% Operating Profit 14.9 15.0 +1% 1.22 1.16 -4% (Exchange rate JPY/US $) 81.49 77.74 (€ million, rounded down) (JPY billion) Europe FY10 FY11 YoY FY10 FY11 YoY Net S ales 16.0 19.4 +22% 1.72 1.95 13% Operating Profit -17.0 -7.8 - -1.83 -7.80 - (Exchange rate JPY/Euro) 107.90 100.71 (JPY billion) TOTAL FY10 FY11 Result Result YoY 55.73 62.60 +12% 7.29 7.02 -4% 7
  8. 8. FY2011 Result■Cause of increase/decrease of operating profit ※Y billion, rounded down FY11 Cause of Increase/Decrease Result Positive Cost Reduction Usual Cost Reduction +4.5 +8.2 Factors V Plan Cost Reduction +3.7 Increase in Remodeling Sales +0.1 Increase in New Housing Sales +4.4 Decrease in Indirect Cost +1.3 Negative Loss from Overseas Housing Equipment -0.2 Factors Increase in material price -2.0 V Plan investment -2.2 Increase in labor cost -3.2 Increase in general products/Decrease in sales price -0.8 Others -0.8 Total +4.8 Achieved 4.8 billion yen of operating profit with V plan cost reduction and others 8
  9. 9. Contents 1.Financial Result for FY2011 2. Financial Plan for FY 2012 9
  10. 10. Fiscal 2012 Annual Plan Overview■ Increase income and profitWe plan to increase our sales, operating profit, recurring profit and net profit.Domestic housing equipment business:• In the Remodeling business, we will increase our sales by 4% by strengthening our remodeling strategy while continuously making Green Remodel proposals, mainly in showrooms.Overseas housing equipment business:• We plan to increase our profits in all areas, including Americas, Europe, Asia and Oceania.• We will continue to build production plants to meet the increases in demand in China, Asia and Oceania.New domain business:• In both the Environmental building materials and Ceramics business, we plan to focus our efforts on our priority areas. 10
  11. 11. FY2012 Plan■Financial Plan ※Y billion, rounded down FY11 FY12 YoY Difference Result 1H Plan 2H Plan Total (%) + 22.3 Net Sales 452.6 220.0 255.0 475.0 (+5%) + 2.2 Operating Profit 18.7 5.5 15.5 21.0 (+12%) + 2.5 Recurring Profit 19.5 6.0 16.0 22.0 (+13%) Extraordinary Loss -3.9 -1.0 -3.5 -4.5 - 0.6 + 3.7 Net Profit 9.2 3.5 9.5 13.0 (+40%)Capital Investment 32.2 18.0 17.0 35.0Depreciation 18.3 9.3 11.2 20.5 11
  12. 12. FY2012 Plan■Sales and profit by business segment ( )= YoY difference ※Y billion, rounded down 452.6 475.0 (+5%) Others <Operating Profit> New Domain New Domain (+16%) 500.0 Others 2 16.8 1 14.4 24 21.0 62.6 71.5 (+14%) 18.7 400.0 20 16 Remodeling Remodeling 258.9 12 300.0 248.4 (+4%) 8 4 375.4 386.5 0 200.0 (+3%) FY11 FY12 Domestic H.E. 17.2 18.0 100.0 New Housing New Housing (Remodeling) 14.2 14.9 Others (New Housing) 2.9 3.0 126.9 127.5 New Domain Overseas H.E. 7.0 8.4 (±0%) 0.0 Overseas H.E. New Domain -2.9 -2.6 Domestic H.E Others -2.5 -2.8 FY11 FY12 830 thousands 800 thousands (-4%) …New housing starts (Jan-Dec) 810 thousands 810 thousands (-1%) …New housing starts on delivery base Plan to increase sales in the Domestic and Overseas housing equipment business 12
  13. 13. FY2012 Plan■Sales per products in domestic housing equipment ※Y billion, rounded down FY11 FY12 Plan S ales S ales YoY (%) Restroom Products Total 146.1 148.4 +2% Fittings +1% Bathrooms +1% Modular Kitchens/Basins +1% Bath/Kitchen Products Total ※1 201.7 203.6 +1% Others Total 38.0 44.2 +16% Total (Before adjustment) ※2 385.9 396.2 +3% Domestic H.E. Total 375.4 386.5 +3% ※1: TOTO has corrected the FY11 financial results as a result of the sales and profit from Marblight products being transferred from the “Modular Kitchens/Basins” category to the “Others” category from this fiscal year ※2: Internal sales or sales transferred between different segments 13
  14. 14. FY2012 Plan■Sales and profit per region in Overseas housing equipment In Local Currency In Japanese Yen ($ million, rounded down) (JPY billion) Americas FY11 FY12 FY11 FY12 Result Plan YoY Result Plan YoY Net S ales 191.9 196.3 +2% 14.91 15.70 +5% Operating Profit -8.3 -1.3 - -0.64 -0.10 - (Exchange rate JPY/US $) 77.70 80.00 (Billion Chineseyuan, rounded down) (JPY billion) China FY11 FY12 FY10 FY12 Result Plan YoY Result Plan YoY Net S ales 2.74 3.02 +10% 33.77 38.40 +14% Operating Profit 0.59 0.64 +8% 7.29 8.10 +11% (Exchange rate JPY/RMB) 12.30 12.70 ($ million, rounded down) (JPY billion) Asian & Oceanian Region FY11 FY12 FY10 FY12 Result Plan YoY Result Plan YoY Net S ales 153.8 178.8 +16% 11.95 14.30 +20% Operating Profit 15.0 12.5 -17% 1.16 1.00 -14% (Exchange rate JPY/US $) 77.70 80.00 (€ million, rounded down) (JPY billion) Europe FY11 FY12 FY10 FY12 Result Plan YoY Result Plan YoY Net S ales 19.4 29.5 +52% 1.95 3.10 +58% Operating Profit -7.8 -5.7 - -0.78 -0.60 - (Exchange rate JPY/Euro) 100.70 105.00 (JPY billion) TOTAL FY10 FY12 Result Plan YoY 62.60 71.50 +14% 7.02 8.40 +20% 14
  15. 15. FY2012 Plan■Cause of increase/decrease of operating profit ※Y billion, rounded down FY12Plan Cause of Increase/Decrease Usual Cost Reduction +4.8 + 4.0 Cost Reduction + 7.6 V Plan Cost Reduction +2.3 + 3.6 Positive Factors Increase in Remodeling Sales + 3.6 Increase in New housing sales + 0.2 Increase in Overseas Sales + 1.4 Increase in material prices -1.8 V Plan investments (Initial cost for new plat etc) -2.6 Strengthening investment sales -2.1 Increase in labor cost -1.8 Increase in general products/Decrease in sales price -1.4 Others -0.9 TOTAL +2.2Plan 2.2 billion yen of increase in operating profit by increase of sales and cost reduction 15
  16. 16. FY2012 Plan■Dividend FY11 Result FY12 Plan 1H ¥5.0 ¥6.0 2H ¥5.0 ¥6.0 Full Year ¥10.0 ¥12.0 Increase dividend to 12 yen in annually 16
  17. 17. Mid-term Management Plan (V-Plan 2017: Vision to Be Achieved) We help provide new lifestyles to customers around the world in order to become the No. 1 brand genuinely answering the needs of people in countries and regions worldwide. TOTO as a truly Domestic housing equipment business global company by Reinforce our robust corporate structure t o generate greater profits 2017 Overseas housing equipment business Penetrate new markets to drive growth New-domain business 2012 Develop new domain businesses from a global perspective 2011 Strengthening of governance 2010 Business development based on the V Plan  Environmental contribution through the Green Challenge Initiative The TOTO Group’s business activities constitute environmental contribution activities in and of themselves. We are promoting the GREEN CHALLENGE initiative as an engine for attaining the V Plan. 17
  18. 18. Mid-term Management Plan Its Significance in the V Plan Become No. 1 globally by transcending non-continuity Continue and accelerate reforms and uncertainty Develop a platform Get on a growth track Achieve both growth and streamlining Establish a firm footing for our Realize a robust, highly Establish a foundation businesses in growth markets profitable corporate structure Foster BS awareness Invest aggressively Increase scale along with profits Take the viewpoint of (overseas, realignment) overall optimization Prepare for risks Dividend payout ratio = 30% annual target < Consolidated results > Fiscal 2009  Fiscal 2011  Fiscal 2014  V Plan targets Net sales 421.9 billion yen 452.6 billion yen 520.0 billion yen 600.0 billion yen Operating profit 6.6 billion yen 18.7 billion yen 30.0 billion yen 48.0 billion yen ROA 1.6% 5.0% 7% 10% Platform development for the V Plan was completed during the Fiscal 2010 to Fiscal 2011 period. The Fiscal 2012 to 2014 period will be a period of acceleration towards achieving the V Plan based on the numerical targets in the mid-term plan. 18
  19. 19. Mid-term Management Plan■Sales and profit by business segment <Net Sales> <Operating Profit> (1 billion yen) (1 billion yen) ■Others ■New Domain ■Overseas H.E. ■Domestic H.E. 400 40.0 30.0 520.0 6,000 600.0 300 21.0 475.0 30.0 18.7 0.6 452.6 10.5 5,000 30.0 500.0 16.8 200 20.0 8.4 14.4 7.0 62.6 71.5 90.0 4,000 400.0 100 10.0 17.2 18.0 21.0 3,000 300.0 00 375.4 386.5 400.0 200.0 2,000 -10.0 -100 FY’11 FY’12 FY’14 Domestic 17.2 18.0 21.0 100.0 1,000 H.E. Overseas H.E. 7.0 8.4 10.5 0 New Domain ▲ 2.9 ▲ 2.6 0.6 0 FY’11 11年度実績 FY’12 12年度計画 FY’14 ’14年度計画 13年度計画 Others ▲ 2.6 ▲ 2.8 ▲ 2.1 83万戸 80万戸 80万戸 ・・・国内新築着工戸数(横ばいで想定) Achieve the targets for individual demand areas by fiscal 2014 in order to realize the V Plan in 2017! 19
  20. 20. Mid-term Management Plan TOTO GREEN CHALLENGE Products/ Social Manufacturing services contribution Providing major products capable of Reducing CO2 emissions in manufacturing, Creating conditions where opportunities to reducing CO2 emissions from kitchen and distribution and sales activities worldwide participate in the initiative are available at bathroom products in homes by 50% or Domestic business: 45% reduction all business sites so that all employees of more (compared to FY1990) compared to FY1990 TOTO Group companies can participate in green volunteer activities 4000 25 3 1 36 21.7 (persons/year) Number of employees who have participated in green volunteer activities CO2 emissions (10,000 tons/year) 3000 20CO2 emissions (kg/year) ▲4 0% 60000 ▲40% 54000 ▲4 3%▲4 5% 15 ▲40% ▲42% 50000 ▲5 0% ▲45% 40000 2000 45% reduction line 40000 10 30000 30000 1000 23000 5 20000 0 0 10000 Base Result 2012 Goal Goal 1990 2011 Goal 2014 2017 0 1990 2011 2012 2014 2017 1990 Base 2011 Goal Result 2012 2014 Goal 2017 Goal Result Goal Goal Goal 1990 2011 2012 2014 2017 2011 2011 2012 2012 2014 2014 2017 2017 Promoting the use of Hydrotect products  Goal for 2017: Overseas business: Reduction in emissions with an air purification function (removal 100% participation in green volunteer per unit production by 2%/year of NOx) worldwide activities Human advancement Striving to achieve our fiscal 2014 targets for individual contributing factors in order to meet the GREEN CHALLENGE in fiscal 2017 20
  21. 21. Fiscal 2012 Policies (Domestic Housing Equipment Business) Remodeling Strategy (1) Implement Green Remodeling (3) Efforts related to resold houses Step up efforts to cater to remodeling needs arising from transactions related to resold houses Comprehensive proposal Pre-sale Real estate buying and Remodeling remodeling selling upon Step up purchase proposals by zone (toilets, baths, kitchens, sinks) Driving force for remodeling Pursue expanded operations Expand channels Developer & Gas Renovation Real estate Remodel Club Remodel Club Home Construction equipment Construction reseller company store stores stores builders companies company (2) Reinforce our remodeling business by type of (4) Step up efforts to cater to remodeling needs by contact point type of remodeling Propose “remodeling by type of contact point” to existing Intensify efforts to propose remodeling to public customers such as construction companies, home builders, establishments such as hospitals and senior citizens’ and retail business operators homes/facilities Expand the business model over the 3-year period from 2012 to 2014 21
  22. 22. Fiscal 2012 Policies (Domestic Housing Equipment Business)  Running of TDY* Collaboration Showrooms  Achievements accomplished by the TDY Osaka Collaboration Showrooms (launched in July 2010) TD Sapporo (i) Increased number of visiting customer couples/groups thanks to synergistic effects attained through collaboration Visiting customer couples/groups: (ii) Higher customer satisfaction thanks to space proposals Approx. 38,000/year, (iii) Efficient customer traffic generation through a three- a year-on-year gain of approx. 50% company collaboration Customer satisfaction increased through the space proposals TDY TDY realized through collaboration among the three companies’ Osaka Hiroshima advisors TDY Tokyo  Launching the TDY Tokyo Collaboration Showroom (slated for November 2012) TD Collaboration 7th and 8th floors of the JR Minami-Shinjuku Building Takamatsu Showroom Approx. 1,118 tsubo (3,700 m2) TY Fukuoka Launch: Collaboration Nov. 2012 Showroom Launch: Aug. 2012 *TDY alliance In February 2002, TOTO, DAIKEN, and YKK AP entered into a business alliance for product planning/development and a marketing support framework. Together, we aim to present pleasant living spaces by giving customers better-than-expected satisfaction based on our enhanced remodeling space proposal abilities. February 2012 marked the 10th < Conceptual drawing > TDY Green Remodel Space anniversary of this alliance.Raise remodeling customer satisfaction through three-company collaboration-based space proposals provided based on the TDY alliance platform that has been built over the past decade 22
  23. 23. Fiscal 2012 Policies (Domestic Housing Equipment Business) New Products (launched in February 2012)  TOTO’s Water-related Technologies Eco-friendly Universal technologies design  “Aqua Auto All in One” Water outflow/stoppage powered by self-generated electricity; we succeeded in developing and integrating a small power generator and thermal unit Sales for the February to March 2012 period: Gain of 20% year-on-year “Sanitary Bacterial Removal Water” removes 99% of toilet basin Sanitary Bacterial Removal Water bacteria  “Eco Single Faucet” Received the 2011 Eco Products Award as Chloride Hypochlorous acid a faucet with superior environmental Bacterial removal functions that facilitates customers’ environmental awareness Electrolysis Decomposition Decoloration Propose attractive remodeling solutions by stepping up our products’ appeal using our unique technologies 23
  24. 24. Fiscal 2012 Policies (Overseas Housing Equipment Business) Intensify our Marketing in China’s Inland  Reinforce Aftersales Services Regions Continue to provide industry-leading services by Improve the quality of our exposure to put our realizing higher quality while expanding our high-quality strategy on a firm footing service network (1) Upgrade dealer showrooms (1) Expand our service network Enhance our luxurious image and encourage our Expand our service network to offer aftersales dealers to select higher value-added products services in China’s inland areas, where demand is rising (2) Run showrooms across the country efficiently (2) Improve service quality Standardize showroom construction to run Continue our intensive efforts to develop showrooms efficiently in fast-growing areas customer engineers capable of satisfying customers (3) Provide industry-leading services Example: Washlet—The warranty period was Flagship showrooms extended to 3 years (compared to 1 year previously) 10  19 in order to allow customers to purchase with peace (2011) (2012) of mind Warranty period extension 1 year  3 years In China, a country that is gradually showing signs of slowing economic growth amidst the central bank’s tightening of the money supply, TOTO will reinforce its business platform in ways that enable the Company to weather the changing business climate based on its strong brand appeal and proactive strategy 24
  25. 25. Fiscal 2012 Policies (Overseas Housing Equipment Business) Americas Business  Topics Related to TOTO’s Participation in  Marketing strategy Overseas Exhibitions  Step up our approaches to distributors (customer contact  Brazil (Sao Paulo: from March 6–9, 2012) points)  Enhance our differentiation through provision of Brazil Revestir customer service and training Sao Paulo  Product strategy  Release differentiated products that demonstrate that TOTO has the most advanced technologies on the market  Russia (Moscow: from April 2–5, 2012) Participated in Russia’s largest construction material exhibition as an exhibitor Mousbuild2012  Europe Business  Marketing strategy  Italy (Milan: from April 17–22, 2012) Milano Salone  Expand our marketing channels in Germany One of the world’s largest international  Intensify marketing efforts in France and the U.K. furniture exhibitions  Expand sales of toilet basins with Washlet and increase the TOTO exhibited its MH Series alongside its LE Series, which surrounds the number of showroom displays bathtub with furniture storage In the Americas and Europe, TOTO will step up efforts to expand its marketing channels by leveraging its most advanced products 25
  26. 26. Fiscal 2012 Policies (Overseas Housing Equipment Business) Business Climate  Taiwan  Middle East  TOTO’s business in Taiwan has been doing well, accounting for  Continuing to do well despite project implementation delays at some around half of its total sales in Asia and Oceania sites  Recent earnings have been strong despite rising potential risks  Customers are showing growing interest in environmentally-friendly relating to the slowdown in global economic growth products  Vietnam  India  Market conditions are favorable and redevelopment projects are  Continuing to reinforce Indian domestic sales in preparation of underway construction of a new plant (2014) Also, order intake from large-sized luxury hotels has been increasing  In urban areas, retail sales have been increasing in relation to various [Reference: Indonesia] individual needs as a result of efforts to enhance distributor  Manufacturing and marketing managed by PT Surya TOTO, an equity showrooms and the nearby retail shop network method entity of TOTO (TOTO’s equity interest: 39.5%)  Seeking to raise the profile of the TOTO brand, TOTO took part as an  Dealing in sanitary ware and faucet products exhibitor in the Vietbuild Ho Chi Minh exhibition in July 2011 Fiscal 2011 sales amounted to approx. 10 billion yen  Production of sanitary ware in Indonesia totaled 1.2 million pieces (fiscal 2011 actual results)  The 7th sanitary ware plant came online in November 2011  Thailand  Thirty years have passed since TOTO commenced operations in  Damage from the major flooding to TOTO was minor; TOTO has Indonesia under a local focus strategy already resumed production TOTO’s domestic market share in Indonesia is about 60%, placing the  A new TOTO plant came online in February 2012, helping the Company Company at the top of the nation’s market accelerate its brand strategy implementation Aim to increase sales and profits by adapting well to local business climates 26
  27. 27. Fiscal 2012 Policies (Overseas Housing Equipment Business) Enhance Our Production Structure Extension of Vietnam Plant: Sanitary Investment: approx. Came online in November 2010 ware 200 million yen Extension of Dalian Plant: Faucet metal Investment: approx. Came online in January 2011 fittings 200 million yen Extension of East China No. 2 Plant: Sanitary Investment: approx. Came online in May 2011 ware 4.3 billion yen Sanitary Investment: approx. New Thai Plant: Came online in February 2012 ware 5.0 billion yen Construction of Fujian Plant: Sanitary Investment: approx. Scheduled to come online in August 2013 ware 6.3 billion yen Construction of India Plant: Sanitary Investment: approx. Scheduled to come online in July 2014 ware 6.0 billion yen  Status of progress for plants under construction  New Thai Plant: Came online in February 2012 In fiscal 2014, sanitary ware  Fujian Plant: Work commenced in April 2012 production volume will  India Plant: Foundation work commenced in increase approx. 15% over March 2012 current levels  All three plants are on schedule 27
  28. 28. Fiscal 2012 Policies (New Domain Businesses)  Environmental Construction Materials  Ceramics Business Business From a period of “business structure enhancement” From a “business shift” to a “business growth” period to one of “business growth” Focusing our efforts on priority business areas Focusing our unique technology-based efforts on under a new framework target markets  Large-sized ceramic board: “Hydrocerea”:  Step up the initiative to make unique Step up efforts to win a product designation technology-based proposals  Hydrotect coating liquid:  Strengthen the initiative for proposing Promote sales to major overseas materials solutions in Europe and Asia in addition manufacturers to North America; Proposed a new type of receptacle at  Exterior construction materials: attain a higher overseas sales ratio the SEMICON Japan exhibition in Step up our activities towards major house building companies December 2011 120 (100 120 (100 95 million 100 88.7 91.3 ■ Sales million 100 ■ Sales 77.1 73 yen) 80 ■ Operating yen) 80 ■ Operating 53.3 60 profit 60 profit 40 40 20 –15.2 –15.5 –14 20 –6.4 –13.9 –12 0 0 -20 -20 -40 -40 Fiscal 2010 Fiscal 2011 Fiscal 2012 Fiscal 2010 Fiscal 2011 Fiscal 2012 actual actual forecast actual actual forecast  Fuel Cell Batteries TOTO will promote the manufacture and development of ceramic power generation cells (SOFC) and power generation modules, products based on the Company’s unique technologies related to the power generation module (the core part of the fuel cell battery). We aim to commercialize these products at the earliest opportunity. Power generation module Through selection and concentration, TOTO aims to put its new domain businesses on a firm footing for attaining profitability 28
  29. 29. This presentation material contains forward-looking statements based on assumptions, estimates and plans as of April 27, 2012.Actual performance may differ materially from these forward-looking statementsdue to risks and undermined factors arising from changes in the world economy, competition and foreign currency exchange rates.

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