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Kao fy2011 half_year_f_inancial_review
 

Kao fy2011 half_year_f_inancial_review

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    Kao fy2011 half_year_f_inancial_review Kao fy2011 half_year_f_inancial_review Presentation Transcript

    • Semi-Annual Financial Review From April 1, 2011 to September 30, 2011 Kao Corporation October 25, 2011This is a translation of materials used for the analyst meeting held in Japan on October 25, 2011.
    • These presentation materials are available on ourwebsite in PDF format:http://www.kao.com/jp/en/corp_ir/presentations.html Forward-looking statements such as earnings forecasts and other projections contained in these materials are based on information available at this time and assumptions that management believes to be reasonable. Actual results may differ materially from those expectations due to various factors.Note: The yen amounts in these presentation materials are rounded down. 2
    • 1. Business Environment April 1, 2011 – September 30, 2011 3
    • Consumer Products1 Market in Japan(%)2 79 major household and personal care categories (all manufacturers)110 FY2011 Semiannually Monthly105100 95 90 2H/FY09 1H/FY10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 1 Consumer products do not include prestige cosmetics. (Source: SRI POS data by INTAGE Inc.) 2 Year-on-year growth rate of market size in value (yen) 3. The data of March 2011 includes hoarding due to the earthquake. 4
    • Consumer Purchase Prices in Japan 15 major household and personal care categories (all manufactures)Index105 100 100 99100 97 97 97 96 95 Comparison with 1H/FY10 Facial cleansers Makeup remover Body cleansers Hair color Hair styling agents Sanitary napkins 90 Toothpaste Adult incontinence products Dishwashing detergents Laundry detergents Shampoo Conditioner 85 Baby diapers Toothbrushes Fabric softener 80 1H/FY08 2H/FY08 1H/FY09 2H/FY09 1H/FY10 2H/FY10 1H/FY11 (Source: SRI POS data by INTAGE Inc.) 5
    • 2. Consolidated Business Results April 1, 2011 – September 30, 2011 6
    • Key Points in 1H/FY2011 Japan sales related1. Consumer purchase price of 15 major household and personal care categories market in Japan1 1: : 1. Consumer purchase price of 15 major household and personal care categories market in Japan -1 point year-on-year -1 point year-on-year2. Growth of the cosmetics market in Japan2:2:-4.5% 2. Growth of the cosmetics market in Japan -4.5% Income statements related1. Net sales: 1. Net sales: ¥614.8 billion ¥614.8 billion (+2.3% year-on-year) (+2.3% year-on-year) Effect of currency translation: Effect of currency translation: -¥9.5 billion -¥9.5 billion (-1.6% year-on-year) (-1.6% year-on-year) Like-for-like sales growth: Like-for-like sales growth: +¥23.0 billion +¥23.0 billion (+3.8% year-on-year) (+3.8% year-on-year)2. Increase/decrease in operating income3:3: 2. Increase/decrease in operating income -¥0.3 billion -¥0.3 billion3. Extraordinary loss: 3. Extraordinary loss: Loss related to the Great East Japan Earthquake: Loss related to the Great East Japan Earthquake: -¥1.7 billion -¥1.7 billion Cash flow related1. Free cash flow4 4 1. Free cash flow ¥32.7 billion ¥32.7 billion2. Payments of cash dividends5:5: 2. Payments of cash dividends ¥15.6 billion ¥15.6 billion3. Redemption of bonds: 3. Redemption of bonds: ¥50.0 billion ¥50.0 billion1 Index with the 1st half of FY2008 as 100 (Source: SRI POS data by INTAGE Inc.)2 Source: SLI data by INTAGE Inc.3 Please refer to slide 12 for details4 Free cash flow = Net cash provided by operating activities + Net cash used in investing activities5 Includes payments of cash dividends to minority shareholders 7
    • 1H/FY2011 Consolidated Results Billion yen 1H/FY09 1H/FY10 1H/FY11 Growth ChangesNet Sales 599.0 601.3 614.8 +2.3% +13.5EBITA* 63.3 75.1 74.3 -1.1% -0.8 EBITA* Margin 10.6% 12.5% 12.1%Operating Income 45.5 57.8 57.5 -0.6% -0.3 Operating Margin 7.6% 9.6% 9.4%Ordinary Income 45.8 56.4 58.8 +4.3% +2.4Net Income 25.2 27.8 30.7 +10.4% +2.9EBITDA 87.0 98.3 96.8 -1.6% -1.5EPS (yen) 47.08 51.93 58.89 +13.4% +6.96*Operating income before amortization of goodwill and intellectual property rights related to M&A 8
    • Consolidated Net Sales [1] 1H/FY2010 1H/FY2011 % Billion yen % Growth Billion yen Growth Like-for-like*Beauty Care Business 206.5 -1.9 204.3 -1.1 -1.1Human Health Care Business 80.9 -10.3 82.0 +1.4 +1.4Fabric and Home Care Business 127.9 -0.4 130.4 +2.0 +2.0Japan Total 415.4 -3.2 416.9 +0.4 +0.4Asia & Oceania 41.5 +8.8 43.7 +5.2 +10.0North America 26.8 -3.7 26.5 -1.1 +9.9Europe 29.5 -0.1 31.3 +6.1 +9.5Elimination -10.5 - -12.7 - -Consumer Products Business 502.8 -2.3 505.7 +0.6 +1.7*Like-for-like: excludes effect of currency translation 9
    • Consolidated Net Sales [2] 1H/FY2010 1H/FY2011 % Billion yen % Growth Billion yen Growth Like-for-like*Japan 61.7 +10.4 63.0 +2.0 +2.0Asia 33.3 +36.5 49.5 +48.6 +57.6North America 15.0 +20.9 19.0 +27.0 +39.0Europe 25.9 +11.2 29.8 +15.2 +18.8Elimination -20.9 - -33.3 - -Chemical Business 115.0 +14.3 128.1 +11.3 +14.8Eliminations -16.5 - -19.0 - -Consolidated Net Sales 601.3 +0.4 614.8 +2.3 +3.8*Like-for-like: excludes effect of currency translation 10
    • Consolidated Income Statements 1H/FY2010 1H/FY2011 Changes 1 Billion yen % Billion yen % Billion yen Net Sales 601.3 100.0 614.8 100.0 +13.5 Cost of Sales 248.5 41.3 263.5 42.9 +14.9 Gross Profit 352.8 58.7 351.3 57.1 -1.4 2 SG&A Expenses 294.9 49.1 293.8 47.8 -1.0 Operating Income 57.8 9.6 57.5 9.4 -0.3 Non-operating Income/Expenses -1.4 -0.2 1.3 0.2 +2.8 Ordinary Income 56.4 9.4 58.8 9.6 +2.4 Extraordinary Gain/Loss -2.8 -0.5 -3.0 -0.5 -0.2 Income Before Income Taxes 53.6 8.9 55.8 9.1 +2.2 and Minority Interests Income Taxes 25.2 4.2 24.1 3.9 -1.0 Income Before Minority 28.3 4.7 31.6 5.1 +3.3 Interests Minority Interests 0.4 0.1 0.9 0.1 +0.4 Net Income 27.8 4.6 30.7 5.0 +2.9 1 Changes = 1H/FY2011 – 1H/FY2010 2 Amortization related to Kanebo Cosmetics 1H/FY2010: 13.7 billion yen, 1H/FY2011: 13.6 billion yen 11
    • 1H/FY2011 Consolidated Operating Income Analysis Comparison with 1H/FY2010 -0.3 billion yen +1.0 billion yen Increase in sales volume 1H/FY2010 -3.0 billion yen Higher raw material prices 1H/FY2011Operating Income Operating Income +3.0 billion yen Total Cost Reduction (TCR) 57.8 billion yen 57.5 billion yen +1.0 billion yen Decrease in SG&A expenses -2.3 billion yen Product mix and others 12
    • Consolidated Cost of Sales and SG&A to Net Sales % % 55 40 Cost of Sales Operating SG&A SG&A ratio Margin (left scale) 50.4 50 49.3 49.2 49.1 48.6 47.8 30 SG&A ratio (left scale) 44.4 44.9 Cost of Sales 45 44.0 43.8 ratio (left scale) 43.2 43.6 43.8 20 42.9 42.3 41.8 42.0 42.0 Cost of Sales 41.6 40 40.9 ratio (left scale) Operating Margin 13.3 13.3 13.0 (right scale) 12.4 Operating Margin 10 35 (right scale) 9.8 9.4 8.8 8.8 7.6 7.9 30 0 FY02 03 04 05 06 07 08 09 10 1H/FY11 *Structure has changed significantly since FY2006 due to the consolidation of Kanebo Cosmetics. 13
    • Breakdown of Major Consolidated SG&A Expenses (Billion yen) 1H/FY2010 1H/FY2011 Changes* Total SG&A Expenses 294.9 293.8 -1.0 Freight/Warehouse 34.0 34.8 +0.7 Advertising 42.4 43.7 +1.2 Sales Promotion 33.5 31.7 -1.7 Salaries and Bonuses 62.3 61.0 -1.2 R&D 22.3 23.5 +1.2 * Changes = 1H/FY2011 – 1H/FY2010 Effect of currency translation on SG&A expenses: -3.3 billion yen 14
    • Consolidated Non-operating Income/Expenses and Extraordinary Gain/Loss (Billion yen) Non-operating Income/Expenses 1H/FY2010 1H/FY2011 Changes* Non-operating Income 2.6 3.3 +0.6 Interest Income 0.3 0.4 Dividend Income 0.0 0.0 Equity in Earnings of Nonconsolidated Subsidiaries and Affiliates 0.5 1.3 Other 1.6 1.3 Non-operating Expenses 4.0 1.9 -2.1 Interest Expense 1.7 1.2 Foreign Currency Exchange Loss 1.9 0.2 Other 0.3 0.4 Extraordinary Gain/Loss 1H/FY2010 1H/FY2011 Changes* Extraordinary Gain 0.2 0.1 -0.1 Gain on Sales of Fixed Assets 0.1 0.0 Gain on Sales of Investment Securities 0.1 - Other 0.0 0.0 Extraordinary Loss 3.1 3.2 +0.1 Loss on Sales/Disposals of Fixed Assets 1.2 1.1 Loss related to the Great East Japan Earthquake - 1.7 Loss on Application of Accounting Standard for Asset Retirement 1.6 - Other 0.1 0.3 * Changes = 1H/FY2011 – 1H/FY2010 15
    • Consolidated Results by Segment 1H/FY2010 1H/FY2011 Changes Growth % of % of Billion yen Billion yen Billion yen % net sales net sales Net Sales1 272.5 - 271.7 - -0.8 -0.3%Beauty CareBusiness EBITA2 22.4 8.2% 23.7 8.8% +1.3 +5.9% Operating Income 5.2 1.9% 7.0 2.6% +1.7 +33.6%Human Health Net Sales1 89.2 - 90.6 - +1.4 +1.6%Care Business Operating Income 8.6 9.7% 8.2 9.1% -0.4 -4.8%Fabric and Home Net Sales1 141.0 - 143.3 - +2.2 +1.6%Care Business Operating Income 31.4 22.3% 28.8 20.1% -2.5 -8.2% Net Sales1 115.0 - 128.1 - +13.0 +11.3%ChemicalBusiness EBITA2 12.6 11.0% 13.5 10.6% +0.8 +6.7% Operating Income 12.5 10.9% 13.4 10.5% +0.8 +7.1% Net Sales 601.3 - 614.8 - +13.5 +2.3%Consolidated EBITA2 75.1 12.5% 74.3 12.1% -0.8 -1.1% Operating Income 57.8 9.6% 57.5 9.4% -0.3 -0.6%1 Before elimination of intersegment transfers2 Operating income before amortization of goodwill and intellectual property rights related to M&A 16
    • [Reference] Consolidated Results by Geographic Area 1H/FY2010 1H/FY2011 Changes Growth % of % of Billion yen Billion yen Billion yen % net sales net sales Net Sales1 462.3 - 463.2 - +0.9 +0.2% Japan EBITA2 62.8 13.6% 60.9 13.2% -1.8 -3.0% Operating Income 46.6 10.1% 45.1 9.7% -1.4 -3.2% Net Sales1 73.9 - 91.6 - +17.7 +24.1% Asia and Oceania Operating Income 3.4 4.6% 6.3 6.9% +2.9 +86.6% Net Sales1 41.7 - 45.5 - +3.7 +9.0% North America EBITA2 4.4 10.6% 3.1 6.9% -1.2 -28.6% Operating Income 4.0 9.6% 2.7 6.1% -1.2 -30.6% Net Sales1 55.3 - 61.0 - +5.6 +10.3% Europe EBITA2 4.6 8.4% 4.8 8.0% +0.2 +5.2% Operating Income 3.9 7.2% 4.2 6.9% +0.2 +6.8% Net Sales 601.3 - 614.8 - +13.5 +2.3% Consolidated EBITA2 75.1 12.5% 74.3 12.1% -0.8 -1.1% Operating Income 57.8 9.6% 57.5 9.4% -0.3 -0.6% 1 Before elimination of intersegment transfers 2 Operating income before amortization of goodwill and intellectual property rights related to M&A 17
    • Consumer Products Business by Geographic AreaSales (Billion yen) Japan Operating Income Asia and Oceania (Billion yen) 600 80 100 10 60 400 5 40 50 200 0 20 0 0 0 -5 1H/FY09 1H/FY10 1H/FY11 1H/FY09 1H/FY10 1H/FY11 North America & Europe 100 10 Net Sales 50 5 Operating Income 0 0 1H/FY09 1H/FY10 1H/FY11 18
    • Chemical Business by Geographic AreaSales (Billion yen) Japan Operating Income Asia (Billion yen) 15 15 10 10 50 50 5 5 0 0 0 0 1H/FY09 1H/FY10 1H/FY11 1H/FY09 1H/FY10 1H/FY11 North America & Europe 15 10 50 Net Sales 5 Operating Income 0 0 1H/FY09 1H/FY10 1H/FY11 19
    • Consolidated Balance Sheets (Billion yen) Mar/11 Sep/11 Changes Mar/11 Sep/11 ChangesCurrent Assets 416.8 419.2 +2.4 Current Liabilities 348.1 312.0 -36.1 Notes and Accounts Cash and Time Deposits 110.7 85.5 -25.2 Payable - Trade 104.0 119.0 +15.0 Notes and Accounts Bonds/Short-term Debt Receivable - Trade 121.0 131.8 +10.7 (incl. Current Portion of 86.7 33.7 -53.0 Short-term Investments 35.0 28.4 -6.5 Bonds/Long-term Debt) Inventories 109.3 133.1 +23.7 Accrued Income Taxes 18.7 19.8 +1.0 Other 40.6 40.2 -0.3 Liability for loss related to the Great East Japan Earthquake 2.6 0.9 -1.7 Other 135.9 138.3 +2.4Fixed Assets 605.9 589.7 -16.1 Long-term Liabilities 135.0 136.8 +1.8 Property, Plant and Equipment 244.7 243.1 -1.5 Bonds/Long-term Debt 70.0 70.0 0.0 Intangible Assets 272.9 255.9 -16.9 Other 64.9 66.8 +1.8 Investments and Other Assets 88.2 90.6 +2.3 Total Liabilities 483.2 448.8 -34.3 Shareholders equity 611.9 626.9 +15.0 -Common Stock 85.4 85.4 - -Capital Surplus 109.5 109.5 - -Retained Earnings 457.9 441.0 -16.8 -Treasury Stock, at Cost -40.9 -9.0 +31.8 Accumulated other comprehensive income -83.0 -78.2 +4.7 - Unrealized Gain on Available-for-sale Securities 1.8 1.8 -0.0 - Deferred Gain (Loss) on Derivatives under Hedges Accounting -0.0 0.0 0.0 - Foreign Currency Translation Adjustments -84.4 -79.7 +4.7 - Post retirement adjustments for foreign consolidated subsidiaries -0.4 -0.3 0.0 Stock Acquisition Rights 1.1 1.2 +0.1 Minority Interests 9.5 10.1 +0.6 Total Net Assets 539.5 560.1 +20.5 Total Liabilities and Total Assets 1,022.7 1,009.0 -13.7 1,022.7 1,009.0 -13.7 Total Net Assets 20
    • Consolidated Statements of Cash Flows (Billion yen) 1H/FY2010 1H/FY2011 Changes1 Net Cash Provided by Operating Activities 80.7 62.5 -18.1 Net Cash Used in Investing Activities -9.3 -29.8 -20.4 Net Cash Provided by (Used in) Financing Activities -39.5 -69.1 -29.5 Translation Adjustments on Cash and Cash Equivalents -3.3 2.0 +5.4 Net Increase (Decrease) in Cash and Cash Equivalents 28.4 -34.2 -62.7 Cash and Cash Equivalents, Beginning of Period 117.1 143.1 +25.9 Cash and Cash Equivalents from Newly Consolidated Subsidiary, Increase 0.1 - -0.1 Cash and Cash Equivalents, End of Period 145.8 108.8 -36.9 Total Debt at End of Period 158.6 103.7 -54.8 2 Free Cash Flow 71.3 32.7 -38.6 1: Changes = 1H/FY2011 –1H/FY2010 2: Free cash flow = Net cash provided by operating activities + Net cash used in investing activities <Net cash used in investing activities> Capital expenditures: - Construction of Eco-Technology Research Center - Production facilities for new products - Production capacity expansion - Optimization of distribution bases - IT related, etc. <Net cash used in financing activities> Payments of cash dividends (Includes payments of cash dividends to minority shareholders) : 15.6 billion yen Redemption of bonds: 50.0 billion yen 21
    • Share Repurchase (Million Shares) 35 Aggregate to September 2011 29.1 137.6 MM shares 30 27.3 363.7 Billion yen 25 19.9 20 16.0 13.9 15 10.0 10.0 9.3 10 5 2.0 - - - - 0 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 1H/FY 11Billion yen 29.5 28.6 56.7 77.1 36.7 69.9 5.0 - 29.9 - - 29.9 - * Share repurchase from the market 22
    • 3. Forecast for FY 2011 23
    • Major Assumptions for FY2011 Forecast Year-on-year growth rate of market size in value (yen) for the Consumer Products Business* in Japan: 0% to -1% year-on-year Year-on-year growth rate of cosmetics market size in value (yen) in Japan: -2 to -3% year-on-year Net sales: ¥1,235.0 billion (+4.1% year-on-year) Effect of currency translation: -¥15.0 billion (-1.2% year-on-year) Like-for-like sales growth: +¥63.1 billion (+5.3% year-on-year) Estimated impact on income Impact by higher raw material prices: Gross impact of approximately -¥33 billion Net impact of approximately -¥6 billion Total Cost Reduction (TCR) activities: +¥6 billion Capital expenditures/depreciation and amortization Capital expenditures: ¥52 billion Depreciation and amortization: ¥80 billionExchange rate assumptions 79 yen/USD (FY2010 actual exchange rate [quarterly average]: 87.32 yen/USD) 111 yen/Euro (FY2010 actual exchange rate [quarterly average]: 115.10 yen/Euro) * Excludes prestige cosmetics. 24
    • Consolidated Sales and Profit Forecast FY2009 2 FY2010 3 FY2011(F) 1 4 Billion yen % Growth Billion yen % Growth Billion yen % Growth Net Sales 1,184.3 -7.2 1,186.8 +0.2 1,235.0 +4.1 Operating Income 94.0 -2.9 104.5 +11.2 108.0 +3.3 [% of Sales] 7.9% 8.8% 8.7% Ordinary Income 93.5 -1.1 103.3 +10.4 108.0 +4.5 [% of Sales] 7.9% 8.7% 8.7% Net Income 40.5 -37.2 46.7 +15.4 57.0 +22.0 [% of Sales] 3.4% 3.9% 4.6% Net Income per Share (yen) 75.57 -37.2 87.69 +16.0 109.24 +24.6 ROE 7.3% - 8.5% - 10.5% - EBITDA 178.8 -3.0 185.9 +4.0 188.0 +1.1 (Operating Income + Depr. & Amort.) Cash Dividends per Share (yen) 57.0 +1.8 58.0 +1.8 58.0 0.0 1 Exchange rate assumptions: 79 yen/USD, 111 yen/Euro 2 Kanebo Cosmetics (Apr. 2009-Mar. 2010) : Net sales = slightly less than ¥200 billion / operating margin before deduction of royalties = approximately 4%; amortization related to Kanebo Cosmetics: ¥27.3billion 3 Kanebo Cosmetics (Apr. 2010-Mar. 2011) : Net sales = slightly less than ¥190 billion / operating margin before deduction of royalties = approximately 3%; amortization related to Kanebo Cosmetics: ¥27.4 billion 4 Kanebo Cosmetics (Apr. 2011-Mar. 2012) : Net sales = slightly more than ¥190 billion / operating margin before deduction of royalties = approximately 6%; amortization related to Kanebo Cosmetics: ¥27.2 billion 25
    • Sales Outlook by Segment – FY2011<Billion yen>Consolidated Net Sales 1,235 +4.1% Reference: By Segment* By Geographic Area*Beauty Care 542 +1.6% Japan 935 +2.5%Human Asia &Health Care 180 +2.4% Oceania 177 +16.1%Fabric and NorthHome Care 286 +2.5% America 89 +10.8%Chemical 254 +9.5% Europe 120 +7.0% *Sales are before elimination of transactions between segments or geographic areas. 26
    • Sales Outlook – FY2011 - Consumer Products Business in Japan - <Billion yen> 1st Half Full Year FY2010 FY2011 % Growth FY2010 FY2011 % Growth Actual Actual Actual ForecastBeauty Care 206.5 204.3 -1.1% 404.1 409.5 +1.3%Human Health Care 80.9 82.0 +1.4% 159.5 164.0 +2.8%Fabric and Home Care 127.9 130.4 +2.0% 253.5 259.5 +2.4%Consumer Products Business 415.4 416.9 +0.4% 817.2 833.0 +1.9% 27
    • FY2011 Outlook by Segment Decrease in operating income Increase in operating incomeIncrease in net sales CP* – North America CP* – Asia/Oceania CP* – Japan Chemical – Japan Chemical – North America CP* – Europe Chemical – Europe Chemical – AsiaDecrease in net sales *CP: Consumer Products 28
    • Consolidated Net Sales/EBITA*/Operating Income [Full Year] Sales Profit Billion yen Billion yen 1,400 1,318.5 240 1,276.3 1,231.8 1,235.0 220 1,184.3 1,186.8 1,200 Net Sales 200 180 1,000 161.5 157.6 160 139.1 141.5 800 120.8 134.6 129.5 140 116.2 EBITA 104.5 108.0 120 96.8 94.0 600 13.1% 11.7% 100 12.0% 10.9% 11.5% 10.6% 80 Operating 400 60 Income 9.8% 8.8% 8.8% 8.7% 40 200 7.6% 7.9% EBITA Margin 20 Operating Margin 0 0 FY06 07 08 09 10 11(F) *Operating income before amortization of goodwill and intellectual property rights related to M&A 29
    • EBITDABillion yen Depretiation & Amortization Operating Income 250 Total 213.0 209.6 200 184.2 185.9 188.0 178.8 92.1 93.4 150 81.3 80.0 87.4 84.7 100 120.8 116.2 50 104.5 108.0 96.8 94.0 0 FY06 07 08 09 10 11(F) 30
    • ROE & ROA (%)20 17.7 14.915 16.5 13.1 11.7 11.5 10.8 12.8 9.910 8.6 10.5 9.7 9.2 8.5 8.0 7.3 5 ROE ROA 0 FY04 05 06 07 08 09 10 11(F) ROA: Ordinary Income / Total assets 31
    • Net Income per ShareNet Income Net Income(Billion yen) Weighted Average per Share Number of Shares (yen) Outstanding (MM) 90 Net Income 200 Net Income per Share 80 180 72.1 71.1 70.5 70 66.5 64.4 160 57.0 140 60 131.2 130.6 129.4 46.7 120 50 122.5 40.5 120.3 109.2 100 40 80 87.7 30 75.6 60 20 40 550 544 544 543 536 536 533 522 10 20 0 0 FY04 05 06 07 08 09 10 11(F) 32
    • Cash Dividends per Share (Yen)70 Dividend increase for the 21st 58.00 58.0060 consecutive year in FY2010 56.00 57.00 54.00 52.00 50.005040 38.00 32.00 30.0030 26.00 24.00 20.0020 16.00 14.0015.00 11.5012.50 8.87 9.09 10.0010.5010 7.10 7.10 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 ) (FFY 11 *Impacts of share splits are retroactively reflected. 33
    • Capital Expenditures (Billion yen)100 Parent Subsidiaries 70.1 52.0 49.0 49.150 38.9 44.6 44.8 14.0 14.7 22.3 17.4 19.6 34.4 38.0 31.2 27.4 26.7 25.0 0 FY06 07 08 09 10 11(F) *Payment for purchase of newly consolidated subsidiaries (net of cash acquired) is not included. 34
    • FY2011 Quarterly Consolidated Sales and Profit Forecast Net Sales Operating Income(Billion yen) (Billion yen) Net Sales 2010 1,235.0 Operating Income 2010 1,186.8 Net Sales 2011 Operating Income 2011 104.5 108.0 100.2 914.4 601.3 614.8 57.8 57.5 289.9 294.9 26.1 29.2 3 months 6 months 9 months 12 months 3 months 6 months 9 months 12 months 35