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  • 1. Annual Financial Review From April 1, 2011 to March 31, 2012 Kao Corporation April 24, 2012This is a translation of materials used for the analyst meeting held in Japan on April 24, 2012.
  • 2. 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
  • 3. 1. Business Environment April 1, 2011 – March 31, 2012 3
  • 4. 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 2H/FY10 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12 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 2H/FY10 and March 2012 include hoarding due to the earthquake in March 2011. 4
  • 5. Consumer Purchase Prices in Japan 15 major household and personal care categories (all manufactures)Index105 100 100 99100 97 97 97 96 95 95 Comparison with 2H/FY10 Facial cleansers Makeup remover Body cleansers Conditioner Shampoo Hair color 90 Toothpaste Sanitary napkins Toothbrushes Baby diapers Dishwashing detergents Adult incontinence products Laundry detergents 85 Hair styling agents Fabric softener 80 1H/FY08 2H/FY08 1H/FY09 2H/FY09 1H/FY10 2H/FY10 1H/FY11 2H/FY11 (Source: SRI POS data by INTAGE Inc.) 5
  • 6. 2. Consolidated Business Results April 1, 2011 – March 31, 2012 6
  • 7. Key Points in 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 1st half: -1 point year-on-year 1st half: -1 point year-on-year 2nd half: -2 points year-on-year 2nd half: -2 points year-on-year2. Growth of the cosmetics market in Japan2:2:-3.5% 2. Growth of the cosmetics market in Japan -3.5% Income statements related1. Net sales: 1. Net sales: ¥1,216.0 billion ¥1,216.0 billion (+2.5% year-on-year) (+2.5% year-on-year) Effect of currency translation: Effect of currency translation: -¥18.1 billion -¥18.1 billion (-1.5% year-on-year) (-1.5% year-on-year) Like-for-like sales growth: Like-for-like sales growth: +¥47.3 billion +¥47.3 billion (+4.0% year-on-year) (+4.0% year-on-year)2. Increase/decrease in operating income3:3: 2. Increase/decrease in operating income +¥3.9 billion +¥3.9 billion3. Extraordinary loss: 3. Extraordinary loss: Loss related to the Great East Japan Earthquake: Loss related to the Great East Japan Earthquake: -¥2.0 billion -¥2.0 billion Cash flow related1. Free cash flow4 4 1. Free cash flow ¥76.0 billion ¥76.0 billion2. Payments of cash dividends5:5: 2. Payments of cash dividends ¥30.7 billion ¥30.7 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
  • 8. FY2011 Consolidated Results Billion yen FY09 FY10 FY11 Growth ChangesNet Sales 1,184.3 1,186.8 1,216.0 +2.5% +29.2EBITA* 129.5 139.1 142.1 +2.2% +3.0 EBITA* Margin 10.9% 11.7% 11.7%Operating Income 94.0 104.5 108.5 +3.8% +3.9 Operating Margin 7.9% 8.8% 8.9%Ordinary Income 93.5 103.3 110.0 +6.5% +6.6Net Income 40.5 46.7 52.4 +12.2% +5.6EBITDA 178.8 185.9 188.3 +1.3% +2.4ROE 7.3% 8.5% 9.8%EPS (yen) 75.57 87.69 100.46 +14.6% +12.77*Operating income before amortization of goodwill and intellectual property rights related to M&A 8
  • 9. Consolidated Net Sales [1] FY2010 FY2011 % Billion yen % Growth Billion yen Growth Like-for-like*Beauty Care Business 404.1 -2.2 407.6 +0.9 +0.9Human Health Care Business 159.5 -4.8 164.5 +3.1 +3.1Fabric and Home Care Business 253.5 +1.1 260.0 +2.6 +2.6Japan Total 817.2 -1.7 832.2 +1.8 +1.8Asia & Oceania 82.0 +3.0 87.4 +6.6 +11.8North America 51.0 -5.7 49.6 -2.7 +6.6Europe 60.7 -3.2 61.5 +1.3 +5.1Eliminations -22.7 - -25.5 - -Consumer Products Business 988.2 -2.0 1,005.3 +1.7 +2.8*Like-for-like: excludes effect of currency translation 9
  • 10. Consolidated Net Sales [2] FY2010 FY2011 % Billion yen % Growth Billion yen Growth Like-for-like*Japan 124.9 +8.7 125.4 +0.4 +0.4Asia 72.5 +36.0 89.1 +22.9 +30.3North America 29.4 +16.9 35.9 +21.9 +33.3Europe 51.5 +6.3 55.6 +8.1 +11.8Eliminations -46.5 - -58.5 - -Chemical Business 231.9 +11.6 247.6 +6.7 +10.0Eliminations -33.4 - -36.8 - -Consolidated Net Sales 1,186.8 +0.2 1,216.0 +2.5 +4.0*Like-for-like: excludes effect of currency translation 10
  • 11. Consolidated Income Statements FY2010 FY2011 Changes 1 Billion yen % Billion yen % Billion yen Net Sales 1,186.8 100.0 1,216.0 100.0 +29.2 Cost of Sales 498.9 42.0 525.0 43.2 +26.0 Gross Profit 687.8 58.0 691.0 56.8 +3.2 2 SG&A Expenses 583.2 49.1 582.4 47.9 -0.7 Operating Income 104.5 8.8 108.5 8.9 +3.9 Non-operating Income/Expenses -1.2 -0.1 1.4 0.1 +2.6 Ordinary Income 103.3 8.7 110.0 9.0 +6.6 Extraordinary Gain/Loss -7.3 -0.6 -4.7 -0.4 +2.5 Income Before Income Taxes 96.0 8.1 105.2 8.7 +9.2 and Minority Interests Income Taxes 48.1 4.1 50.7 4.2 +2.5 Income Before Minority 47.8 4.0 54.4 4.5 +6.6 Interests Minority Interests 1.1 0.1 2.0 0.2 +0.9 Net Income 46.7 3.9 52.4 4.3 +5.6 1 Changes = FY2011 – FY2010 2 Amortization related to Kanebo Cosmetics FY2010: 27.4 billion yen, FY2011: 27.3 billion yen 11
  • 12. FY2011 Consolidated Operating Income Analysis Comparison with FY2010 +3.9 billion yen +3.0 billion yen Increase in sales volume FY2010 -3.0 billion yen Higher raw material prices FY2011Operating Income Earthquake countermeasures Operating Income -2.0 billion yen (procurement) 104.5 billion yen 108.5 billion yen +9.0 billion yen Total Cost Reduction (TCR) +0.7 billion yen Decrease in SG&A expenses -3.8 billion yen Product mix and others 12
  • 13. 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 47.9 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 43.2 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 8.8 8.8 8.9 7.6 7.9 30 0 FY02 03 04 05 06 07 08 09 10 11 *Structure has changed significantly since FY2006 due to the consolidation of Kanebo Cosmetics. 13
  • 14. Breakdown of Major Consolidated SG&A Expenses (Billion yen) FY2010 FY2011 Changes* Total SG&A Expenses 583.2 582.4 -0.7 Freight/Warehouse 66.9 68.3 +1.4 Advertising 81.0 82.2 +1.1 Sales Promotion 64.6 62.9 -1.6 Salaries and Bonuses 124.3 121.7 -2.5 R&D 45.5 48.1 +2.6 * Changes = FY2011 – FY2010 Effect of currency translation on SG&A expenses: -6.0 billion yen 14
  • 15. Consolidated Non-operating Income/Expenses and Extraordinary Gain/Loss (Billion yen) Non-operating Income/Expenses FY2010 FY2011 Changes* Non-operating Income 5.1 5.3 +0.1 Interest Income 0.8 0.9 Dividend Income 0.1 0.1 Equity in Earnings of Nonconsolidated Subsidiaries and Affiliates 0.9 1.6 Other 3.1 2.5 Non-operating Expenses 6.4 3.8 -2.5 Interest Expense 3.3 2.2 Foreign Currency Exchange Loss 2.2 0.6 Other 0.8 1.0 Extraordinary Gain/Loss FY2010 FY2011 Changes* Extraordinary Gain 1.3 0.2 -1.0 Gain on Sales of Fixed Assets 1.0 0.1 Insurance - 0.0 Gain on Sales of Investment Securities 0.1 - Other 0.1 0.0 Extraordinary Loss 8.6 5.0 -3.6 Loss on Sales/Disposals of Fixed Assets 2.3 2.3 Loss related to the Great East Japan Earthquake 4.1 2.0 Loss on Application of Accounting Standard for Asset Retirement 1.6 - Other 0.5 0.6 * Changes = FY2011 – FY2010 15
  • 16. Consolidated Results by Segment FY2010 FY2011 Changes Growth % of % of Billion yen Billion yen Billion yen % net sales net sales Net Sales1 533.5 - 537.9 - +4.4 +0.8%Beauty CareBusiness EBITA2 39.8 7.5% 48.8 9.1% +9.0 +22.6% Operating Income 5.5 1.0% 15.4 2.9% +9.8 +178.4%Human Health Net Sales1 175.7 - 181.7 - +5.9 +3.4%Care Business Operating Income 15.2 8.7% 14.6 8.0% -0.6 -4.3%Fabric and Home Net Sales1 279.0 - 285.6 - +6.6 +2.4%Care Business Operating Income 59.6 21.4% 55.5 19.4% -4.1 -6.9% Net Sales1 231.9 - 247.6 - +15.6 +6.7%ChemicalBusiness EBITA2 24.2 10.5% 23.1 9.3% -1.1 -4.9% Operating Income 24.1 10.4% 23.0 9.3% -1.0 -4.6% Net Sales 1,186.8 - 1,216.0 - +29.2 +2.5%Consolidated EBITA2 139.1 11.7% 142.1 11.7% +3.0 +2.2% Operating Income 104.5 8.8% 108.5 8.9% +3.9 +3.8%1 Before elimination of intersegment transfers2 Operating income before amortization of goodwill and intellectual property rights related to M&A 16
  • 17. [Reference] Consolidated Results by Geographic Area FY2010 FY2011 Changes Growth % of % of Billion yen Billion yen Billion yen % net sales net sales Net Sales1 912.4 - 925.3 - +12.8 +1.4% Japan EBITA2 117.6 12.9% 120.1 13.0% +2.4 +2.1% Operating Income 85.2 9.3% 88.5 9.6% +3.2 +3.8% Net Sales1 152.3 - 173.5 - +21.2 +13.9% Asia and Oceania Operating Income 6.6 4.4% 9.1 5.3% +2.4 +37.4% Net Sales1 80.3 - 85.3 - +5.0 +6.3% North America EBITA2 6.4 8.0% 4.1 4.8% -2.3 -36.1% Operating Income 5.6 7.0% 3.3 3.9% -2.2 -40.0% Net Sales1 112.1 - 117.0 - +4.8 +4.4% Europe EBITA2 9.4 8.5% 9.0 7.7% -0.4 -5.1% Operating Income 8.1 7.3% 7.7 6.6% -0.4 -5.1% Net Sales 1,186.8 - 1,216.0 - +29.2 +2.5% Consolidated EBITA2 139.1 11.7% 142.1 11.7% +3.0 +2.2% Operating Income 104.5 8.8% 108.5 8.9% +3.9 +3.8% 1 Before elimination of intersegment transfers 2 Operating income before amortization of goodwill and intellectual property rights related to M&A 17
  • 18. Consumer Products Business by Geographic AreaSales (Billion yen) Japan Operating Income Asia and Oceania (Billion yen) 1,000 150 200 15 800 150 10 100 600 100 5 400 50 50 0 200 0 0 0 -5 FY2009 FY2010 FY2011 FY2009 FY2010 FY2011 North America & Europe 200 15 150 10 Net Sales 100 5 Operating Income 50 0 0 FY2009 FY2010 FY2011 18
  • 19. Chemical Business by Geographic AreaSales (Billion yen) Japan Operating Income Asia (Billion yen) 150 20 150 20 15 15 100 100 10 10 50 50 5 5 0 0 0 0 FY2009 FY2010 FY2011 FY2009 FY2010 FY2011 North America & Europe 150 20 15 100 Net Sales 10 50 Operating Income 5 0 0 FY2009 FY2010 FY2011 19
  • 20. Consolidated Balance Sheets (Billion yen) Mar/11 Mar/12 Changes Mar/11 Mar/12 ChangesCurrent Assets 416.8 432.9 +16.1 Current Liabilities 348.1 274.9 -73.2 Notes and Accounts Cash and Time Deposits 110.7 85.4 -25.2 Payable - Trade 104.0 110.6 +6.6 Notes and Accounts Bonds/Short-term Debt Receivable - Trade 121.0 142.8 +21.7 (incl. Current Portion of 86.7 2.0 -84.7 Short-term Investments 35.0 46.7 +11.7 Bonds/Long-term Debt) Inventories 109.3 120.7 +11.3 Accounts Payable - Other 47.7 48.4 +0.7 Other 40.6 37.0 -3.5 Accrued Expenses 68.4 73.5 +5.1 Accrued Income Taxes 18.7 18.3 -0.4 Liability for loss related to the Great East Japan Earthquake 2.6 0.0 -2.6 Other 19.7 21.8 +2.0Fixed Assets 605.9 558.3 -47.6 Long-term Liabilities 135.0 166.6 +31.6 Property, Plant and Equipment 244.7 240.5 -4.1 Bonds/Long-term Debt 70.0 100.0 +30.0 Intangible Assets 272.9 237.4 -35.4 Other 64.9 66.6 +1.6 Investments and Other Assets 88.2 80.2 -8.0 Total Liabilities 483.2 441.5 -41.6 Shareholders equity 611.9 633.5 +21.6 -Common Stock 85.4 85.4 - -Capital Surplus 109.5 109.5 - -Retained Earnings 457.9 447.6 -10.2 -Treasury Stock, at Cost -40.9 -9.0 +31.9 Accumulated other comprehensive income -83.0 -95.5 -12.4 - Unrealized Gain on Available-for-sale Securities 1.8 2.2 +0.4 - Deferred Gain (Loss) on Derivatives under Hedges Accounting -0.0 -0.0 -0.0 - Foreign Currency Translation Adjustments -84.4 -96.0 -11.6 - Post retirement adjustments for foreign consolidated subsidiaries -0.4 -1.6 -1.2 Stock Acquisition Rights 1.1 1.2 0.0 Minority Interests 9.5 10.4 +0.9 Total Net Assets 539.5 549.7 +10.1 Total Liabilities and Total Assets 1,022.7 991.2 -31.5 1,022.7 991.2 -31.5 Total Net Assets 20
  • 21. Consolidated Statements of Cash Flows (Billion yen) FY2010 FY2011 Changes1 Net Cash Provided by Operating Activities 151.2 125.0 -26.2 Net Cash Used in Investing Activities -31.7 -48.9 -17.1 Net Cash Provided by (Used in) Financing Activities -87.3 -86.1 +1.1 Translation Adjustments on Cash and Cash Equivalents -6.4 -3.3 +3.0 Net Increase (Decrease) in Cash and Cash Equivalents 25.7 -13.4 -39.2 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 143.1 129.7 -13.4 Total Debt at End of Period 156.8 102.1 -54.7 2 Free Cash Flow 119.5 76.0 -43.4 1: Changes = FY2011 –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) : 30.7 billion yen Redemption of bonds: 50.0 billion yen 21
  • 22. Share Repurchase (Million Shares) 35 Aggregate to March 2012 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 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
  • 23. 3. Forecast for FY 2012Fiscal year end will be December 31 from FY2012 1Term of consolidation for FY2012 as a transitional period Group companies whose fiscal year end is currently March 31 2: April-December 2012 Group companies whose fiscal year end is currently December 31: January-December 2012Record dates for FY2012 Interim dividend: End of September 2012 Year-end dividend: End of December 2012Adjusted year-on-year growth rateComparison with the nine-month period from April 1 to December 31, 2011 for groupcompanies with a fiscal year end in March 1. Approval of partial amendments to Articles of Incorporation at the 106th Annual General Meeting of Shareholders of Kao Corporation to be held on June 28, 2012 is required. 2. Kao Corporation and certain consolidated subsidiaries with the same fiscal year end 23
  • 24. Major Assumptions for FY2012 Forecast Year-on-year growth rate of market size in value (yen) for the Consumer Products Business1 in Japan: Flat Year-on-year growth rate of cosmetics market size in value (yen) in Japan: -2 to -3% year-on-year 2 Adjusted % growth Net sales: ¥1,020.0 billion (+1.2% year-on-year) Effect of currency translation: -¥7.0 billion (-0.7% year-on-year) Like-for-like sales growth: +¥18.7 billion (+1.9% year-on-year) Estimated impact on income Impact by lower raw material prices: Gross impact of approximately +¥3 billion Net impact: Immaterial Total Cost Reduction (TCR) activities: +¥4 billion Capital expenditures/depreciation and amortization Capital expenditures: ¥44 billion Depreciation and amortization: ¥60 billionExchange rate assumptions 80 yen/USD (FY2011 actual exchange rate [quarterly average]: 79.63yen/USD) 105 yen/Euro (FY2011 actual exchange rate [quarterly average]: 111.42 yen/Euro) 1 Excludes prestige cosmetics. 2 Excludes impact of change in financial term (see slide 23 for details). 24
  • 25. Consolidated Sales and Profit Forecast 1 FY2010 2 FY2011 3 FY2012(F) 4 Adjusted Billion yen % Growth Billion yen % Growth Billion yen % Growth 5 Net Sales 1,186.8 +0.2 1,216.0 +2.5 1,020.0 +1.2 Operating Income 104.5 +11.2 108.5 +3.8 100.0 +1.6 [% of Sales] 8.8% 8.9% 9.8% Ordinary Income 103.3 +10.4 110.0 +6.5 101.0 +0.9 [% of Sales] 8.7% 9.0% 9.9% Net Income 46.7 +15.4 52.4 +12.2 60.0 +16.1 [% of Sales] 3.9% 4.3% 5.9% Net Income per Share (yen) 87.69 +16.0 100.46 +14.6 114.98 +16.0 ROE 8.5% - 9.8% - 10.9% - EBITDA 185.9 +4.0 188.3 +1.3 160.0 -0.4 (Operating Income + Depr. & Amort.) Cash Dividends per Share (yen) 58.0 +1.8 60.0 +3.4 62.0 +3.3 1 Exchange rate assumptions: 80 yen/USD, 105 yen/Euro 2 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 3 Kanebo Cosmetics (Apr. 2011-Mar. 2012) : Net sales = approximately ¥190 billion / operating margin before deduction of royalties = approximately 6%; amortization related to Kanebo Cosmetics: ¥27.3 billion 4 Kanebo Cosmetics (Apr. 2012-Dec. 2012) : Net sales = approximately ¥150 billion / operating margin before deduction of royalties = approximately 8%; amortization related to Kanebo Cosmetics: ¥20.3 billion 5 Excludes impact of change in financial term (see slide 23 for details). 25
  • 26. Sales Outlook by Segment – FY2012 Adjusted<Billion yen> % Growth2Consolidated Net Sales 1,020 +1.2% Reference: By Segment1 By Geographic Area1 Adjusted Adjusted % Growth2 % Growth2Beauty Care 452 +1.7% Japan 727 +2.1%Human 3Health Care 153 +6.2% Asia 164 -1.3%Fabric and North 3Home Care 235 +2.0% America 95 +2.4%Chemical 210 -4.2% Europe 111 -5.2% 1 Sales are before elimination of transactions between segments or geographic areas. 2 Excludes impact of change in financial term (see slide 23 for details). 3 Australia and New Zealand, which have been included in Asia & Oceania until FY2011, will be reclassified to North America from FY2012. FY2011 sales of both countries are reclassified in adjusted growth rate. 26
  • 27. Sales Outlook – FY2012 - Consumer Products Business in Japan - <Billion yen> 1st Half Full Year FY2011 FY2012 FY2011 FY2012 Adjusted % Growth Actual Forecast Actual Forecast % Growth* (12 months) (9 months)Beauty Care 204.3 206.0 +0.8% 407.6 315.0 +1.0%Human Health Care 82.0 87.0 +6.1% 164.5 133.0 +5.6%Fabric and Home Care 130.4 133.0 +1.9% 260.0 207.0 +1.2%Consumer Products Busines 416.9 426.0 +2.2% 832.2 655.0 +2.0%*Excludes impact of change in financial term (see slide 23 for details). 27
  • 28. FY2012 Outlook by Segment Decrease in operating income Increase in operating incomeIncrease in net sales CP1,3 – Asia CP1 – Japan CP1,3 – North America Chemical – JapanDecrease in net sales Chemical – Asia CP1 – Europe Chemical – Europe Chemical – North America 1: CP = Consumer Products 2: Excludes impact of change in financial term (see slide 23 for details). 3 Australia and New Zealand have been included in Asia & Oceania until FY2011 and will be reclassified to North America from FY2012. Sales and operating income of both countries for FY2011 are presented based on the FY2012 reclassification. 28
  • 29. Consolidated Net Sales/EBITA1/Operating Income [Full Year] Sales Profit Billion yen Billion yen 1,400 1,318.5 240 1,276.3 1,184.3 1,186.8 1,216.0 220 1,200 200 1,020.0 Net Sales 180 1,000 157.6 160 139.1 142.1 800 134.6 140 129.5 116.2 123.8 EBITA 104.5 108.5 120 96.8 100.0 600 94.0 100 12.0% 11.7% 11.7% 12.1% Operating 10.6% 10.9% 80 Income 400 60 9.8% 8.8% 8.8% 8.9% 40 200 7.6% 7.9% 20 EBITA Margin Operating Margin 0 0 2 FY07 08 09 10 11 12(F) 1 Operating income before amortization of goodwill and intellectual property rights related to M&A 2 Fiscal year end will be December 31 from FY2012 (see slide 23 for details). 29
  • 30. EBITDABillion yen Depretiation & Amortization Operating Income 250 Total 209.6 200 184.2 185.9 188.3 178.8 160.0 93.4 150 81.3 79.7 87.4 84.7 60.0 100 116.2 108.5 50 96.8 94.0 104.5 100.0 0 FY07 08 09 10 11 12(F) *Fiscal year end will be December 31 from FY2012 (see slide 23 for details). 30
  • 31. ROE & ROA (%)20 17.7 14.915 16.5 13.1 11.7 11.5 10.9 10.9 12.8 9.910 8.6 9.7 9.8 10.1 9.2 8.0 8.5 7.3 5 ROE ROA 0 FY04 05 06 07 08 09 10 11 12(F) ROA: Ordinary Income / Total assets * Fiscal year end will be December 31 from FY2012 (see slide 23 for details). 31
  • 32. 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 60.0 140 60 52.4 131.2 130.6 129.4 46.7 120 50 122.5 40.5 120.3 115.0 100 40 100.5 80 87.7 30 75.6 60 20 40 550 544 544 543 536 536 533 522 522 10 20 0 0 FY04 05 06 07 08 09 10 11 12(F) * Fiscal year end will be December 31 from FY2012 (see slide 23 for details). 32
  • 33. Cash Dividends per Share (Yen)70 62.00 Dividend increase for the 22nd 58.00 60.0060 consecutive year in FY2011 56.00 57.00 54.00 52.00 50.005040 38.00 32.00 30.0030 26.00 24.00 20.0020 16.00 14.00 15.00 11.50 12.50 10.0010.50 8.87 9.0910 7.10 7.10 0 ) 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 88 (F FY 12 *Impacts of share splits are retroactively reflected. 33
  • 34. Capital Expenditures(Billion yen) 100 Parent Subsidiaries 49.0 49.1 47.1 50 44.6 44.8 44.0 14.7 22.3 17.2 19.6 17.4 24.0 34.4 26.7 27.4 29.9 25.0 20.0 0 FY07 08 09 10 11 12(F) * Fiscal year end will be December 31 from FY2012 (see slide 23 for details). 34
  • 35. FY2012 Quarterly Consolidated Sales and Profit Forecast Net Sales Operating Income(Billion yen) (Billion yen) Net Sales 2011 1,216.0 Operating Income 2011 Net Sales 2012 Operating Income 2012 108.5 1,020.0 100.0 614.8 615.0 57.5 53.0 294.9 29.2 3 months 6 months Fiscal year 3 months 6 months Fiscal year * Fiscal year end will be December 31 from FY2012 (see slide 23 for details). 35

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