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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 Results and Fiscal Year 2012 Plan

April 27, 2012 TOTO

Contents

1 Financial Results for FY 2011

2 Financial Plan for FY 2012

Fiscal 2011 Financial Overview


Increase in sales and profits In addition to the strong demand for new housing, company-wide efforts towards cost reduction and
Net Sales: Operating profit: Recurring profit: Net profit: Increase (2 years running) Increase (3 years running) Increase (3 years running) Increase (3 years running)

business 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.

FY2011 Result
Financial result
FY10 Result
Y billion, rounded down

FY11 Result

YoY Difference (%)

Net Sales Operating Profit Recurring Profit Extraordinary Loss


Net Profit

433.5 14.0 13.8 -5.7 5.1

452.6 18.7 19.5 -3.9 9.2

+19.1 (+4.4%) + 4.7 (+34.0%) + 5.6 (+41.0%) -1.8 + 4.1

Capital Investment Depreciation

26.2 19.7
4

32.2 18.3

FY2011 Result
Sales and profit by business segment
500.0

433.5
Others 2

452.6
Others 1

(+4%)

( )= YoY difference

Y billion, rounded down

New Domain

16.5 55.7
Remodeling 248.0

14.4

New Domain (-13%)

400.0

62.6 (+12%)
Remodeling 248.4 (0%)

Operating Profit 18.7

300.0

20
16

14.0

12
8

200.0

361.0

375.4
(+4%)

4
0

FY10
11.0 11.5 -0.5 7.2 -2.1 -2.1

FY11
17.2 14.2 2.9 7.0 -2.9 -2.5

100.0
New Housing 113.0

New Housing 126.9 (+12%)

0.0
FY'10 FY'11

Others New Domain Overseas H.E. Domestic H.E

Domestic H.E. (Remodeling) (New Housing) Overseas H.E. New Domain Others

Sales of both domestic and overseas housing equipment increased


5

FY2011 Result
Sales per products in domestic housing equipment
Y billion, rounded down

FY'10
S ales S ales

FY'11
YoY (%)

Restroom Products Total Fittings Bathrooms Modular Kitchens/Basins Bath/Kitchen Products Total Others Totatl Total(Before adjustment)
2 1

143.4

146.1

+ 2% + 1% +10% + 5%

192.8 34.5 370.8

201.7 38.0 385.9

+ 5% +10% + 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

FY2011 Result
Sales and profit per region in Overseas housing equipment
In Local Currency
($ million, rounded down)

In Japanese Yen
(JPY billion) YoY -2% FY10 15.88 0.29 (JPY billion) FY10 27.73 7.62 (JPY billion) YoY +21% +1% FY10 10.40 1.22 (JPY billion) YoY +22% FY10 1.72 -1.83 (JPY billion) FY10 Result 55.73 7.29 FY11 1.95 -7.80 TOTAL FY11 Result 62.60 7.02 YoY +12% -4% YoY 13% FY11 11.95 1.16 YoY +15% -4% FY11 33.77 7.29 YoY +22% -4% FY11 14.91 -0.64 YoY -6% -

Americas
Net S ales Operating Profit (Exchange rate JPY/US $)

FY10 194.9 3.5 81.49

FY11 191.9 -8.3 77.74

(Billion Chineseyuan, rounded down)

China
Net S ales Operating Profit (Exchange rate JPY/RMB)

FY10 22.5 6.2 12.30

FY11 27.4 5.9 12.31

YoY +22% -4%

($ million, rounded down)

Asian & Oceanian Region


Net S ales Operating Profit (Exchange rate JPY/US $)

FY10 127.6 14.9 81.49

FY11 153.8 15.0 77.74

( million, rounded down)

Europe
Net S ales Operating Profit (Exchange rate JPY/Euro)

FY10 16.0 -17.0 107.90

FY11 19.4 -7.8 100.71

FY2011 Result
Cause of increase/decrease of operating profit
Y billion, rounded down

Cause of Increase/Decrease
Usual Cost Reduction Positive Cost Reduction V Plan Cost Reduction Factors Increase in Remodeling Sales Increase in New Housing Sales Decrease in Indirect Cost Negative Loss from Overseas Housing Equipment Factors Increase in material price V Plan investment Increase in labor cost Increase in general products/Decrease in sales price Others

FY11 Result +4.5 +3.7 +8.2 +0.1 +4.4 +1. -0.2 -2.0 -2.2 -3.2 -0.8 -0.8 +4.8

Total

Achieved 4.8 billion yen of operating profit with V plan cost reduction and others
8

Contents

1Financial Result for FY2011

2 Financial Plan for FY 2012

Fiscal 2012 Annual Plan Overview


Increase income

and profit

We 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

FY2012 Plan
Financial Plan
FY11 Result Net Sales
Operating Profit
Y billion, rounded down

FY12 1H Plan 220.0 5.5 6.0 -1.0 3.5 2H Plan 255.0 15.5 16.0 -3.5 9.5 Total

YoY Difference (

452.6 18.7 19.5 -3.9 9.2

475.0 21.0 22.0 -4.5 13.0


35.0 20.5

+ 22.3 (+5%) + 2.2 (+12%) + 2.5 (+13%) - 0.6 + 3.7 (+40%)

Recurring Profit

Extraordinary Loss

Net Profit

Capital Investment Depreciation

32.2 18.3

18.0 9.3
11

17.0 11.2

FY2012 Plan
Sales and profit by business segment 452.6
500.0
400.0
Others 1 New Domain

475.0
Others 2

(+5%)

( )= YoY difference

Y billion, rounded down Operating Profit


24 20 16 12 8 4 0

14.4 62.6
Remodeling 248.4

16.8

New Domain (+16%)

71.5 (+14%)
Remodeling 258.9 (+4%)

18.7

21.0

300.0
200.0 100.0

375.4

386.5
(+3%)

FY11
Others New Domain Overseas H.E. Domestic H.E
Domestic H.E. (Remodeling) (New Housing) Overseas H.E. New Domain Others 17.2 14.2 2.9 7.0 -2.9 -2.5

FY12
18.0 14.9 3.0 8.4 -2.6 -2.8

New Housing 126.9

0.0
FY'11
830 thousands 810 thousands

New Housing 127.5 (0%)

FY'12

800 thousands (-4%) New housing starts (Jan-Dec) 810 thousands (-1%) New housing starts on delivery base

Plan to increase sales in the Domestic and Overseas housing equipment business
12

FY2012 Plan
Sales per products in domestic housing equipment
Y billion, rounded down

FY11
S ales

FY12 Plan
S ales YoY (%)

Restroom Products Total Fittings Bathrooms Modular Kitchens/Basins Bath/Kitchen Products Total Others Total Total (Before adjustment)
2 1

146.1

148.4

+2% +1% +1% +1%

201.7 38.0 385.9

203.6 44.2 396.2

+1% +16% +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

FY2012 Plan
Sales and profit per region in Overseas housing equipment
In Local Currency
Americas
Net S ales Operating Profit (Exchange rate JPY/US $) ($ million, rounded down) FY11 FY12 Result Plan 191.9 196.3 -8.3 -1.3 77.70 80.00 YoY +2% -

In Japanese Yen
(JPY billion) FY11 Result 14.91 -0.64 (JPY billion) FY10 Result 33.77 7.29 (JPY billion) FY10 Result 11.95 1.16 (JPY billion) FY10 Result 1.95 -0.78 FY12 Plan 15.70 -0.10 YoY +5% -

China
Net S ales Operating Profit (Exchange rate JPY/RMB)

(Billion Chineseyuan, rounded down) FY11 FY12 Result Plan YoY 2.74 3.02 +10% 0.59 0.64 +8% 12.30 12.70 ($ million, rounded down) FY11 FY12 Result Plan 153.8 178.8 15.0 12.5 77.70 80.00 ( million, rounded down) FY11 FY12 Result Plan 19.4 29.5 -7.8 -5.7 100.70 105.00

FY12 Plan 38.40 8.10

YoY +14% +11%

Asian & Oceanian Region


Net S ales Operating Profit (Exchange rate JPY/US $)

YoY +16% -17%

FY12 Plan 14.30 1.00

YoY +20% -14%

Europe
Net S ales Operating Profit (Exchange rate JPY/Euro)

YoY +52% -

FY12 Plan 3.10 -0.60 TOTAL FY12 Plan 71.50 8.40

YoY +58% -

(JPY billion) FY10 Result 62.60 7.02

YoY +14% +20%

14

FY2012 Plan
Cause of increase/decrease of operating profit
Y billion, rounded down

Cause of Increase/Decrease
Cost Reduction Positive Factors Usual Cost Reduction +4.8 V Plan Cost Reduction +2.3

FY12Plan
+ 4.0 + 3.6

+ 7.6 + 3.6 + 0.2 + 1.4 -1.8 -2.6 -2.1 -1.8 -1.4 -0.9 +2.2

Increase Increase Increase Increase

in Remodeling Sales in New housing sales in Overseas Sales in material prices

V Plan investments (Initial cost for new plat etc)

Strengthening investment sales Increase in labor cost


Increase in general products/Decrease in sales price

Others TOTAL

Plan 2.2 billion yen of increase in operating profit by increase of sales and cost reduction
15

FY2012 Plan
Dividend

FY11 Result 1H 2H Full Year 5.0 5.0 10.0

FY12 Plan 6.0 6.0 12.0

Increase dividend to 12 yen in annually


16

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.

Domestic housing equipment business


Reinforce our robust corporate structure t o generate greater profits

TOTO as a truly global company by 2017

Overseas housing equipment business


Penetrate new markets to drive growth

2012
2011
2010

New-domain business
Develop new domain businesses from a global perspective

Strengthening of governance
Business development based on the V Plan Environmental contribution through the Green Challenge Initiative

The TOTO Groups 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

Mid-term Management Plan


Its Significance in the V Plan

Develop a platform Establish a foundation Foster BS awareness Take the viewpoint of overall optimization < Consolidated results > Net sales Operating profit ROA

Continue and accelerate reforms Get on a growth track Establish a firm footing for our businesses in growth markets Invest aggressively (overseas, realignment) Prepare for risks

Become No. 1 globally by transcending non-continuity and uncertainty Achieve both growth and streamlining Realize a robust, highly profitable corporate structure Increase scale along with profits Dividend payout ratio = 30% annual target

Fiscal 2009 Fiscal 2011 Fiscal 2014 V Plan targets


421.9 billion yen 6.6 billion yen 1.6% 452.6 billion yen 18.7 billion yen 5.0% 520.0 billion yen 30.0 billion yen 7% 600.0 billion yen 48.0 billion yen 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

Mid-term Management Plan


Sales and profit by business segment
Net Sales
(1 billion yen)

Operating Profit
(1 billion yen)
400 40.0

Others Overseas H.E.


6,000 600.0

New Domain Domestic H.E.

520.0 452.6
500.0 5,000 400.0 4,000 300.0 3,000

30.0 21.0 18.7 10.5 7.0 17.2 8.4 0.6

475.0 16.8 71.5

300 30.0

30.0
90.0

14.4
62.6

200 20.0 100 10.0 0 0

18.0

21.0

375.4
200.0 2,000 100.0 1,000 0 0

386.5

400.0
-10.0 -100
FY11 FY12
17.2 7.0 2.9 2.6

FY14
18.0 8.4 2.6 2.8 21.0 10.5 0.6 2.1

Domestic H.E. Overseas H.E. New Domain

FY11 '11

FY12 '12

FY14 '13 14

Others

83 80 80 Achieve the targets for individual demand areas by fiscal 2014 in order to realize the V Plan in 2017!
19

Mid-term Management Plan


TOTO GREEN CHALLENGE
Products/ services
Providing major products capable of reducing CO2 emissions from kitchen and bathroom products in homes by 50% or more (compared to FY1990)
4000
CO2 emissions (kg/year)

Manufacturing
Reducing CO2 emissions in manufacturing, distribution and sales activities worldwide Domestic business: 45% reduction compared to FY1990
25
CO2 emissions (10,000 tons/year)

Social contribution
Creating conditions where opportunities to participate in the initiative are available at all business sites so that all employees of TOTO Group companies can participate in green volunteer activities
(persons/year) Number of employees who have participated in green volunteer activities 60000 54000

3 1 36 4 0 4 34 5 5 0

21.7 40
45% reduction line

3000

20 15

40 42

2000 1000 0

45

50000

40000 30000

10 5 0

40000 30000
20000 10000

23000

Base Result 2012 Goal Goal 1990 2011 Goal 2014 2017 1990 2011 2012 2014 2017

Base 1990 1990

Result 2012 2011 Goal 2011 2012

Goal 2014 2014

Goal 2017 2017

Result 2011 2011

Goal 2012 2012

Goal 2014 2014

Goal 2017 2017

Promoting the use of Hydrotect products with an air purification function (removal of NOx) worldwide

Overseas business: Reduction in emissions per unit production by 2%/year

Goal for 2017: 100% participation in green volunteer 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

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 Step up proposals by zone (toilets, baths, kitchens, sinks) Pursue expanded operations Expand channels
Remodel Club stores Gas equipment stores Home builders Construction companies

Pre-sale remodeling

Real estate buying and selling

Remodeling upon purchase

Driving force for remodeling

Renovation reseller

Developer & Construction company

Real estate company

Remodel Club store

(2) Reinforce our remodeling business by type of contact point


Propose remodeling by type of contact point to existing customers such as construction companies, home builders, and retail business operators

(4) Step up efforts to cater to remodeling needs by type of remodeling


Intensify efforts to propose remodeling to public establishments such as hospitals and senior citizens homes/facilities

Expand the business model over the 3-year period from 2012 to 2014
21

Fiscal 2012 Policies (Domestic Housing Equipment Business)


Running of TDY* Collaboration Showrooms
Achievements accomplished by the TDY Osaka Collaboration Showrooms (launched in July 2010) (i) Increased number of visiting customer couples/groups Visiting customer couples/groups: thanks to synergistic effects attained through collaboration Approx. 38,000/year, (ii) Higher customer satisfaction thanks to space proposals a year-on-year gain of approx. 50% (iii) Efficient customer traffic generation through a threecompany collaboration Customer satisfaction increased through the space proposals realized through collaboration among the three companies advisors Launching the TDY Tokyo Collaboration Showroom (slated for November 2012) 7th and 8th floors of the JR Minami-Shinjuku Building Approx. 1,118 tsubo (3,700 m2) TDY TDY Osaka Hiroshima TD Takamatsu TY Fukuoka Collaboration 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 anniversary of this alliance.

TD Sapporo

TDY Tokyo Collaboration Showroom


Launch: Nov. 2012

< Conceptual drawing > TDY Green Remodel Space

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

Fiscal 2012 Policies (Domestic Housing Equipment Business)


New Products (launched in February 2012)
TOTOs Water-related Technologies

Eco-friendly technologies

Universal 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 bacteria
Chloride Hypochlorous acid Bacterial removal Electrolysis Decomposition Decoloration

Sanitary Bacterial Removal Water

Eco Single Faucet


Received the 2011 Eco Products Award as a faucet with superior environmental functions that facilitates customers environmental awareness

Propose attractive remodeling solutions by stepping up our products appeal using our unique technologies
23

Fiscal 2012 Policies (Overseas Housing Equipment Business)


Intensify our Marketing in Chinas Inland Regions
Improve the quality of our exposure to put our high-quality strategy on a firm footing (1) Upgrade dealer showrooms Enhance our luxurious image and encourage our dealers to select higher value-added products (2) Run showrooms across the country efficiently Standardize showroom construction to run showrooms efficiently in fast-growing areas

Reinforce Aftersales Services


Continue to provide industry-leading services by realizing higher quality while expanding our service network (1) Expand our service network Expand our service network to offer aftersales services in Chinas inland areas, where demand is rising

(2) Improve service quality Continue our intensive efforts to develop customer engineers capable of satisfying customers
(3) Provide industry-leading services Example: WashletThe warranty period was extended to 3 years (compared to 1 year previously) in order to allow customers to purchase with peace of mind
Warranty period extension 1 year 3 years

Flagship showrooms 10 19 (2011) (2012)

In China, a country that is gradually showing signs of slowing economic growth amidst the central banks 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

Fiscal 2012 Policies (Overseas Housing Equipment Business)


Americas Business
Marketing strategy
Step up our approaches to distributors (customer contact points) Enhance our differentiation through provision of customer service and training

Topics Related to TOTOs Participation in Overseas Exhibitions


Brazil (Sao Paulo: from March 69, 2012) Brazil Revestir Sao Paulo

Product strategy
Release differentiated products that demonstrate that TOTO has the most advanced technologies on the market

Russia (Moscow: from April 25, 2012) Participated in Russias largest construction material exhibition as an exhibitor Mousbuild2012

Europe Business
Marketing strategy
Expand our marketing channels in Germany Intensify marketing efforts in France and the U.K. Expand sales of toilet basins with Washlet and increase the number of showroom displays Italy (Milan: from April 1722, 2012) Milano Salone
One of the worlds largest international furniture exhibitions TOTO exhibited its MH Series alongside its LE Series, which surrounds the 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

Fiscal 2012 Policies (Overseas Housing Equipment Business)


Business Climate
Taiwan
TOTOs business in Taiwan has been doing well, accounting for around half of its total sales in Asia and Oceania Recent earnings have been strong despite rising potential risks relating to the slowdown in global economic growth

Middle East
Continuing to do well despite project implementation delays at some sites Customers are showing growing interest in environmentally-friendly products

Vietnam
Market conditions are favorable and redevelopment projects are underway Also, order intake from large-sized luxury hotels has been increasing In urban areas, retail sales have been increasing in relation to various individual needs as a result of efforts to enhance distributor showrooms and the nearby retail shop network Seeking to raise the profile of the TOTO brand, TOTO took part as an exhibitor in the Vietbuild Ho Chi Minh exhibition in July 2011

India
Continuing to reinforce Indian domestic sales in preparation of construction of a new plant (2014)

[Reference: Indonesia]
Manufacturing and marketing managed by PT Surya TOTO, an equity method entity of TOTO (TOTOs equity interest: 39.5%) Dealing in sanitary ware and faucet products Fiscal 2011 sales amounted to approx. 10 billion yen Production of sanitary ware in Indonesia totaled 1.2 million pieces (fiscal 2011 actual results)

Thailand
Damage from the major flooding to TOTO was minor; TOTO has already resumed production A new TOTO plant came online in February 2012, helping the Company accelerate its brand strategy implementation

The 7th sanitary ware plant came online in November 2011

Thirty years have passed since TOTO commenced operations in Indonesia under a local focus strategy
TOTOs domestic market share in Indonesia is about 60%, placing the Company at the top of the nations market

Aim to increase sales and profits by adapting well to local business climates
26

Fiscal 2012 Policies (Overseas Housing Equipment Business)


Enhance Our Production Structure
Extension of Vietnam Plant: Came online in November 2010 Extension of Dalian Plant: Came online in January 2011 Extension of East China No. 2 Plant: Came online in May 2011 New Thai Plant: Came online in February 2012
Construction of Fujian Plant: Scheduled to come online in August 2013 Construction of India Plant: Scheduled to come online in July 2014
Sanitary ware
Faucet metal fittings

Investment: approx. 200 million yen Investment: approx. 200 million yen Investment: approx. 4.3 billion yen

Sanitary ware
Sanitary ware Sanitary ware Sanitary ware

Investment: approx. 5.0 billion yen


Investment: approx. 6.3 billion yen Investment: approx. 6.0 billion yen

Status of progress for plants under construction New Thai Plant: Fujian Plant: Came online in February 2012 Work commenced in April 2012

India Plant:

Foundation work commenced in March 2012 All three plants are on schedule
27

In fiscal 2014, sanitary ware production volume will increase approx. 15% over current levels

Fiscal 2012 Policies (New Domain Businesses)


Environmental Construction Materials Business
From a business shift to a business growth period Focusing our efforts on priority business areas under a new framework
Large-sized ceramic board: Hydrocerea: Step up efforts to win a product designation Hydrotect coating liquid: Promote sales to major overseas materials manufacturers Exterior construction materials: Step up our activities towards major house building companies
(100 million 100 yen) 80
60
40 20 120

Ceramics Business
From a period of business structure enhancement to one of business growth Focusing our unique technology-based efforts on target markets
Step up the initiative to make unique technology-based proposals Strengthen the initiative for proposing solutions in Europe and Asia in addition to North America; Proposed a new type of receptacle at attain a higher overseas sales ratio the SEMICON Japan exhibition in
December 2011

88.7

91.3

95

Sales Operating profit 14

(100 million 100 80 yen)


60

120

77.1 53.3 6.4 13.9

73

Sales Operating profit 12

15.2

0 -20 -40

15.5

40 20 0 -20 -40

Fiscal 2010 actual

Fiscal 2011 actual

Fiscal 2012 forecast

Fiscal 2010 actual

Fiscal 2011 actual

Fiscal 2012 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 Companys 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

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 statements due to risks and undermined factors arising from changes in the world economy, competition and foreign currency exchange rates.