Download - Sumitomo corp sm2012_q3
IR Supplemental Material
Consolidated Quarterly Financial Results for FY2012
(Nine-month period ended December 31, 2012)
・ Principal Subsidiaries and Associated Companies Contributing to
Consolidated Results p1
・ Supplemental materials by Segment (Performance Overview) p2-6
February 4, 2013
Sumitomo Corporation
Sumitomo Corporation
Unit: billion of yen (rounded to the nearest 100 million)
FY2012Apr.-Dec.
Results
FY2011Apr.-Dec.
Results
Metal Products
ERYNGIUM Ltd. *100.00 Manufacture, processing and distribution of speciality metals for OCTG market 3.4 2.8
SC Pipe Services Inc. 100.00 Investment in pipe manufacturing and sales company in the U.S. 1.9 2.0
Sumisho Metalex Corporation *100.00 Sale of non-ferrous metal products, materials for home heat solution 0.8 0.6
Asian Steel Company Ltd. 100.00 Shearing, slitting, and sale of steel plates in Southeast Asia 0.2 0.5
Transportation & Construction Systems
Sumitomo Mitsui Auto Service Company, Limited *1 46.00 Leasing of motor vehicles 3.0 5.5
P.T. Oto Multiartha 83.86 Financing of automobiles in Indonesia 2.5 1.5
P.T. Summit Oto Finance *99.56 Financing of motorcycles in Indonesia 1.1 0.4
Infrastructure
Perennial Power Holdings Inc. *100.00 Development, ownership and management of power plant in the U.S. 1.7 0.8
MobiCom Corporation 33.98 Integrated telecommunication service in Mongolia 1.3 1.2
Sumisho Machinery Trade Corporation *100.00 Trading of machinery, equipment and automobiles 0.9 0.7
Media, Network & Lifestyle Retail
Jupiter Telecommunications Co., Ltd. 40.46 Operation of multiple cable TV systems (MSO) and channels (MCO) 13.1 10.8
SCSK Corporation *2 50.83System Integration, IT infrastructure implementation, IT management, BPO, and IThardware software sales
7.1 4.4
Jupiter Shop Channel Co., Ltd. *3 50.00 Operation of TV shopping channel 6.9 9.2
Summit, Inc. *100.00 Supermarket chain 1.1 1.9
Mineral Resources, Energy, Chemical & Electronics
2 silver, zinc and lead business companies in Bolivia *100.00 Investment in silver, zinc, and lead mine operating, and ore concentrate salescompanies in Bolivia
8.1 16.3
Iron ore mining business in Brazil *- Iron ore mining business in Brazil 6.7 6.1
Oresteel Investments (Proprietary) Limited *4 *49.00 Investment in Assmang iron ore and manganese mine in South Africa 6.2 6.2
SC Minerals America, Inc. *100.00 Investment in the Morenci copper mine, the Pogo gold mine in the U.S. and theCandelaria & Ojos del Salado copper mines in Chile
3.1 4.0
Companies related to coal business in Australia *5 - Investment in coal mines in Australia 2.9 17.6
2 companies with oil field interests in the North Sea *-Development, production and sale of crude oil and natural gas in the British andNorwegian zones of the North Sea
2.8 2.5
SMM Cerro Verde Netherlands B.V. 20.00 Investment in the Cerro Verde copper mine in Peru 1.9 2.9
LNG Japan Corporation 50.00 Trading of LNG, investment and financing related to LNG business 1.5 1.3
Sumitomo Shoji Chemicals Co., Ltd. *100.00 Sale and trade of chemicals and plastics 0.9 1.0
SC Mineral Resources Pty. Ltd. *100.00 Investment in the Northparkes copper mine in Australia 0.8 0.8
Nusa Tenggara Mining Corporation 74.28 Investment in and financing of the Batu Hijau copper/gold mine project in Indonesia (0.2) 14.2
General Products & Real Estate
TBC Corporation *100.00 Retail and wholesale of tires in the U.S. 1.2 4.2
2 companies in the banana business *- Import and sale of fruits and vegetables (0.2) 2.1
New Industry Development & Cross-function
Sumitomo Mitsui Finance and Leasing Company,Limited
*40.00 Finance & Lease 12.1 9.4
Sumisho Aircraft Asset Management B.V. *100.00 Aircraft operating lease 0.1 0.3
Overseas
Sumitomo Corporation of America 100.00 Export, import, wholesale 20.1 23.7
Sumitomo Corporation Europe Holding Limited 100.00 Export, import, wholesale 6.0 6.5
Sumitomo Corporation Asia Pte. Ltd. 100.00 Export, import, wholesale 5.8 4.6
Total 9 subsidiaries in China 100.00 Export, import, wholesale 1.1 2.9
Sumitomo Australia Pty Ltd 100.00 Export, import, wholesale 0.3 1.0
Principal Subsidiaries and Associated Companies Contributing to Consolidated Results
Notes)
Shares inequity(as of
December 31, 2012)
(%)
Main Business
(*5) We established a sales company related to coal mining operation in Australia in March, 2012. (Our shares in equity: 25%) Equity in earnings of FY2012 Apr.-Dec. is a sum of Sumisho Coal Australia and the sales company.
(*) Shares in equity and equity in earnings for companies marked with an asterisk are the percentage shares and equity amounts company-wide including other segments.
(*1) At the end of February, 2012, we sold 20% of our shares in Sumitomo Mitsui Auto Service Company to Hitachi Capital Corporation, a parent company of Hitachi Capital Auto Lease Corporation based on business alliance and capital tie-up.
(*3) At the end of July, 2012, we sold 50% of our shares in Jupiter Shop Channel to Bain Capital Group.
Equity in earnings
(*4) As equity in earnings is consolidated semi-annually, the results show equity in earnings for the period of FY2012. Apr-Sep and FY2011. Apr-Sep respectively.
(*2) On October 1, 2011, Sumisho Computer Systems Corporation (SCS) and CSK Corporation was merged into newly established SCSK Corporation. The figures of FY2011 Apr.-Dec. Results is a sum of equity in earnings of SCS and CSK. The figures of SCSK are calculated by adding consolidation adjustments to the figures announced by SCSK Corporation.
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Metal Products
【FY12 Apr-Dec Result:11.1 billion yen】 FY2011 FY2012 FY2012 Forecasts
Performance Overview
p y(3.1 billion yen decrease from FY11 Apr-Dec)
・Steel Sheets Overseas steel service center: decreased due to
(unit: billion of yen)
FY2011Apr-Dec
FY2012Apr-Dec
FY2012 Forecasts(As of May, 2012)
Gross profit 49.7 46.9 71.0
Operating profit 17.0 13.7 -
Share of profit ofOverseas steel service center: decreased due to Chinese economy slowdown and Europeansovereign debt issues
T b l P d t
investments accounted forusing the equity method
4.3 3.8 -
11.1
1Q:4.0 2Q:3.1 3Q:4.0
Mar, 2012
Profit for the periodattributable to owners of theparent
14.2 21.0
・Tubular ProductsNorth America: stable
【Results of major subsidiaries and associated companies】Company Equity in earnings of the segment
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts
638.4Total assets 596.3 -
(shares in equity owned by the segment/ p p(As of February, 2013)
・SC Pipe Services: 2.0 1.9 2.4
・ERYNGIUM(30/100): 0.8 1.0 1.3
・Sumisho Metalex(90/100): 0.6 0.7 0.9
owned by whole company):
【Business Outlook】
・Tubular Products in North America: Overall initially planned
・Asian Steel: 0.5 0.2 0.3
・Tubular Products in North America: Overall, initially planned
・Other Steel Products: Weaker than initial forecasts due to severe business environment
Transportation & Construction Systems
【FY12 Apr-Dec Result:27.4 billion yen】
Performance Overview
FY2011 FY2012 FY2012 Forecasts
(1.5 billion yen increase from FY11 Apr-Dec)
・Automobile
Finance businesses in Indonesia: stableAuto parts manufacturing: stable
(unit: billion of yen)
FY2011Apr-Dec
FY2012Apr-Dec
FY2012 Forecasts(As of May, 2012)
Gross profit 110.8 77.4 114.0
Operating profit 34.3 21.4 -
Share of profit ofAuto parts manufacturing: stable
・Construction equipment
Canada and Russia : strongChina: decreased
investments accounted forusing the equity method
8.8 10.3 -
27.4
1Q:9.5 2Q:7.3 3Q:10.6
Mar, 2012
25.9 32.0Profit for the periodattributable to owners of theparent
Remeasurement gain on changing from an associatedcompany to an subsidiary
・Ships, aerospace and railway car
Decrease in operating profit due to sluggish ship market
【Results of major subsidiaries and associated companies】Company Equity in earnings of the segment
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts
900.8 927.8 -Total assets
(shares in equity owned by the segment/ owned by whole company)Decrease in operating profit due to sluggish ship market
Value realization through replacing ship in FY11.1Q(As of February, 2013)
・Sumitomo Mitsui Auto Service*1: 5.5 3.0 3.8
・Oto Murtiartha: 1.5 2.5 3.3
・SOF(89 56/99 56): 0 4 1 0 1 4
owned by whole company):
【Investments in FY2012】
Acquired controlling interest of US construction equipment rental company Sunstate Equipment Co
【Business Outlook】
Initially planned due to stable performance of automobile business in spite of anticipated
SOF(89.56/99.56): 0.4 1.0 1.4
*1 At the end of Feb, 2012, sold 20% shares in SMAS. (previous share: 66%)
equipment rental company, Sunstate Equipment Co., LLC (December, 2012)
Initially planned due to stable performance of automobile business in spite of anticipated
temporary loss in 4Q
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Infrastructure
【FY12 Apr-Dec Result:9.3 billion yen】
Performance Overview
FY2011 FY2012 FY2012 Forecastsp y(3.9 billion yen increase from FY11 Apr-Dec)
・IPP/IWPP businesses
Tanjung Jati B project: strong
(unit: billion of yen)
FY2011Apr-Dec
FY2012Apr-Dec
FY2012 Forecasts(As of May, 2012)
Gross profit 19.4 24.7 39.0
Operating profit 1.5 6.5 -
Share of profit ofTanjung Jati B project: stronginvestments accounted forusing the equity method
3.6 3.2 -
9.3
1Q:1.5 2Q:3.2 3Q:4.6
Mar, 2012
Profit for the periodattributable to owners of theparent
5.5 15.0
【Results of major subsidiaries and associated companies】Company Equity in earnings of the segment
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts
563.1Total assets 468.8 -
【Investments and Replacements in FY2012】
・Participated in a wind power project in the U.S.(April 2012)
(shares in equity owned by the segment/ owned by whole company): (As of February, 2013)
・MobiCom: 1.2 1.3 1.9・Perennial Power
Holdings(50.01/100): 0.4 0.9 0.9・Sumisho Machinery
(April, 2012) ・Sold a thermal power plant business in the U.S.(August, 2012)
・Participated in a wind power project in South Africa(November 2012)
owned by whole company):
【Business Outlook】
S ft th i iti l f t i l d t d l i j t
Sumisho MachineryTrade Corporation(55.5/100): 0.4 0.5 0.5
(November, 2012)
Softer than initial forecasts mainly due to delay in projects
Media, Network & Lifestyle Retail
【FY12 Apr-Dec Result:51.7 billion yen】
Performance Overview
FY2011 FY2012 FY2012 Forecastsy(22.8 billion yen increase from FY11 Apr-Dec)
・Major group companies
J:COM SCSK Jupiter Shop Channel etc : stable
(unit: billion of yen)Apr-Dec Apr-Dec (As of May, 2012)
Gross profit 162.2 141.3 221.0
Operating profit 18.8 13.8 -
Share of profit ofJ:COM, SCSK, Jupiter Shop Channel, etc. : stable
・Others
Gain due to selling 50% shares in Jupiter Shop
investments accounted forusing the equity method
14.3 14.6 -
51.7
1Q:5.0 2Q:37.5 3Q:9.2
Mar, 2012
Profit for the periodattributable to owners of theparent
29.0 40.0
954 7T t l tGain due to selling 50% shares in Jupiter Shop Channel
【Results of major subsidiaries and associated companies】Company: Equity in earnings of the segment
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts
1,031.6 954.7 -Total assets
【Investments and Replacements in FY2012】(shares in equity owned by the segment/ owned by whole company): (As of February, 2013)
・J:COM*1: 10.8 13.1 16.8・SCSK: 4.4 7.1 6.5 ・Jupiter Shop Channel*2: 9.2 6.9 7.9
・Summit(92 5/100): 1 7 1 0 1 2
【Investments and Replacements in FY2012】
・Sold 50% shares in Jupiter Shop Channel(July, 2012)
owned by whole company):
【Business Outlook】
Stronger than initial forecasts Gain due to selling shares in Jupiter Shop Channel surpassed our initial
*1 shares in equity of the segment in FY11.3Q: 40.11%, FY12.3Q: 40.46%*2 At the end of July, 2012, we sold 50% of the shares in Jupiter Shop Channel (previous share: 99.5%)
・Summit(92.5/100): 1.7 1.0 1.2
Stronger than initial forecasts. Gain due to selling shares in Jupiter Shop Channel surpassed our initial
forecast and major group companies show stable performances.
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Mineral Resources, Energy, Chemical & Electronics
【FY12 Apr-Dec Result:32.0 billion yen】
Performance Overview
FY2011Apr-Dec
FY2012Apr-Dec
FY2012 Forecasts(As of May, 2012)【 p y 】
(49.9 billion yen decrease from FY11 Apr-Dec)
・San Cristobal silver-zinc-lead mining operationdecline in prices and sales volume
(unit: billion of yen)Apr Dec Apr Dec ( y, )
Gross profit 97.5 55.5 108.0
Operating profit 59.4 16.5 -
Share of profit ofinvestments accounted forusing the equity method
28.9 21.3 -
32 0Profit for the period
・Coal mining operation in Australiadecline in prices
・Copper businesses:reversal of deferred tax liability
resulted from business reorganization in FY11 1Q【Results of major subsidiaries and associated companies】Company Equity in earnings of the segment
32.0
1Q:12.9 2Q:9.3 3Q:9.8
Mar, 2012
1,171.3
attributable to owners of theparent
81.9 58.0
Total assets 1,222.1 -
resulted from business reorganization in FY11.1Q, production volume declined
【Investments in FY2012】
p y q y g gFY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts
(As of February, 2013)
・Silver, zinc and lead business in Bolivia(93/100): 15.2 7.5 11.2・Iron Ore Mining Business in Brazil: 5.9 6.5 6.7・Oresteel Investments(45/49): 5.7 5.7 7.6*1
・Companies related to Coal business in Australia: 17 6 2 9 1 2
(shares in equity owned by the segment/ owned by whole company):
【Investments in FY2012】
・Acquired coal mining interest in Australia(July, 2012)
・Joined tight oil development project in the U.S.(S 2012)
Companies related to Coal business in Australia: 17.6 2.9 1.2・SC Minerals America(84.75/100): 3.4 2.7 3.7・Oil fields interests in the North Sea: 2.3 2.5 2.7・SMM Cerro Verde Netherlands: 2.9 1.9 2.5・LNG Japan: 1.3 1.5 3.5・Sumitomo Shoji Chemicals(75/100): 0.8 0.7 0.9SC Mi l R (70/100)*2 0 8 0 5 0 7
【Business Outlook】
(Sep, 2012) ・SC Mineral Resources(70/100)*2: 0.8 0.5 0.7・Nusa Tenggara Mining: 14.2 -0.2 -0.7
*1 As of October, 2012.*2 shares in equity of the segment in FY11.3Q:100/100
Weaker than initial forecasts due to decline in market prices and sales volume
Mineral Resources, Energy, Chemical & Electronics
[Mineral Resources Equity Share of Production and Sensitivity to Net Income]
FY11 FY12 Sensitivity to net incomeFY11
Resultsincome
(annual base/excluding prices hedge)1Q Results 2Q Results 3Q Results Forecasts
Equity share of shipping volume 〔mil t〕 2.2 0.6 0.4 0.8 2.6* ¥130 mil
Coking coal¥130 mil
($1/t)Prices〔$/t〕 291 210 225 170 193
Thermal coal
Equity share of shipping volume 〔mil t〕 2.0 0.5 0.6 0.6 2.2* ¥100 mil
($1/t)($1/t)Prices〔$/t〕 125 115 95 97 113
Iron ore Equity share of shipping volume 〔mil t〕
3.8 0.5 1.9 0.3 4.2¥230 mil
($1/t)MUSA 1.7 0.5 0.5 0.3 1.8
($1/t)Prices〔$/t〕 162 144 131 136 132
Manganese ore
Equity share of shipping volume 〔mil t〕
0.5 - 0.2 - 0.5 ¥30 mil
($1/t)Prices〔$/t〕 247 - 237 - 233Prices〔$/t〕 247 237 233
Copper Equity share of production 〔Kt〕
54 11 11 10 42¥230 mil
($100/t)Batu Hijau 23 4 3 4 13
Prices〔$/t〕 8,813 8,327 7,872 7,705 7,953Prices〔$/t〕 8,813 8,327 7,872 7,705 7,953
Note) Prices are general market price.
The shipping volume of Iron ore and manganese of Oresteel Investments are written semiannually (in second and fourth quarter).
* Includes equity share of shipping volume of Issac Plains, which we acquired in July, 2012. (Coking 0.3 mil t, Thermal 0.2 mil t)
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Mineral Resources, Energy, Chemical & Electronics
[Mineral Resources Equity Share of Production and Sensitivity to Net Income]
FY12 Sensitivity to net FY11
Results
FY12 yincome
(annual base/excluding prices hedge)1Q Results 2Q Results 3Q Results Forecasts
Equity share of production
Silver
Equity share of production
〔t(mil oz)〕302(9.7) 68(2.2) 53(1.7) 81(2.6) 292(9.4) ¥470 mil
($1/oz)Prices〔$/oz〕 35.2 32.6 29.4 29.8 31.1
Equity share of production 〔 〕 189 39 36 45 165 ¥670 il
Zinc〔Kt〕 189 39 36 45 165 ¥670 mil
($100/t)Prices〔$/t〕 2,191 2,025 1,928 1,885 1,946
d
Equity share of production 〔Kt〕
75 13 13 16 56¥310 mil
Lead〔 〕 3 0
($100/t)Prices〔$/t〕 2,399 2,093 1,974 1,975 2,060
Crude oil, Equity share of production
〔mil bbl〕3.3 0.7 0.5 0.5 2.4
¥40 milgas ($1/bbl)
Prices〔$/bbl〕 112 118 108 110 112
LNG Equity share of production 〔Kt〕
290 90 90 50 320 -
Note) Prices are general market price.
General Products & Real Estate
【FY12 Apr-Dec Result:9.7 billion yen】
Performance Overview
FY2011 FY2012 FY2012 Forecastsp y(3.5 billion yen decrease from FY11 Apr-Dec)
・Food
Banana business: decreased due to damageby typhoon in the Philippines
(unit: billion of yen)
0Apr-Dec
0Apr-Dec
0 o ecas s(As of May, 2012)
Gross profit 74.4 69.6 108.0
Operating profit 19.6 17.3 -
Share of profit ofby typhoon in the Philippines
・Materials & Supplies
TBC: decrease in tire unit sales and service sales
investments accounted forusing the equity method
3.8 1.9 -
9.7
1Q:4.1 2Q:2.7 3Q:2.9
Mar, 2012
Profit for the periodattributable to owners of theparent
13.2 22.0
・Construction & Real EstateCondominium delivery: decreased
【Results of major subsidiaries and associated companies】Company Equity in earnings of the segment
771.6Total assets 757.6 -
【Investments in FY2012】
・Acquired Midas, an auto repair and service company in the U.S. (April, 2012)
・Acquired an Australian Frozen Dough Business
p y q y g g
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts(As of February, 2013)
・TBC(40/100): 1.7 0.5 0.4
・Banana business: 1.9 -0.1 -0.3
(shares in equity owned by the segment/ owned by whole company):
q g(August, 2012)
【Business Outlook】
Weaker than initial forecasts due to impact on banana business by typhoon and sluggish TBC performanceWeaker than initial forecasts due to impact on banana business by typhoon and sluggish TBC performance
in spite of anticipated increase in condominium delivery in 4Q
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New Industry Development & Cross-function
【FY12 Apr-Dec Result:10.5 billion yen】
Performance Overview
FY2011 FY2012 FY2012 Forecastsp y(1.4 billion yen decrease from FY11 Apr-Dec) (unit: billion of yen)
FY2011Apr-Dec
FY2012Apr-Dec
FY2012 Forecasts(As of May, 2012)
Gross profit 21.8 19.0 28.0
Operating profit 1.0 -0.7 -
Share of profit of
・Sumitomo Mitsui Finance & Leasing
existing business: stableinvestments accounted forusing the equity method
8.4 11.5 -
10.5
1Q:3.1 2Q:3.5 3Q:3.9
Mar, 2012
Profit for the periodattributable to owners of theparent
11.9 13.0
newly acquired aircraft leasing business:contributed to the results
・Others
【Investments in FY2012】
【Results of major subsidiaries and associated companies】Company Equity in earnings of the segment
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts
549.7 551.9 -Total assets・Others
gain regarding IPO of an invested company in FY11.1Q
(shares in equity owned by the segment/【Investments in FY2012】・Together with Sumitomo Mitsui Financial Group, acquired an aircraft leasing business (June, 2012)
・Participated in a solar power project in the U.S.
FY11 Apr Dec FY12 Apr Dec FY12 Forecasts(As of February, 2013)
・Sumitomo Mitsui Finance and Leasing(35/40): 8.2 10.6 12.1
・Sumisho Aircraft
(shares in equity owned by the segment/ owned by whole company):
【Business Outlook】
Initially planned due to stable performance of Sumitomo Mitsui Finance and Leasing
(Sep, 2012) Asset Management(95/100): 0.3 0.0 0.3
Initially planned due to stable performance of Sumitomo Mitsui Finance and Leasing
Overseas Subsidiaries and Branches
【FY12 Apr-Dec Result:37.5 billion yen】
Performance Overview
FY2011 FY2012 FY2012 Forecastsp y(3.8 billion yen decrease from FY11 Apr-Dec)
America: 20.1 billion yen(3.6 billion yen decrease)
Europe: 6.0 billion yen(0.5 billion yen decrease)
(unit: billion of yen)Apr-Dec Apr-Dec (As of May, 2012)
Gross profit 137.4 131.4 187.0
Operating profit 42.5 38.9 -
Share of profit ofinvestments accounted for 10.5 8.3 -p y ( y )
Asia: 5.8 billion yen(1.2 billion yen increase)
China: 1.1 billion yen(1.7 billion yen decrease)
Australia: 0.3 billion yen(0.7 billion yen decrease)
using the equity method10.5 8.3
37.5
1Q:15.9 2Q:10.7 3Q:10.8
Mar, 2012
1,152.0
Profit for the periodattributable to owners of theparent
41.3 52.0
Total assets 1,354.7 -
・America:
TBC: decrease in tire unit sales and service sales
【Results of major subsidiaries and associated companies】Company: Equity in earnings of the segment
FY11 Apr-Dec FY12 Apr-Dec FY12 Forecasts(As of February, 2013)
・ERYNGIUM(70/100): 2.0 2.4 2.9Perennial Power Holdings(49 99/100) 0 4 0 8 1 0
(shares in equity owned by the segment/ owned by whole company):
・China:
metal products business, etc.: decelerated
・Perennial Power Holdings(49.99/100): 0.4 0.8 1.0・TBC(60/100): 2.5 0.7 0.7・Oresteel Investments(4/49): 0.5 0.5 0.7*1
・Silver, zinc and lead business in Bolivia(7/100): 1.1 0.6 0.8・SC Minerals America(15.25/100): 0.6 0.4 0.7・SOF(10/99.56): 0.0 0.1 0.2
・Sumisho Aircraft Asset Management(5/100): 0.0 0.0 0.0
(shares in equity owned by the overseas subsidiary/ owned by whole company)*1 shares in equity of FY10:0/100 *2 In Dec 2011 sold 34 41% share of the overseas segment
【Business Outlook】
Weaker than initial forecasts mainly due to impact of the economic slowdown in Europe and China and
*1 As of October, 2012
2 In Dec, 2011, sold 34.41% share of the overseas segment. Weaker than initial forecasts mainly due to impact of the economic slowdown in Europe and China and
sluggish tire business in the US
6