Fiscal Year ending March 2010 Fiscal Year ending March 2010 Interim - - PowerPoint PPT Presentation

October 30st 2009 October 30st 2009

Fiscal Year ending March 2010 Interim Results Briefing (Apr.1-Sep.30/2009) Fiscal Year ending March 2010 Interim Results Briefing (Apr.1-Sep.30/2009)

FY2010 Interim Results (Apr.1-Sep.30/2009)

Changes in Net Sales & Ordinary Income ( Interim ) Changes in Net Sales & Ordinary Income ( Interim )

173 221 175 155 160 215 136 ▲ 51 ▲ 169 2,351 2,735 2,845 3,069 1,599 2,141 3,186 2,456 2,491

• 250
• 150
• 50

50 150 250 350 450 550 2005/ 4-9 10-3 2006/ 4-9 10-3 2007/ 4-9 10-3 2008/ 4-9 10-3 2009/ 4-9

• 1500
• 500

500 1500 2500 3500

（¥100 mil.）

Net Sales (right) Ordinary Income (left)

（¥100 mil.）

4-9/2009 Earnings forecast (Ordinary Income)

Published on Apr. 30 ▲¥15 bil. Revised on Sep. 29 ▲¥18.5 bil. 2005 2006 2007 2008 2009

• 150
• 169
• 200
• 100

4 4-

• 9/2009

9/2009 Changes in Ordinary Income (Comparison with the initial plan) Changes in Ordinary Income (Comparison with the initial plan)

(¥100 mil.)

4-9/2009 Ordinary Income (Results) 4-9/2009 Ordinary Income (Plan) Non-Operating income Subtotal Fixed cost Variable cost Sales mix Sales price Sales volume Raw material price

▲１６９(▲19)

+6 +8 ▲33 ▲2 ▲16 ▲10 +8 ▲5

▲150

Initial Plan Results

(¥100 mil.)

Changes

Operating Income /Loss

4 4-

• 9/2009

9/2009 Net Sales and Operating Income by Segment Net Sales and Operating Income by Segment

（\100 mil.)

4-9/2008 4-9/2009 Result Result y/y basis （Ａ） （Ｂ） (B)-(A) Specialty Steel

Net Sales

1,906 857

• 1,049

Operating Income

44 ▲ 128

• 172

Electronic & Magnetic Net Sales 385 179

• 206

Materials

Operating Income

19 ▲ 13

• 32

Net Sales

607 322

• 285

Operating Income

47 ▲ 28

• 75

Engineering

Net Sales

171 150

• 21

Operating Income

10 13 3 New Materials

Net Sales

64 30

• 34

Operating Income

9 ▲ 20

• 29

Trading & Service

Net Sales

53 61 8

Operating Income

7 6

• 1

Total

Net Sales

3,186 1,599

• 1,587

Operating Income

136 ▲ 170

• 306

Parts for Automobile & Industrial Equipment

4 4-

• 9/2009

9/2009 Extraordinary Income/Loss Extraordinary Income/Loss ・ ・ Interim Net Income Interim Net Income

(¥100 mil.)

FY2010 Interim results (4-9/2009) Net income Income taxes and minority interests Extraordinary income / loss FY2010 Interim results (4-9/2009) Ordinary income

▲３ ▲１７２ ０ ▲１６９

Plan for FY2010

(Apr.1/2009-Mar.31/2010)

Production of Specialty Steel and Automobile

5 10 15 20 25 '90 '95 '00 '05 '08 '09 5 10 15 20 25

ＫＤセット 生産 自動車生産台数 （含ＫＤセット） 完成車生産台数 （右軸） 特殊鋼粗鋼生産（左軸） Mil. MT

• Mil. cars

Production Trends Specialty steel (crude steel) and Automobiles

Automobile production

(thou.cars /y, thou. ton ) 1st half 2nd half 1st half 2nd half Completed cars 5,791 4,203 3,859 4,600 Knock-down products 4,720 3,380 4,025 4,200 Total 10,511 7,583 7,884 8,800 Sales volume of steel products 719 418 358 520 FY2009 FY2010(Plan)

Knock-down production Automobile production (including knock-down set) Completed cars production (right) Specialty steel (crude steel) production (left)

20.2 23.3 14.7 21.1 52.0 33.7 33.4

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 65.0 70.0 '07/4 5 6 7 8 9 10 11 12 '08/1 2 3 4 5 6 7 8 9 10 11 12 '09/1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 Ｈ２建値月間平均

(¥thou. /MT) ＜H2 and Factory bundle scrap prices in Chubu area, Japan＞

Premises of Plan 2nd half of FY2010 (10/2009-3/2010) Six- month average of H2

Scrap Steel Prices Scrap Steel Prices

32.5 36.8 40.8 36.9 Premises of 2nd half of FY2010 22.0 Premises of 2nd half of FY2010 27.0 52.9 59.7 13.1 18.9 19.7 25.0 (plan for Oct.)

Monthly average of H2 Six-month average of factory bundle scrap

Premises of Profit Planning for FY2010 （Market Trend） 100.0 100.0 87.0 173.3

￠/LB Chrome

（South African price quotation ）

96.5 11.8 6.95 19.7 25.0

FY2010 1st half Interim Results (4-9/2009)

９０ 18.0 8.00 22.0 27.0

FY2010 2nd half Premises of plan (10/2009-3/2010)

９０ 100.5

¥/$ Exchange rate

12.0 23.0

$/LB Molybdenum

（ＭＷ）

5.5 7.48

$/LB Nickel

（ＬＭＥ）

23.0 28.0 33.0 39.3

¥thou. /MT Scrap steel

Upper：H2 Lower：Factory bundle

FY2010 2nd half Initial premises

FY2009 Results

UNIT

Scrap steel‥ Into a correction phase Molybdenum‥ On the rise Chrome‥ Basically plateaued Nickel‥ Market upturn

Changes in Net Sales & Ordinary Income (Quarterly Changes in Net Sales & Ordinary Income (Quarterly） ）

42 94 86 ▲ 137 ▲ 120 ▲ 49 ▲ 15 15 1,564 786 744 855 1,038 963 1,622 1,355

• 250
• 150
• 50

50 150 250 350 08/ 4-6 7-9 10-12 1-3 09/ 4-6 7-9 10-12 見通 1-3 見通

• 800
• 400

400 800 1200 1600

（¥100 mil.） （¥100mil.）

Net Sales (right) Ordinary Income (left) [▲169] [±0] [1,599] [2,001] FY2009 FY2010

Plan Plan

FY2010 FY2010 Net Sales & Operating Income by Segment Net Sales & Operating Income by Segment

(\100 mil.)

4-9/2009 Results (A) Plan (B) (B) - (A) (A)+ (B)

Net Sales

857 1,187 330 2,044

Operating Income

▲ 128 21 149 ▲ 107

Net Sales

179 227 48 406

Operating Income

▲ 13 ▲ 13 ▲ 26

Net Sales

322 364 42 686

Operating Income

▲ 28 ▲ 5 23 ▲ 33

Net Sales

150 140

• 10

290

Operating Income

13 ▲ 2

• 15

11

Net Sales

30 38 8 68

Operating Income

▲ 20 ▲ 4 16 ▲ 24

Net Sales

61 45

• 16

106

Operating Income

6 3

• 3

9

Net Sales

1,599 2,001 402 3,600

Operating Income

▲ 170 170 ▲ 170

Total

Electronic & Magnetic Materials Parts for Automobiles & Industrial Equipment

Engineering New Materials

10/2009- 3/2010

Changes from 1st half to 2nd half

FY2010 Plan

Trading & Service

Specialty Steel

FY2010 Changes in Ordinary Income FY2010 Changes in Ordinary Income

(Comparison between 1 (Comparison between 1st

st half and 2

half and 2nd

nd half )

half )

• 169
• 200
• 100

(¥100 mil.) (¥100 mil.)

FY2010 2nd half Ordinary Income (Assumption) FY2010 1st half Ordinary Income Non-operating income Subtotal Fixed cost Variable cost Sales mix Sales price Sales volume Raw material price

±0(+169)

▲1 +175 ▲5 ▲5 +23 +20 +36 ＋78 ＋18

▲169

FY2010 1st half FY2010 2nd half

Changes (y/y) Operating Income / Loss

199 32

50 100 150 200 250 '08年度 '09年度

FY2010 Improvement ＋167

(\100mil.)

Acceleration of Cost Reduction Acceleration of Cost Reduction

Maximize CC ratio. Rationalize processes. ・ Pursue high-quality and low cost

+32 +32 ＋29 ＋29

・ Renovate production process Improve total yield. Reduce cost of materials. FY2010 Plan Forecast

Reduction of fixed cost Improvement of variable cost

<Changes in Fixed Cost Reduction (Comparison with FY2009)>

(Improvement in comparison with FY2009) （Improvement in comparison with FY2009)

（¥100 mil.)

Labor cost Depreciation cost Retirement benefit cost Repairing cost and others※

Total

FY2010 Plan Forecast

+141 +141 ＋139 ＋139 ▲26 ▲26 ＋18 ＋18 ＋34 ＋34 ＋165 ＋165 ▲28 ▲28 +18 +18 +36 +36 +167 +167

(※Difference between plan and forecast : special retirement benefit -6, Others +8)

+2 +2

Difference

▲2 ▲2 +2 +2 +2 +2 +3 +3

（¥100 mil.)

Difference

FY2009 FY2010

Capital Investment Capital Investment

［Major capital investment by start-up year］

87 169 163 118 84 63 49 90 79 90 50 26 163 161 165 196 218 200 50 100 150 200 250 300 （¥100 mil.） 136 259 242 208 Daido Steel Consolidated subsidiaries Investment Depreciation

～FY2007 FY2008 FY2009 FY2010～

Specialty steel Upgrade CC cast capacity Streamline wire rod billet Investment for structural reform Industrial equipment parts Improve processing and inspection ability ＥＳＲ 7000t press, VAR Vacuum ESR Automobile parts High-speed hot forging machine Ring roll line New materials Upgrade atomizing capacity for powder metal melting New titanium melting furnace

134

FY2006 FY2007 FY2008 FY2009 FY2010 FY2005

・ Strategic investments of immediate need had been implemented from FY2006 to FY2009 （Total ¥84.3 bil.） ・ From now on, promote streamlining & labor-saving investment for drastic structural reform. ・ Establish profit system under 70％ operation. 89 (Based on plan )

4,768 4,964 5,256 5,593 4,610 1,524 1,727 2,071 1,803 1,860

1,000 2,000 3,000 4,000 5,000 6,000

(億円)

Total Assets, Interest Total Assets, Interest-

• bearing Debt, ROA, D/E Ratio

bearing Debt, ROA, D/E Ratio

Total assets Interest-bearing debt

3/2010 Initial plan 3/2009 Results 3/2008 3/2007 3/2006

'06/3 '07/3 '08/3 '09/3 '10/3 ＲＯＡ 8.6% 6.6% 6.9% 1.6%

• Ｄ／Ｅ

0.88 0.92 0.96 1.25 1.26 ¥100 mil.

FY2010 Plan for Dividend per Share FY2010 Plan for Dividend per Share

FY2010 FY2009

Year-end Interim Year-end Interim

４．０ ６１ １３６ ６．０ ▲８１ ８５

To be determined

▲172 ▲169 ０ ▲172 ▲169

Net income (¥100 mil) Dividend per share (¥/share) Ordinary income (¥100 mil.)

Priority Subjects from FY2011 to FY2012

Priority subjects from FY2011 to FY2012 Priority subjects from FY2011 to FY2012 Basic Principle Basic Principle

• Drastic structural reform for sustainable growth
• Positive development in growing businesses

Develop task-force projects. ≪Cost reduction △３０％≫ Create C/F by reforming production lead time. Pursue even higher performance and differentiation. Expand businesses actively in the global market. Promote commercialization of new businesses.

Management Direction Management Direction

・Consolidation of facilities ・Die forging business ･Portfolio reform ･MONOZUKURI reform ・Reorganization of wire rod processing Consolidation into parts business ･High-strength gear steel (Lighter weight) ･Sales promotion of nuclear-power- generation parts ･Magnets for automobiles ･Sales promotion of products with less CO2 emission ･HEV High-performance powder metal ･Titanium turbo parts ･Ethylene super tube ･Timken Cooperation in Asia ･Reinforcement of magnet for EPS ･Gerdau project in North America （China） ･India project ･Steel for common rail ･Concentrating photovoltaic system (Drastic improvement of productivity) ･Sales promotion of tool steel in Asia ･Sales promotion in European turbo market ･Securing of facility demand in Asia (STC furnace, steelmaking facility) Alliance reinforcement

• f three group

companies ・Rebuilding of steel strips business （Vacuum carburizing furnace）

・Production sector ："Rationalize workforce in 70% operation." "Secure profit." ・Optimization of property："Reduce total assets by shortening the lead time." "Pursue efficient production." Pursuit for even higher efficiency and differenciation Reinforcement of European business bases.

Reinforcement of business and procurement bases in East Asia

Specialty steel

Drastic structural reform

Positive expansion in growing businesses

Environment & ecology businesses Overseas market (Emerging countries)

Target industry

Automobile･

industrial parts

Electronics･

magnetic materials

Engineering New materials･ New business

Drastic Structural Reform Drastic Structural Reform

Promote task-force project

Effort for Cost Reduction △３０％

Direct sector ： Optimization of workforce at 70% operational levels

・Cut down labor cost.

Indirect sector： Drastic downsizing by streamlining businesses

・Reduce raw material cost.

Procure raw materials at lower costs. (Expansion of overseas procurement) Yield improvement

・Create employment by commercializing new businesses from our developments.

Diesel car Hybrid car parts Solar power generation ・Steel for common rail ・Turbo parts In-car sensor GIG sensor High-performance LED Cylinder target material Vacuum sintering furnace Damping alloy Ring magnet for EPS High-alloy engine valve Non-lead free-cutting stainless steel bar Oxy-fuel burner application facility Vacuum carburizing furnace + DEG steel High-strength gear steel ・Soft magnetic powder metal ･Concentrating solar- power generation

Prevention of global warming (CO2 reduction)

Measures against harmful substances

Current automobiles Next-generation automobiles

Energy Net Sales FY2010(Forecast) \22 bil. ⇒ FY2012 (Plan) \32 bil.

Positive Development in Growing Businesses Positive Development in Growing Businesses① ①

Environment・Ecology Products

Positive Development in Growing Businesses Positive Development in Growing Businesses②

Business expansion in emerging countries

Cold-work die steel ＥＳＴ ・ＤＣＬＴ、ＤＣＭＸ [Alignment with Timken] Hollowed steel Gas turbine parts Parts for nuclear power generation Fuel carburization furnace High-grade･Thick- diameter structural materials

Coking-resistant tube for ethylene plant

High-nitrogen stainless steel strip Drill collar for

• il rig

Social infrastructure improvement

Construction machinery ・ Industrial equipment Efficient use of resources Petroleum

Soaring resource prices Increase of energy demand

Power generation (Thermal･Nuclear)

Net Sales FY2010 (Forecast) \6 bil. ⇒ FY2012(Plan) \15 bil.

Positive Development in Growing Businesses Positive Development in Growing Businesses③

Globalization・Aging society with fewer children・Integration strategy

Aircraft engine shaft Stainless steel for HDD Magnetic shield room Titanium alloy

for medical application

Cobalt deposition materials Nd-Fe-B bond magnet DPR-NRC composite magnet sheet

Large engine valve for vessel High-grade plastic die steel

Globalization

Increasing movement of people and products Improving medical treatment

Aging society with fewer children

Sophisticated information

Net Sales FY2010 (Forecast) \15 bil. ⇒ FY2012 (Plan) \21 bil.

Positive Development in Growing Business Positive Development in Growing Business④

Europe

Expand sales in European automobile market. ・Reinforce business bases in Europe. ・Increase turbo-related products.

Asia

Expand businesses in growing market. ・Promote cooperation with Timken. ・India project ・Affiliate business bases in China. ・Expand sales of tool steel in Asia.

North America・ South America

・Strengthen alliances. （Timken・Gerdau） ・Concentrating photovoltaic system

Production base Stock & sales base Sales base As of the end of March 2009

Middle and Near East

・ＥＳＴ （Ethylene super tube）

Reference Materials

7.93 5.06 13.05 14.09 5.51 22.80

5 10 15 20 25 '07/4 5 6 7 8 9 10 11 12 '08/1 2 3 4 5 6 7 8 9 10 11 12 '09/1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 月間平均

Market Trends of Nickel (LME) & Molybdenum (MW)

6ヶ月平均

($/lb) 17.75

Premises of FY2010 2nd half

8.00 FY2010 Premises of plan

＜Nickel price LME＞

14.4 7.9 28.4 32.9 31.7 28.1

10 20 30 40 '07/4 5 6 7 8 9 10 11 12 '08/1 2 3 4 5 6 7 8 9 10 11 12 '09/1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 月間平均

($/lb) FY2010 Premises of plan 32.8 31.2

Premises of FY2010 2nd half

18.0

＜Molybdenum price MW＞

13.19 10.12 33.2 4.83 6.95 12.8 11.8 Monthly average Monthly average Six-month average Six-month average

Fact Book

(\100 mil.） 05/3 06/3 07/3 08/3 09/3 06/9 07/9 08/9 09/9 Net sales 429,105 480,703 522,620 591,398 532,655 249,084 284,505 318,648 159,934 Operating income 21,456 37,542 31,700 38,441 9,115 16,731 15,724 13,599 ▲17,015 Ordinary income 22,630 39,366 33,029 37,501 8,533 17,478 16,042 13,648 ▲16,888 Net income 11,385 21,196 19,552 14,196 ▲8,147 10,122 3,596 6,147 ▲17,187 R & D expenses 3,094 3,574 4,313 4,447 4,244 2,071 2,111 2,223 1,911 Capital investment 13,600 25,900 24,200 20,800 13,400 13,000 9,600 11,200 3,700 Depreciation 16,328 16,067 16,544 19,586 21,809 7,970 9,026 11,011 10,071 Financial account balance ▲1,095 ▲647 ▲713 ▲950 ▲741 ▲139 ▲387 ▲176 ▲677 Total assets 436,335 476,816 525,569 559,278 496,411 493,851 544,157 570,399 453,231 Equity 144,267 172,647 187,839 188,090 166,235 179,257 188,524 189,891 153,776 Interest-bearing debt 159,648 152,387 172,732 180,295 207,123 162,752 187,531 190,076 183,848 Payroll number 9,992 10,231 10,664 11,131 10,212 10,630 10,805 11,418 10,660 ROA(%) 5.2 8.6 6.6 6.9 1.6 7.2 6.0 4.8

• ROE(%)

8.2 13.4 10.8 7.6 ▲4.6 11.5 3.8 6.5 ▲21.5 Consolidated subsidiary number 32 31 32 32 32 32 32 32 32 ( 8) ( 8) ( 8) ( 6) ( 6) ( 8) ( 8) ( 6) ( 6) Net sales 1.7 1.6 1.6 1.5 1.5 Ordinary income 2.4 1.9 2.1 2.0 7.4 Net income 2.3 1.3 1.8 0.7

• ＊Long-term prepaid expenses are not included in the depreciation.

(Equity method affiliate number is excluded from the above.) Ratio of the consolidated to the non- consolidated October 30th 2009

• 1. Financial highlight

Consolidation

２．Net Sales and Operating Income by Segment Consolidation 05/3 06/3 07/3 08/3 09/3 06/4-9 06/10-3 07/4-9 07/10-3 08/4-9 08/10-3 09/4-9 Net Sales 2,314 2,656 2,877 3,296 3,069 1,370 1,507 1,574 1,722 1,906 1,163 857 Operating Income 99 193 117 114 8 73 44 35 79 44 ▲ 36 ▲ 128 Net Sales 507 517 645 792 647 295 350 395 397 385 262 179 Operating Income 20 30 34 58 ▲ 6 11 23 32 26 19 ▲ 25 ▲ 13 Net Sales 930 1,041 1,070 1,159 1,041 523 547 572 587 607 434 322 Operating Income 69 109 105 134 46 55 50 56 78 47 ▲ 1 ▲ 28 Net Sales 307 339 372 411 366 177 195 171 240 171 195 150 Operating Income 8 17 23 29 27 12 11 8 21 10 17 13 Net Sales 82 115 139 156 104 58 81 79 77 64 40 30 Operating Income 7 10 23 35 4 7 16 17 18 9 ▲ 5 ▲ 20 Net Sales 151 139 123 100 100 68 55 54 46 53 47 61 Operating Income 12 16 15 14 12 9 6 9 5 7 5 6 Net Sales 4,291 4,807 5,226 5,914 5,327 2,491 2,735 2,845 3,069 3,186 2,141 1,599 Operating Income 215 375 317 384 91 167 150 157 227 136 ▲ 45 ▲ 170 Total Electronic & Magnetic Materials Parts for Automobile & Industrial Equipment Specialty Steel （\100 mil.） Engineering New Materials Trading & Service October 30th 2009

October 30th 2009

• 3. List of Consolidated Company

Segment Company Business Contents

Tohoku Steel Co., Ltd. ＊ Production and sales of high-grade specialty steel Riken Seiko Co., Ltd. ＊ Production and sales of Specialty steel secondary products（Shaft bearing, tool steel） Shimomura Tokushu Seiko Co., Ltd.

Drawing of free-cutting steel & stainless steel / Production and sales of grinding processed products

Daido Amistar Co., Ltd. Production and sales of die products and finished tools Daido Matex Co., Ltd. Processing and sales of tool steel Maruta Transport Co., Ltd. ＊ Transportation and warehousing business Kawaichi Sangyo Co., Ltd. ＊ Transportation and warehousing business Daido Shizai Service Co., Ltd. Sales of materials for steel production

Specialty steel Daido EcoMet Co., Ltd.

Development, production, sales of indirect materials for steel-making Daido Technica Co., Ltd. Seam-removing, maintenance, processing of steel Sakurai Kosan Co., Ltd. ＊ Heat treatment works Izumi Electric Industries Co., Ltd. ＊ Design and construction of electric work / Design and production of power distribution board Nippon Seisen Co., Ltd. Production and sales of stainless steel wire, metallic fiber, diamond tools Tienwen Steel Co., Ltd. Heat treatment, processing, sales of die products / Sales of die materials Dadio Amistar(S) PTE Ltd. Processing, sales of die products / Sales of die materials （in Singapore） Daido Amistar(M) SDN. BHD. Processing, sales of die products / Sales of die materials （in Malaysia） Daido PDM (Thailand) Co., Ltd. Processing, sales of die products / Sales of die materials （in Thailand） Daido Electronics Co., Ltd. Production and sales of magnetic materials and electronic device parts Daido Electronics (Thailand ) Co., Ltd. Production and sales of magnetic materials and electronic device parts (in Thailand) Daido Special Metals Ltd. Merger with Special Metals (U.S.)：Sales of Nickel alloy products

(Note)＊ Equity method affiliate Electronic・ magnetic materials

October 30th 2009

Segment Business Contents

Daido Precision Industries Ltd. Production and sales of processing parts, power transmission, base-isolation & vibration-control device Fuji OOZX Inc. Production and sales of engine valve Nissei Seiko Co., Ltd. Production and sales of screw, bolt and cold-forging parts for automobile Toyo Sangyo Co., Ltd. Production and sales of die forging Japan Drop Forge Co., Ltd. Production and sales of die forging（ became 100% subsidiary in Oct.2002） Ohio Star Forge Co. Production and sales of precise forging （in U.S.） Daido Star Techno Co., Ltd. Seam-removing, maintenance, device processing of steel and forging Daido Castings Co., Ltd. Founded in Apr. 2002 / Production and sales of stainless steel casting, precise casting, manganese rail Daido Plant Industries Co., Ltd. Design, production, sales of industrial furnace, facility equipment and ancillary facility Engineering Daido Machinery Ltd. Production and sales of machine tool / Maintenance of machine equipment Daido Environment Engineering Co., Ltd. Maintenance and design( contact-work) of environment device Daido Kogyo Co., Ltd. Trading company specializing in specialty steel, equipments, steel-making materials, building products Daido Steel(America)Inc. Export & import of DAIDO group products / Group's front company for U.S. (in U.S.） Daido Life Service Co., Ltd. Dealing and subdivision of real estate / Management of welfare provision / Insurance agent Life Support., Ltd. Welfare business Kisokomakogen Kankokaihatsu Co., Ltd. Management of golf course and hotel Star Info Tech Co., Ltd. Planning, design, development, maintenance of information system / Development and sale of software Daido Bunseki Research, Inc. Analysis, research, consulting regarding iron, steel, cast metal, ceramics

Company

Automobile & Industrial parts Trading & Service

（Notes）

Figures such as “business forecast” described in this document are based on specific assumptions which are predictable under the present state. However, changes in circumstances could lead to different business results, so blind reliance on this data as decision criterion is not recommended. Also predicted figures can be changed in the future without prior

• notice. All use of this document is at the volition and discretion of the
• user. Please be aware that our company shall not assume any

responsibility for the results of using the information in this document.