FY2010 Consolidated Results. May 6, 2011

Transcription

1 Consolidated Results May 6, 2011

2 Consolidated Results Contents 1. Consolidated Results Summary 2. Consolidated Results (Consolidated Statement of Income) 3. Consolidated Financial Condition (Consolidated Balance Sheet) 4.FY2011 Consolidated Earnings Forecast 5.Miscellaneous Information Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 1

3 1. Consolidated Results Summary 1. Consolidated Results Summary 1-1 Business Environment and Policy 1-2 Subsidiaries and Affiliates 1-3 Consolidated Operating Results (by Segment) 1-4 Consolidated Financial Condition 1-5 Consolidated Cash Flow Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 2

4 1-1-1 Business Environment and Policy Business Environment in The world economy was robust, boosted by the growth of the emerging countries like China, and the U.S. and Europe made a gradual recovery. Japanese economy also made a gradual recovery, as exports and production increased, accompanying the economic growth in the emerging countries, and consumer consumption was steady. However, since the great earthquake in eastern Japan On March 11, 2011, the outlook became uncertain. Warehouse and Logistics The cargo for exports/imports are increasing, but are affected by logistics rationalization Real Estate The vacancy rate is rising, caused by weak demand, and rent discount in some property Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 3

5 1-1-2 Business Environment and Policy Our Policy Logistics Expansion in warehouse business for pharmaceuticals, and overseas offices Real Estate Securing tenants and keeping/ raising rent standard, smooth operation of Yokohama Dia Building, which began operating in 2H FY2009 [Misato Warehouse/ Saitama] Thorough Cost Management and Efficient Operations Acquisition of Fuji Logistics Co., Ltd. [Yokohama Dia Building] In order to expand the logistics segment, we made a TOB of Fuji Logistics Co., Ltd. (Fuji Logistics). Fuji Logistics and its 10 subsidiaries became consolidated subsidiaries at the end of September, (The companies were included on the balance sheet from Q2, but were included on the income statement from Q3.) Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 4

6 1-2-1 Subsidiaries and Affiliates FY2009 Change Subsidiaries Consolidated Subsidiaries Equity-Method Subsidiaries Affiliates Equity-Method Affiliates 45 (Logistics 36/ Real Estate 9) 36 (Logistics 29/ Real Estate 7) ー ( ー ) 11 (Logistics 10/ Real Estate 1) 2 (Logistics 2) 54 (Logistics 45/ Real Estate 9) 47 (Logistics 40/ Real Estate 7) ー ( ー ) 11 (Logistics 10/ Real Estate 1) 2 (Logistics 2) +9 (Logistics 9) +11 (Logistics 11) No Change No Change No Change Due to a TOB of Fuji Logistics at the end of September, 2010, Fuji Logistics and its 10 subsidiaries became our consolidated subsidiaries. Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 5

7 1-2-2 List of Consolidated Subsidiaries Logistics Real Estate Consolidated Subsidiaries(40) Consolidated Subsidiaries(7) Tohoku Ryoso Transportation Co., Ltd. Shinryo Koun Co., Ltd. Dia Buil-Tech Co., Ltd. Sairyo Service Co., Ltd. Naigai Forwarding Co., Ltd. Yokohama Dia Building Management Tokyo Dia Service Co., Ltd. Kyushu Ryoso Transporation Co., Ltd. Corporation Dia Systems Corporation Monryo Transport Corporation Chubo kaihatsu Co., Ltd. Ryoso Transportation Co., Ltd. Hakuryo Koun Co., Ltd. Nagoya Dia Buil-Tech Co., Ltd. Unitrans Ltd. Seiho Kaiun Kaisha, Ltd. Osaka Dia Buil-Tech Co., Ltd. Keihin Naigai Forwarding Co., Ltd. Saryo Service Co., Ltd. Kobe Dia Service Co., Ltd. Touryo Kigyo Co., Ltd. Mitsubishi Logistics America Corp. Kobe Dia Maintenance Co., Ltd. # Fuji Logistics Co., Ltd. Mitsubishi Warehouse California Corp. # Tokyo Juki Transport Co., Ltd. Mitsubishi Logistics Europe B.V. # SII Logistics Inc. # Fuji Logistics Europe B.V. # New consolidated subsidiaries # Fuji Logistics Operations Co., Ltd. Shanghai Linghua Logistics Co., Ltd. # Fuji Logistics Support Co., Ltd. # Fuji Logistics (China) Co., Ltd. Kinko Servic e Co., Ltd. # Fuji Logistics (Dalian F.T.Z) Co., Ltd. Chubu Trade Warehousing Co., Ltd. # Fuji Logistics (Shanghai) Co., Ltd. Meiryo Kigyo Co., Ltd. Mitsubishi Logistics Hong Kong Ltd. Ryoyo Transportation Co., Ltd. Kyokuryo Warehouse Co., Ltd. Hanryo Kigyo Co., Ltd. Nagato Lines Co., Ltd. Equity-Method Affiliates(2) Nippon Container Terminals Co., Ltd. # Fuji Logistics (H.K.) Co., Ltd. Mitsubishi Logistics Thailand Co., Ltd. P.T. Mitsubishi Logistics Indonesia # Fuji Logistics (Malaysia) SDN. BHD. Kusatsu Soko Co., Ltd. Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 6

8 1-3-1 Consolidated Operating Results FY2009 YOY *Forecast at 1H Results Presentation Difference Between the Actual Results to the Forecast Revenue 148, , , % 176, % Operating Income 10,281 12,164 +1, % 12, % Ordinary Income 11,512 13,688 +2, % 14, % Net Income 6,105 6, % 7, % *1H Results Presentation was announced on Oct. 29, Revenue :19% increase as a whole; there was a recovery in cargo movement and the acquisition of Fuji Logistics in 2H contributed to the revenue in the logistics. In the real estate, the rent income from Yokohama Dia Building contributed, but revenue decreased slightly from a decrease in orders in design and construction work. Operating Income:18% increase as a whole; the operating income rose from increased revenue in the logistics, while the operating income increased slightly from decreased cost in the real estate. Ordinary Income :19% increase from a rise in dividends earned Net Income :14% increase despite reporting earthquake disaster loss from the great earthquake in eastern Japan as extraordinary loss Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 7

9 1-3-2 Consolidated Operating Results Revenue Incomes 200, , , ,879 15,000 12,000 Operating Income 10,281 11,512 Ordinary Income 12,164 Net Income 13,688 9, ,000 6,000 6,105 6,973 50,000 3,000 0 FY FY2009 Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 8

10 1-3-3 Segment Information 1. Revenue FY2009 YOY Logistics 112,280 [75%] 140,064 [79%] +27, % Real Estate 37,547 [25%] 37,328 [21%] % Internal Transactions -1,480 ー -1, Total 148,347 ー 175, , % *The percentage in [ ] does not account for internal transactions Logistics :25% increase as freight movements recovered and increased revenue in warehouse, land transportation, port and harbor operations and international transportation sections, as well as the contribution of Fuji Logistics in 2H Real Estate:1% decrease as the rent revenues from Yokohama Dia Building were not enough to cover the effects of shrinking demand in office buildings and a decrease in orders in design and construction work Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 9

11 1-3-4 Segment Information 1. Revenue Internal Transactions Internal Transactions -1,513-1,480 Logistics 112,280 Revenue 148,347 Logistics 140,064 Revenue 175,879 Real Estate 37,547 Real Estate 37,328 FY2009 Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 10

12 1-3-5 Segment Information 2. Operating Income FY2009 YOY Logistics 3,363 [23%] 4,974 [31%] +1, % Real Estate 10,955 [77%] 11,107 [69%] % Parent Company s General Expenses -4,038 ー -3, Total 10,281 ー 12, , % *The percentage in [ ] does not account for parent company s general expenses Logistics :48% increase in operating income; in the operating cost, there was an increase in cargo handled, and from the acquisition of Fuji Logistics and its subsidiaries, transportation outsourcing cost, personnel cost and rent also increased, but overall efficient operation more than covered the increase. Real Estate:1% increase in operating income; in the operating cost, depreciation increased from the full operation of Yokohama Dia Building, but decreased from decreased orders in design and construction work, and there was no temporary cost such as real estate acquisition tax for Yokohama Dia Building. Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 11

13 1-3-6 Segment Information 2. Operating Income Logistics 3,363 Parent Company s General Expenses -4,038 Logistics 4,974 Parent Company s General Expenses -3,917 Real Estate 10,955 Operating Income 10,281 Real Estate 11,107 Operating Income 12,164 FY2009 Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 12

14 1-4-1 Consolidated Financial Condition End of FY2009 End of Change Explanation Total Assets 341, ,425 +8, % Increased as a whole; although investment securities decreased from declining stock market, Fuji Logistics and its subsidiaries were incorporated as our consolidated subsidiaries, and notes and accounts receivable and land increased Net Assets 205, , % Decreased as a whole; there was an increase in retained earnings from reporting net income, but was not enough to cover other investment securities valuation loss Capital- Asset Ratio 59.9% 58.2% -1.7 Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 13

15 1-4-2 Consolidated Financial Condition Total Assets Net Assets Capital-Asset Ratio 59.9% 60.0% 58.2% 400, , , % 300, % 200, , , % 100, % 0 End of FY2009 End of 50.0% Mar Mar Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 14

16 1-5-1 Consolidated Cash Flows Explanation Balance at the Beginning of Fiscal Year (Apr. 1, 2010) 28,159 Change during the Period -2,848 Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities +15,650-14,236-4,100 Increase of 15.6 billion yen retained from net income and depreciation, etc. Decrease of 14.2 billion yen from acquiring the shares of Fuji Logistics, and fixed assets Decrease of 4.1 billion yen by repaying debt payable, and paying out dividends to the shareholders, etc. Exchange Rate Change -161 Increase from merger with unconsolidated subsidiaries Balance at the End of Fiscal Year (Mar. 31, 2011) ,349 Decrease of 2.8 billion yen from the beginning of Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 15

17 1-5-2 Consolidated Cash Flows (YOY) FY2009 YOY Explanation Balance at the Beginning of FY Change During Period 39,642-13,431 28,159-2,848-11, ,582 Cash Flows from Operating Activities +15, , A decrease YOY, earnings before tax and retained funds from depreciation increased, but accounts payable and deposits decreased Cash Flows from Investing Activities -22,370-14,236 +8,133 An increase YOY, which was more than last FY where there was a high expenditure in fixed asset acquisition cost Cash Flows from Financing Activities Exchange Rate Change Increase of Subsidiaries Increase from merger with unconsolidated subsidiaries Balance at the End of FY -6, ,948-28,159-4, ,349 +2, , ,810 An increase YOY more than last FY where the corporate bonds were redeemed Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 16

18 2. Consolidated Results (Consolidated Statement of Income) 2. Consolidated Results (Consolidated Statement of Income) 2-1 Consolidated Statement of Income 2-2 Breakdown of Revenue 2-3 Breakdown of Cost of Services Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 17

19 2-1-1 Consolidated Statement of Income FY2009 YOY Revenue 148, , , % Cost of Services 131, , , % Gross Profit 16,578 20,047 +3, % SG&A 6,297 7,883 +1, % Operating Income 10,281 12,164 +1, % Non-Operating Income 2,215 2, Non-Operating Expenses Ordinary Income 11,512 13,688 +2, % Extraordinary Income Extraordinary Loss 1,434 2, Earnings before Tax 10,271 11,439 +1, % Corporate Tax 4,194 4, Income before Minority Interests 7,049 Earnings/Loss of Minority Interests Net Income 6,105 6, % Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 18

20 2-2-1 Breakdown of Revenue FY2009 YOY Explanation Revenue 148, , , % Warehouse Storage Warehouse Cargo Handling Land Transportation Port and Harbor Operations 16,350 18,401 +2, % Fuji Logistics contributed in 2H 9,806 12,447 +2, % Recovery in cargo movement as the economy recovered, and Fuji 23,804 32,568 +8, % Logistics contributed in 2H 18,085 18, % Increase in container cargo handled, as the economy recovered International Transportation 33,375 43, , % Increase in exports/imports cargo handled, and a recovery in ocean freight rate, and Fuji Logistics contributed in 2H Real Estate Rent 32,715 34,126 +1, % Other 14,209 15,900 +1, % Yokohama Dia Building contributed, covering a decrease in demand for office buildings Fuji Logistics contributed in 2H, despite of decrease of orders in design and construction work in the real estate Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 19

21 2-3-1 Breakdown of Cost of Services FY2009 YOY Explanation Cost of Services Transport Outsourcing Personnel Expenses Rent of Facilities 131, , , % 56,923 73, , % 26,656 30,103 +3, % 5,911 7,200 +1, % Overall increase in cargo handled in the logistics, and Fuji Logistics joining our consolidated subsidiary in 2H Increase due to Fuji Logistics reporting as a subsidiary in 2H Increase due to Fuji Logistics reporting as a subsidiary in 2H Depreciation 11,822 13,312 +1, % Other 30,454 31,559 +1, % Increase in the real estate as Yokohama Dia Building contributed for the full FY Cost decreased in design and construction work in the real estate, but increased in the logistics due to Fuji Logistics reporting as our consolidated subsidiary in 2H Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 20

22 3.Consolidated Financial Condition (Consolidated Balance Sheet) 3.Consolidated Financial Condition at the end of (Consolidated Balance Sheet) 3-1 Assets 3-2 Liabilities/Net Assets Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 21

23 3-1-1 Assets End of FY2009 End of Change Explanation Assets 341, ,425 +8,702 Cash and Deposits 26,289 22,779-3,510 [Decrease] Paid acquisition cost of Fuji Logistics, capital expenditure, corporate taxes, dividends [Increase] Retained earnings from operating activities/ depreciation, increase from reporting Fuji Logistics as a subsidiary Notes and Accounts Receivable 20,244 30, ,862 Mainly acquisition of Fuji Logistics Real Estate Held for Sale 3,699 7, ,534 Construction fee and sales cost of condominium Asakusa Tower and Shinkemigawa condominium Current Assets/Other 2,830 5, ,607 Mainly acquisition of Fuji Logistics Buildings 113, ,502-4,042 A decrease in depreciation was greater than an increase from the acquisition of Fuji Logistics. Land 57,061 61, ,219 Acquisition of Fuji Logistics Goodwill - 2, ,098 Intangible Fixed Assets/ Other Investment in Securities Investment and Other Assets/ Deferred Tax Asset 2,212 3, ,589 Acquisition of Fuji Logistics Difference between the acquisition cost of Fuji Logistics and the market value of its net asset 89,511 80,249-9,262 Decrease in market value of investment securities in possession 1,789 3, ,412 Acquisition of Fuji Logistics Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 22

24 3-2-1 Liabilities/ Net Asset End of FY2009 End of Change Explanation Liabilities 135, ,619 +8,807 Accounts Payable 14,112 19,373 +5,261 Mainly acquisition of Fuji Logistics Reserve for Disaster Loss Estimated amount reported for the repair and restoration of facilities of our company and Fuji Logistics from the great earthquake in eastern Japan Current Liabilities/Other 7,975 10,656 +2,680 Mainly acquisition of Fuji Logistics Short-term Debt 14,015 15,328 +1,312 Debt increased from reporting Fuji Logistics as a subsidiary, although debt decreased in the parent Long-term Debt 11,376 12, company Deferred Tax Liabilities Retirement Benefit Reserve 17,265 13,315-3,949 Decrease in tax for valuation difference of marketable securities, as the market value of marketable securities decreased 13,558 16,632 +3,074 Acquisition of Fuji Logistics Net Asset 205, , Retained Earnings 134, ,321 +4,901 Reporting net income Net Unrealized Holding Gains on Securities 30,458 25,194-5,263 Decrease in valuation difference of marketable securities as its market value declined Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 23

25 4. Full-Year Consolidated Earnings Forecast 4. FY 2011 Consolidated Earnings Forecast 4-1 Revenue (Estimate) 4-2 Cost of Services (Estimate) 4-3 Income (Estimate) Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 24

26 4-1-1 Revenue (Estimate) Results 1H Estimate FY2011 2H Estimate Full-Year Estimate YOY Revenue 175,879 96, , , , % Logistics 140,064 78,200 80, , , % Real Estate 37,328 18,800 26,300 45,100 +7, % Internal Transactions -1, , Logistics : Increase in revenue expected from the contribution of Fuji Logistics for the full FY Real Estate: Increase in revenue expected; despite the effects of demand-supply unbalance in the main real estate leasing business, we expect to report the revenue from the sale of condominiums in 4Q Revenue as a whole is expected to increase Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 25

27 4-1-2 Revenue (Estimate) Internal Transactions -1,513 Internal Transactions -1,600 Logistics Logistics 140,064 Revenue 175, ,500 Revenue 202,000 Real Estate 37,328 Real Estate 45,100 Results FY2011 Estimate Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 26

28 4-2-1 Cost of Services (Estimate) Results 1H Estimate FY2011 2H Estimate Full-Year Estimate YOY Cost of Services 155,831 85,500 94, , , % SG&A 7,883 4,700 4,700 9,400 +1, % Cost of Services : Increase expected as a whole; we expect a general increase in transportation outsourcing cost, personnel cost, and the rent from the contribution of Fuji Logistics for the full FY in the logistics. In the real estate, increase is expected; although depreciation is expected to decrease, the cost of sales in condominium is expected to report in 4Q. SG&A : Increase expected from the contribution of Fuji Logistics for the full FY. Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 27

29 4-3-1 Income (Estimate) Results 1H Estimate FY2011 2H Estimate Full-Year Estimate YOY Operating Income 12,164 6,000 6,400 12, % Logistics 4,974 2,500 2,600 5, % Real Estate 11,107 5,450 5,850 11, % Parent s General Administrative Expenses Ordinary Income -3,917-1,950-2,050-4, ,688 6,900 7,000 13, % Net Income 6,973 4,000 3,800 7, % Operating Income: Increase from this FY in both the logistics and the real estate Ordinary Income :Increase from this FY Net Income :Increase expected from this FY from a decrease in extraordinary loss from the earthquake disaster loss Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 28

30 4-3-2 Operating Income (Estimate) Logistics 4,974 Parent Company s General Expenses -3,917 Logistics 5,100 Parent Company s General Expenses -4,000 Real Estate 11,107 Operating Income 12,164 Operating Income Real Estate 12,400 11,300 Results FY2011 Estimate Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 29

31 5. Miscellaneous Information 5.Miscellaneous Information 5-1 Volume Handled in Logistics (Parent) 5-2 Warehouse/Real Estate Leasing Area (Parent) 5-3 Capital Expenditure 5-4 Depreciation 5-5 New Facilities Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 30

32 5-1-1 Volume Handled in Logistics (Parent) FY2009 YOY Warehouse/ Inbound Volume Quantity 2,669 tons 2,873 tons +7.6 % Warehouse/ Outbound Volume Quantity 2,708 tons 2,875 tons +6.2 % Warehouse/ Quantity 493 tons 483 tons -2.0 % Storage Balance Amount 287,270 million Yen 295,638 million Yen +2.9 % Warehouse/Freight Turnover Rate Quantity 45.4 % 49.6 % +4.1 Land Transport Quantity 11,199 tons 12,466 tons % Port and Harbor Operations Shore Handling Inboard Handling Quantity 74,597 Quantity 55,644 tons tons 76,456 57,562 tons tons +2.5 % +3.4 % International Transportation Quantity 6,145 tons 6,786 tons % Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 31

33 5-2-1 Warehouse/ Real Estate Leasing Area (Parent) FY2009 YOY Warehouse Storage Area (Monthly Average) 815 m2 818 m % Building Leasing Area (Monthly Average) 940 m2 988 m % Real Estate Leasing Area (excludes warehouse leasing) 848 m2 895 m % March 31, 2010 Sept. 30, 2010 March 31, 2011 Building Leasing Vacancy Rate 4.1% 4.1% 4.4% Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 32

34 5-3-1 Capital Expenditure Results: Billion Yen (Consolidated Cash Flow Statement Spending on Fixed Asset Acquisition ) [Major Projects] Maintenance and renewal of existing facilities in the logistics and the real estate FY2011 Estimate: 12.1 Billion Yen [Major Projects] Construction of warehouses, acquisition of land for warehouses, renewal of real estate facilities, development of new logistics information system Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 33

35 5-4-1 Depreciation Results FY2011 Estimate Explanation Total Billion Yen 13.7 Billion Yen Logistics Billion Yen 5.9 Billion Yen Increase of 400 million yen expected as Fuji Logistics contribute for the full FY Real Estate Billion Yen 7.6 Billion Yen Decrease of 400 million yen expected as existing assets are calculated in declining balance method Corporate Expense 201 Million Yen 200 Million Yen Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 34

36 5-6-1 New Facilities Nihonbashi Dia Building Characteristics: Lower level will take a full advantage as Tokyo s Historical Building, while a high-rise will be constructed on the upper levels Leased offices on the basic floors (8-17 th floor) will have an area of m 2 /floor on the north side to secure view and cut heating costs We will make a regional contribution by making 1F entrance space and Nihonbashi River side as public spaces Construction of Environment-Friendly High-Rise Office Building in Nihonbashi, Tokyo We will provide leased offices that provide safety/ease/comfort while preserving the exterior of Tokyo s historical Edobashi Soko Building Construction Period Building Scale Total Floor Area Purpose Amount Invested : October August 2014 (planned) : 18 stories with a basement, 90m high (earthquake-proof) : 30,200m 2 : Offices, trunk room, parking : 12.5 Billion Yen Copyright 2011 Mitsubishi Logistics Corporation All Rights Reserved Consolidated Results Presentation 35

37 For the Realization of Rich and Sustainable Society Forecasts in this material is based on the information available to the Company s management as of the date of release and certain assumption judged rational. Accordingly, there might be cases in which actual results differ from forecast of this material.