Semi-Annual Financial Review
From April 1, 2011 to September 30, 2011
Kao Corporation
October 25, 2011
This is a translation of materials used for the analyst meeting held in Japan on October 25, 2011.
2
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.
These presentation materials are available on ourwebsite in PDF format: http://www.kao.com/jp/en/corp_ir/presentations.html
Note: The yen amounts in these presentation materials are rounded down.
3
1. Business Environment April 1, 2011 – September 30, 2011
4
90
95
100
105
110
2H/FY09 1H/FY10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11
FY2011
(%)2
Consumer Products1 Market in Japan
(Source: SRI POS data by INTAGE Inc.)1 Consumer products do not include prestige cosmetics.2 Year-on-year growth rate of market size in value (yen)3. The data of March 2011 includes hoarding due to the earthquake.
79 major household and personal care categories (all manufacturers)
MonthlySemiannually
5
96979797
99100100
80
85
90
95
100
105
1H/FY08 2H/FY08 1H/FY09 2H/FY09 1H/FY10 2H/FY10 1H/FY11
Consumer Purchase Prices in JapanIndex
Comparison with 1H/FY10
Facial cleansers Makeup removerBody cleansers Hair colorHair styling agents Sanitary napkinsToothpaste Adult incontinence productsDishwashing detergents Laundry detergentsShampooConditionerBaby diapersToothbrushesFabric softener
15 major household and personal care categories (all manufactures)
(Source: SRI POS data by INTAGE Inc.)
6
2. Consolidated Business ResultsApril 1, 2011 – September 30, 2011
7
1. Consumer purchase price of 15 major household and personal care categories market in Japan1 : -1 point year-on-year
2. Growth of the cosmetics market in Japan2: -4.5%
1. Consumer purchase price of 15 major household and personal care categories market in Japan1 : -1 point year-on-year
2. Growth of the cosmetics market in Japan2: -4.5%
Japan sales related
Key Points in 1H/FY2011
1. Net sales: ¥614.8 billion (+2.3% year-on-year)Effect of currency translation: -¥9.5 billion (-1.6% year-on-year)Like-for-like sales growth: +¥23.0 billion (+3.8% year-on-year)
2. Increase/decrease in operating income3: -¥0.3 billion3. Extraordinary loss:
Loss related to the Great East Japan Earthquake: -¥1.7 billion
1. Net sales: ¥614.8 billion (+2.3% year-on-year)Effect of currency translation: -¥9.5 billion (-1.6% year-on-year)Like-for-like sales growth: +¥23.0 billion (+3.8% year-on-year)
2. Increase/decrease in operating income3: -¥0.3 billion3. Extraordinary loss:
Loss related to the Great East Japan Earthquake: -¥1.7 billion
Income statements related
1 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
1. Free cash flow4 ¥32.7 billion2. Payments of cash dividends5: ¥15.6 billion3. Redemption of bonds: ¥50.0 billion
1. Free cash flow4 ¥32.7 billion2. Payments of cash dividends5: ¥15.6 billion3. Redemption of bonds: ¥50.0 billion
Cash flow related
8
1H/FY2011 Consolidated Results
Growth ChangesBillion yen 1H/FY09 1H/FY10 1H/FY11
Net Sales 599.0 601.3 614.8 +2.3% +13.5
EBITA* 63.3 75.1 74.3 -1.1% -0.8
EBITA* Margin 10.6% 12.5% 12.1%Operating Income 45.5 57.8 57.5 -0.6% -0.3
Operating Margin 7.6% 9.6% 9.4%Ordinary Income 45.8 56.4 58.8 +4.3% +2.4
Net Income 25.2 27.8 30.7 +10.4% +2.9
EBITDA 87.0 98.3 96.8 -1.6% -1.5
EPS (yen) 47.08 51.93 58.89 +13.4% +6.96
*Operating income before amortization of goodwill and intellectual property rights related to M&A
9
Consolidated Net Sales [1]
1H/FY2010%
Growth Like-for-like*
Beauty Care Business 206.5 -1.9 204.3 -1.1 -1.1Human Health Care Business 80.9 -10.3 82.0 +1.4 +1.4Fabric and Home Care Business 127.9 -0.4 130.4 +2.0 +2.0Japan Total 415.4 -3.2 416.9 +0.4 +0.4Asia & Oceania 41.5 +8.8 43.7 +5.2 +10.0North America 26.8 -3.7 26.5 -1.1 +9.9Europe 29.5 -0.1 31.3 +6.1 +9.5Elimination -10.5 - -12.7 - - Consumer Products Business 502.8 -2.3 505.7 +0.6 +1.7
*Like-for-like: excludes effect of currency translation
1H/FY2011Billion yen % Growth Billion yen
10
Consolidated Net Sales [2]
1H/FY2010%
Growth Like-for-like*
Japan 61.7 +10.4 63.0 +2.0 +2.0Asia 33.3 +36.5 49.5 +48.6 +57.6North America 15.0 +20.9 19.0 +27.0 +39.0Europe 25.9 +11.2 29.8 +15.2 +18.8Elimination -20.9 - -33.3 - - Chemical Business 115.0 +14.3 128.1 +11.3 +14.8
Eliminations -16.5 - -19.0 - -
Consolidated Net Sales 601.3 +0.4 614.8 +2.3 +3.8*Like-for-like: excludes effect of currency translation
Billion yen % Growth Billion yen
1H/FY2011
11
Changes1
Billion yen % Billion yen % Billion yen
Net Sales 601.3 100.0 614.8 100.0 +13.5Cost of Sales 248.5 41.3 263.5 42.9 +14.9
Gross Profit 352.8 58.7 351.3 57.1 -1.4SG&A Expenses2 294.9 49.1 293.8 47.8 -1.0
Operating Income 57.8 9.6 57.5 9.4 -0.3Non-operating Income/Expenses -1.4 -0.2 1.3 0.2 +2.8
Ordinary Income 56.4 9.4 58.8 9.6 +2.4Extraordinary Gain/Loss -2.8 -0.5 -3.0 -0.5 -0.2
53.6 8.9 55.8 9.1 +2.2
Income Taxes 25.2 4.2 24.1 3.9 -1.0
28.3 4.7 31.6 5.1 +3.3
Minority Interests 0.4 0.1 0.9 0.1 +0.4Net Income 27.8 4.6 30.7 5.0 +2.9
1H/FY2010 1H/FY2011
Income Before MinorityInterests
Income Before Income Taxesand Minority Interests
Consolidated Income Statements
1 Changes = 1H/FY2011 – 1H/FY20102 Amortization related to Kanebo Cosmetics
1H/FY2010: 13.7 billion yen, 1H/FY2011: 13.6 billion yen
12
+1.0 billion yen Increase in sales volume
-3.0 billion yen Higher raw material prices
+3.0 billion yen Total Cost Reduction (TCR)
+1.0 billion yen
-2.3 billion yen Product mix and others
Decrease in SG&A expenses
-0.3 billion yen
1H/FY2011 Consolidated Operating Income Analysis
1H/FY2011Operating Income
57.5 billion yen
1H/FY2010Operating Income
57.8 billion yen
Comparison with 1H/FY2010
13
Consolidated Cost of Sales and SG&A to Net Sales%%
Cost of SalesSG&A
OperatingMargin
*Structure has changed significantly since FY2006 due to the consolidation of Kanebo Cosmetics.
41.843.2
40.942.042.3
44.0
43.8
41.6 42.042.9
44.943.8
49.3 49.2
44.4
43.6
48.6
50.449.1
47.8
13.3 13.0
9.88.8
13.3 12.4
7.6 7.9 8.8 9.4
30
35
40
45
50
55
FY02 03 04 05 06 07 08 09 10 1H/FY110
10
20
30
40
SG&A ratio (left scale)
Operating Margin(right scale)
Cost of Salesratio (left scale)
Cost of Salesratio (left scale)
SG&A ratio (left scale)
Operating Margin(right scale)
14
Breakdown of Major Consolidated SG&A Expenses
(Billion yen)
* Changes = 1H/FY2011 – 1H/FY2010
Effect of currency translation on SG&A expenses: -3.3 billion yen
1H/FY2010 1H/FY2011 Changes*
Total SG&A Expenses 294.9 293.8 -1.0
Freight/Warehouse 34.0 34.8 +0.7Advertising 42.4 43.7 +1.2Sales Promotion 33.5 31.7 -1.7Salaries and Bonuses 62.3 61.0 -1.2R&D 22.3 23.5 +1.2
15
Consolidated Non-operating Income/Expenses and Extraordinary Gain/Loss
(Billion yen)
* Changes = 1H/FY2011 – 1H/FY2010
1H/FY2010 1H/FY2011 Changes*
Non-operating Income 2.6 3.3 +0.6Interest Income 0.3 0.4Dividend Income 0.0 0.0Equity in Earnings of NonconsolidatedSubsidiaries and Affiliates 0.5 1.3Other 1.6 1.3
Non-operating Expenses 4.0 1.9 -2.1Interest Expense 1.7 1.2Foreign Currency Exchange Loss 1.9 0.2Other 0.3 0.4
1H/FY2010 1H/FY2011 Changes*
Extraordinary Gain 0.2 0.1 -0.1Gain on Sales of Fixed Assets 0.1 0.0Gain on Sales of Investment Securities 0.1 - Other 0.0 0.0
Extraordinary Loss 3.1 3.2 +0.1Loss on Sales/Disposals of Fixed Assets 1.2 1.1Loss related to the Great East JapanEarthquake - 1.7Loss on Application of AccountingStandard for Asset Retirement 1.6 - Other 0.1 0.3
Extraordinary Gain/Loss
Non-operating Income/Expenses
16
Consolidated Results by Segment
Changes Growth
Billion yen % ofnet sales Billion yen % of
net sales Billion yen %
Net Sales1 272.5 - 271.7 - -0.8 -0.3%
EBITA2 22.4 8.2% 23.7 8.8% +1.3 +5.9%
Operating Income 5.2 1.9% 7.0 2.6% +1.7 +33.6%
Net Sales1 89.2 - 90.6 - +1.4 +1.6%
Operating Income 8.6 9.7% 8.2 9.1% -0.4 -4.8%
Net Sales1 141.0 - 143.3 - +2.2 +1.6%
Operating Income 31.4 22.3% 28.8 20.1% -2.5 -8.2%
Net Sales1 115.0 - 128.1 - +13.0 +11.3%
EBITA2 12.6 11.0% 13.5 10.6% +0.8 +6.7%
Operating Income 12.5 10.9% 13.4 10.5% +0.8 +7.1%
Net Sales 601.3 - 614.8 - +13.5 +2.3%
EBITA2 75.1 12.5% 74.3 12.1% -0.8 -1.1%
Operating Income 57.8 9.6% 57.5 9.4% -0.3 -0.6%
Beauty CareBusiness
Human HealthCare Business
Fabric and HomeCare Business
ChemicalBusiness
1 Before elimination of intersegment transfers2 Operating income before amortization of goodwill and intellectual property rights related to M&A
1H/FY2010 1H/FY2011
Consolidated
17
[Reference] Consolidated Results by Geographic Area
Changes Growth
Billion yen % ofnet sales Billion yen % of
net sales Billion yen %
Net Sales1 462.3 - 463.2 - +0.9 +0.2%
EBITA2 62.8 13.6% 60.9 13.2% -1.8 -3.0%
Operating Income 46.6 10.1% 45.1 9.7% -1.4 -3.2%
Net Sales1 73.9 - 91.6 - +17.7 +24.1%
Operating Income 3.4 4.6% 6.3 6.9% +2.9 +86.6%
Net Sales1 41.7 - 45.5 - +3.7 +9.0%
EBITA2 4.4 10.6% 3.1 6.9% -1.2 -28.6%
Operating Income 4.0 9.6% 2.7 6.1% -1.2 -30.6%
Net Sales1 55.3 - 61.0 - +5.6 +10.3%
EBITA2 4.6 8.4% 4.8 8.0% +0.2 +5.2%
Operating Income 3.9 7.2% 4.2 6.9% +0.2 +6.8%
Net Sales 601.3 - 614.8 - +13.5 +2.3%
EBITA2 75.1 12.5% 74.3 12.1% -0.8 -1.1%
Operating Income 57.8 9.6% 57.5 9.4% -0.3 -0.6%
North America
Europe
Consolidated
1 Before elimination of intersegment transfers2 Operating income before amortization of goodwill and intellectual property rights related to M&A
Asia and Oceania
1H/FY2010 1H/FY2011
Japan
18
0
200
400
600
1H/FY09 1H/FY10 1H/FY110
20
40
60
80
0
50
100
1H/FY09 1H/FY10 1H/FY11-5
0
5
10
0
50
100
1H/FY09 1H/FY10 1H/FY110
5
10
Consumer Products Business by Geographic Area
Sales (Billion yen) Operating Income(Billion yen)
Asia and OceaniaJapan
North America & Europe
Net Sales
Operating Income
19
Chemical Business by Geographic AreaSales (Billion yen) Operating Income
(Billion yen)
AsiaJapan
North America & Europe
Net Sales
Operating Income
0
50
1H/FY09 1H/FY10 1H/FY110
5
10
15
0
50
1H/FY09 1H/FY10 1H/FY110
5
10
15
0
50
1H/FY09 1H/FY10 1H/FY110
5
10
15
20
Consolidated Balance Sheets(Billion yen)
Mar/11 Sep/11 Changes Mar/11 Sep/11 ChangesCurrent Assets 416.8 419.2 +2.4 Current Liabilities 348.1 312.0 -36.1
Cash and Time Deposits 110.7 85.5 -25.2 Notes and AccountsPayable - Trade 104.0 119.0 +15.0
Notes and AccountsReceivable - Trade 121.0 131.8 +10.7Short-term Investments 35.0 28.4 -6.5Inventories 109.3 133.1 +23.7 Accrued Income Taxes 18.7 19.8 +1.0Other 40.6 40.2 -0.3
Other 135.9 138.3 +2.4
Fixed Assets 605.9 589.7 -16.1 Long-term Liabilities 135.0 136.8 +1.8Property, Plant andEquipment 244.7 243.1 -1.5 Bonds/Long-term Debt 70.0 70.0 0.0
Intangible Assets 272.9 255.9 -16.9 Other 64.9 66.8 +1.8Investments and OtherAssets 88.2 90.6 +2.3 Total Liabilities 483.2 448.8 -34.3
Shareholders' equity 611.9 626.9 +15.0-Common Stock 85.4 85.4 - -Capital Surplus 109.5 109.5 - -Retained Earnings 457.9 441.0 -16.8-Treasury Stock, at Cost -40.9 -9.0 +31.8Accumulated othercomprehensive income -83.0 -78.2 +4.7- Unrealized Gain on Available-for-sale Securities 1.8 1.8 -0.0
- Deferred Gain (Loss) on Derivatives under Hedges Accounting -0.0 0.0 0.0- Foreign Currency Translation Adjustments -84.4 -79.7 +4.7
- Post retirement adjustments for foreign consolidated subsidiaries -0.4 -0.3 0.0Stock Acquisition Rights 1.1 1.2 +0.1Minority Interests 9.5 10.1 +0.6
Total Net Assets 539.5 560.1 +20.5
Total Assets 1,022.7 1,009.0 -13.7 Total Liabilities andTotal Net Assets 1,022.7 1,009.0 -13.7
Bonds/Short-term Debt(incl. Current Portion ofBonds/Long-term Debt)
86.7 33.7 -53.0
Liability for loss related to theGreat East Japan Earthquake 2.6 0.9 -1.7
21
Consolidated Statements of Cash Flows
<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) : 15.6 billion yenRedemption of bonds: 50.0 billion yen
1: Changes = 1H/FY2011 –1H/FY20102: Free cash flow = Net cash provided by operating activities + Net cash used in investing activities
(Billion yen)1H/FY2010 1H/FY2011 Changes1
Net Cash Provided by Operating Activities 80.7 62.5 -18.1
Net Cash Used in Investing Activities -9.3 -29.8 -20.4
Net Cash Provided by (Used in) Financing Activities -39.5 -69.1 -29.5
-3.3 2.0 +5.4
28.4 -34.2 -62.7
117.1 143.1 +25.9
0.1 - -0.1
Cash and Cash Equivalents, End of Period 145.8 108.8 -36.9
Total Debt at End of Period 158.6 103.7 -54.8
Free Cash Flow2 71.3 32.7 -38.6
Translation Adjustments on Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning of Period
Cash and Cash Equivalents from Newly ConsolidatedSubsidiary, Increase
22
Share Repurchase(Million Shares)
Aggregate to September 2011137.6 MM shares363.7 Billion yen
* Share repurchase from the market
Billion yen 29.5 28.6 56.7 77.1 36.7 69.9 5.0 - 29.9 - - 29.9 -
-
13.9
--2.0
27.3
16.0
29.1
19.9
9.3
-
10.010.0
0
5
10
15
20
25
30
35
FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 1H/FY11
23
3. Forecast for FY 2011
24
Major Assumptions for FY2011 ForecastYear-on-year growth rate of market size in value (yen) for the Consumer Products Business* in Japan: 0% to -1% year-on-yearYear-on-year growth rate of cosmetics market size in value (yen) in Japan: -2 to -3% year-on-yearNet sales: ¥1,235.0 billion (+4.1% year-on-year)
Effect of currency translation: -¥15.0 billion (-1.2% year-on-year)Like-for-like sales growth: +¥63.1 billion (+5.3% year-on-year)
Impact by higher raw material prices:Gross impact of approximately -¥33 billionNet impact of approximately -¥6 billion
Total Cost Reduction (TCR) activities: +¥6 billion
Capital expenditures/depreciation and amortizationCapital expenditures: ¥52 billionDepreciation and amortization: ¥80 billion
Exchange rate assumptions79 yen/USD (FY2010 actual exchange rate [quarterly average]: 87.32 yen/USD)111 yen/Euro (FY2010 actual exchange rate [quarterly average]: 115.10 yen/Euro)
Estimated impact on income
* Excludes prestige cosmetics.
25
FY2009 FY2010 FY2011(F)Billion yen % Growth Billion yen % Growth Billion yen % Growth
Net Sales 1,184.3 -7.2 1,186.8 +0.2 1,235.0 +4.1
Operating Income 94.0 -2.9 104.5 +11.2 108.0 +3.3
[% of Sales] 7.9% 8.8% 8.7%Ordinary Income 93.5 -1.1 103.3 +10.4 108.0 +4.5
[% of Sales] 7.9% 8.7% 8.7%Net Income 40.5 -37.2 46.7 +15.4 57.0 +22.0
[% of Sales] 3.4% 3.9% 4.6%
Net Income per Share (yen) 75.57 -37.2 87.69 +16.0 109.24 +24.6ROE 7.3% - 8.5% - 10.5% -
178.8 -3.0 185.9 +4.0 188.0 +1.1
Cash Dividends per Share (yen) 57.0 +1.8 58.0 +1.8 58.0 0.0
EBITDA(Operating Income + Depr. & Amort.)
Consolidated Sales and Profit Forecast
1 Exchange rate assumptions: 79 yen/USD, 111 yen/Euro2 Kanebo Cosmetics (Apr. 2009-Mar. 2010) : Net sales = slightly less than ¥200 billion / operating margin before deduction of
royalties = approximately 4%; amortization related to Kanebo Cosmetics: ¥27.3billion3 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 billion4 Kanebo Cosmetics (Apr. 2011-Mar. 2012) : Net sales = slightly more than ¥190 billion / operating margin before deduction of
royalties = approximately 6%; amortization related to Kanebo Cosmetics: ¥27.2 billion
14
32
26
Sales Outlook by Segment – FY2011
Consolidated Net Sales 1,235 +4.1%
By Segment*
<Billion yen>
Beauty Care
Human Health Care
Fabric and Home Care
Chemical
Reference:By Geographic Area*
*Sales are before elimination of transactions between segments or geographic areas.
542
180
286
254
+1.6%
+2.4%
+2.5%
+9.5%
Japan
Asia &OceaniaNorth America
Europe
935
177
89
120
+2.5%
+16.1%
+10.8%
+7.0%
27
Sales Outlook – FY2011
<Billion yen>
- Consumer Products Business in Japan -
1st Half Full Year
FY2010 FY2011 FY2010 FY2011Actual Actual Actual Forecast
Beauty Care 206.5 204.3 -1.1% 404.1 409.5 +1.3%
Human Health Care 80.9 82.0 +1.4% 159.5 164.0 +2.8%
Fabric and Home Care 127.9 130.4 +2.0% 253.5 259.5 +2.4%
Consumer Products Business 415.4 416.9 +0.4% 817.2 833.0 +1.9%
% Growth % Growth
28
FY2011 Outlook by SegmentIncrease in operating incomeDecrease in operating incomeIncrease in net sales
Decrease in net sales
CP* – JapanCP* – Asia/Oceania
Chemical – Asia
CP* – North America
Chemical – Europe
Chemical – Japan Chemical – North America CP* – Europe
*CP: Consumer Products
29
1,235.01,186.81,184.31,276.31,318.5
1,231.8
0
200
400
600
800
1,000
1,200
1,400
FY06 07 08 09 10 11(F)
104.594.096.8
116.2120.8108.0
141.5139.1129.5134.6
157.6161.5
9.8% 8.8%7.6% 7.9% 8.8% 8.7%
11.5%11.7%10.9%10.6%
12.0%13.1%
0
20
40
60
80
100
120
140
160
180
200
220
240
Consolidated Net Sales/EBITA*/Operating Income
SalesBillion yen
ProfitBillion yen
Operating Margin
Net Sales
EBITA
[Full Year]
EBITA Margin
Operating Income
*Operating income before amortization of goodwill and intellectual property rights related to M&A
30
EBITDABillion yen
120.8 116.296.8 94.0 104.5
92.1 93.4
87.4 84.781.3
108.0
80.0
188.0
213.0
185.9178.8184.2
209.6
0
50
100
150
200
250
FY06 07 08 09 10 11(F)
Depretiation & AmortizationOperating IncomeTotal
31
ROE & ROA(%)
ROA: Ordinary Income / Total assets
14.913.1
11.7 11.5
7.38.5
16.5
10.5
17.7
12.8
9.7 9.28.0
8.69.9
10.8
0
5
10
15
20
FY04 05 06 07 08 09 10 11(F)
ROE ROA
32
Net Income per Share
Net Income(Billion yen)
Net Income per Share
(yen)Weighted AverageNumber of Shares Outstanding (MM)
550 544 544 543 536 536 533 522
57.0
46.740.5
64.466.570.571.172.1
109.2
87.775.6
120.3122.5
129.4130.6131.2
0
10
20
30
40
50
60
70
80
90
FY04 05 06 07 08 09 10 11(F)0
20
40
60
80
100
120
140
160
180
200Net IncomeNet Income per Share
33
7.10 7.108.87 9.09 10.0010.5011.5012.5014.0015.0016.00
20.00
24.00
30.00
58.0058.0057.0056.00
54.0052.00
50.00
38.00
32.00
26.00
0
10
20
30
40
50
60
70
FY88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
11(F
)
Cash Dividends per Share(Yen)
*Impacts of share splits are retroactively reflected.
Dividend increase for the 21st consecutive year in FY2010
34
Capital Expenditures(Billion yen)
*Payment for purchase of newly consolidated subsidiaries (net of cash acquired) is not included.
31.2 26.7 25.0 27.434.4
22.3
38.0
14.014.7
38.9
17.419.6
52.049.144.844.649.0
70.1
0
50
100
FY06 07 08 09 10 11(F)
Parent Subsidiaries
35
FY2011 Quarterly Consolidated Sales and Profit Forecast
(Billion yen)(Billion yen)
Net Sales Operating Income
289.9
601.3
914.4
1,186.8
294.9
614.8
1 ,235.0
3 months 6 months 9 months 12 months
Net Sales 2010Net Sales 2011
26.1
57.8
100.2104.5
29.2
57.5
108.0
3 months 6 months 9 months 12 months
Operating Income 2010Operating Income 2011
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