Sumitomo Heavy Industries, Ltd.
1Q CONSOLIDATED FINANCIAL REPORTFor the First Quarter Ended June 30, 2008

All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document
has been translated from the Japanese original as a guide to non-Japanese investors and contains forward-looking statementsthat are based on management’s estimates, assumptions, and projections at the time of publication. A number of factors could
cause actual results to differ materially from expectations. Amounts shown in this financial statement have been rounded to thenearest million yen.

Consolidated Results for the First Quarter
Ended June 30, 2008

Summary of Consolidated Financial Results
For the First Quarter Ended June 30, 2008
Presented July 31, 2008

Sumitomo Heavy Industries, Ltd.
Listed exchanges

Tokyo Stock Exchange, Osaka Securities Exchange

Stock code

6302

Head officeTokyo

President

Yoshinobu Nakamura

URL

www.shi.co.jp

Inquiries

Hideo Oshima
General Manager, Corporate Communications Dept.

Telephone+81 3 6737 2333

Scheduled reporting date forquarterly reportAugust 8, 2008

1. FY 2008 1Q Consolidated Results (April 1, 2008, to June 30, 2008)(1) Business Results(Units: millions of yen)First Quarter
April 1 to June 30, 2008

Previous First Quarter
April 1 to June 30, 2007

% change% change

Net sales

153,420--

134,223

6.7

Operating income

15,470--14,744

53.9

Ordinary income

16,096--

15,40556.7

Net income

9,439

--

8,847

34.1

Net income per share (yen)Fully diluted net income per share

15.64

14.65

--

--

(2) Financial Position(Units: millions of yen)
End of First Quarter
As of June 30, 2008

End of Previous Full YearAs of March 31, 2008

Total assets

682,291

678,634

Shareholders’ equity

249,613

246,371

35.3

34.9

398.68392.80Equity ratio (%)
Net assets per share (yen)Note: Equity:
Fiscal quarter ended June 30, 2008: 240,627 million yen
Fiscal year ended March 31, 2008: 237,084 million yen

2Consolidated Results for the First Quarter
Ended June 30, 2008

2. Dividends
Year Ended March 31,
2008

Year Ended March 31,
2009

Year Ended March 31,
2009 (forecast)

Annual dividends per share
--

--

--

Second quarter (yen)

5.00

--

6.00

Third quarter (yen)

--

--

--

End of term (yen)

5.00

--

6.00

Annual dividends (yen)

10.00

--

12.00

First quarter (yen)Note: Changes to dividend forecast for current quarter: None

3. FY 2009 Consolidated Forecasts (April 1, 2008, to March 31, 2009)(Units: millions of yen)
Second Quarter (Cumulative)
April 1, 2008, to Sept. 31, 2008

Full Year
April 1, 2008, to March 31, 2009

Net sales

345,000% change--

740,000% change
12.0

Operating income

31,000--75,000(3.6)

Ordinary income

29,000--72,000(4.6)

Net income

16,000--41,000(4.6)

Projected net income per share (yen)

26.51

67.93

Note: Changes to consolidated forecasts for current quarter: None

4. Additional Notes(1) Transfers of important subsidiaries during the fiscal period (moves of specific subsidiary due to change in scope of
consolidation):
None[Newly consolidated:-- company, Excluded from consolidation: -- company](2) Application of concise method on accounting procedure and special accounting procedures for preparing
consolidated balance sheet:
Yes
Note: For further details, refer to p. 6 [Qualitative Information and Financial Statements] 4. Other(3) Changes in principles, procedures, and presentation of accounting treatment in preparing quarterly consolidated
financial statements (list of changes to the basis of presenting quarterly consolidated financial statements)(i) Changes resulting from revisions to accounting standards, etc.:

Yes(ii) Changes other than (i):None

* For further details, refer to p. 6 [Qualitative Information and Financial Statements] 4. Other

3

Consolidated Results for the First Quarter
Ended June 30, 2008

(4) Number of shares issued (common shares)(i) Number of shares issued end of fiscal period (including treasury stock):
As of June 30, 2008
As of March 31, 2008

605,726,394 shares
605,726,394 shares(ii) Number of treasury stock at end of fiscal period
As of June 30, 2008
As of March 31, 2008

2,162,449 shares
2,144,702 shares(iii) Average number of shares during fiscal period (cumulative quarterly period)
As of June 30, 2008
As of March 31, 2008

603,570,599 shares603,792,957 shares*Explanation of proper use of earnings forecast and other special instructions
1. From the current consolidated financial year, quarterly consolidated financial statements are prepared using
ASBJ Statement No.12 "Accounting Standard for Quarterly Financial Reporting" and ASBJ Guidance No. 14"Guidance on Accounting Standard for Quarterly Financial Reporting". These are also prepared following the
stipulations of quarterly consolidated financial statements principles.
2. Forecasts of future operating results represent the Company's rational judgment based on information available
as of the release date. Consequently, actual results may differ from the forecasts because of changes in various
factors. For further details regarding forecast of future operating results and notes on their use, refer to p. 6
[Qualitative Information and Financial Statements] 3. Qualitative information on the consolidated earnings
forecast.

4

Consolidated Results for the First Quarter
Ended June 30, 2008

Qualitative Information and Financial Statements
1. Qualitative information on consolidated business results
The first quarter of the financial year saw the Japanese economy affected by the rising cost of raw materials - primarily of
crude oil and steel - which similarly impacted on operating performance and coincided with a growing sense of
uncertainty over business conditions as a whole. Internationally, despite signs of a continuing slowdown in the UnitedStates, emerging economies such as China were relatively unaffected and continued to witness robust underlying
economic growth.
Set against this economic backdrop, this current financial year saw the Group launch Global 21 - its new medium-term
management plan. This saw SHI adopt an aggressive stance towards consolidating its global operating centers, primarily
centered on activities in emerging countries.
As a result of these developments, all areas of the Group’s operations - with the exception of Environmental Protection
Facilities, Plants, and Others - saw a 2% increase in orders over the same quarter from the previous year (the “previousterm”) to reach total sales of 193.5 billion yen. Sales also rose, foremost among these the Ship, Steel Structure andOther Specialized Equipment segment and Mass-produced Machinery segment, with total sales reaching 153.4 billion
yen - a 14% rise over the previous term.
Turning to Group income, despite the impact of the rising cost of raw materials, increased sales contributed to a 5%
increase in operating income over the previous period, which reached 15.5 billion yen. Ordinary income similarly rose by
4% over the previous period, reaching 16.1 billion yen, with net income increasing 7% over the previous term to 9.4
billion yen.
Results for each segment are as follows:
1. Mass-Produced Machinery
A sluggish Japanese domestic market and continuing deterioration of the U.S. market affected the power transmission
business and led to a decline in results from the previous term. The plastics machinery business was also subject tofalling orders as a result of worsening Asian economies, but these losses were offset by Demag Ergotech GmbH andother Group companies on the back of increased orders during the previous term. In other business areas, orders forquantum equipment such as proton therapy systems saw an increase across the board, while orders for large machineryenjoyed robust growth over the previous term. Sales in this segment also rose on the previous term, most notably in the
power transmission business, as well as the plastics machinery business and other businesses. The segment’s operating
income was negatively affected by factors such as goodwill for the purchase of overseas subsidies in the previous year.
As result, the segment received orders totaling 63.4 billion yen (up 6% on the same quarter in the previous year), withsales coming to 54.1 billion yen (up 10% on the same quarter in the previous year), and enjoyed operating income of 3.8
billion yen.
2. Environmental Protection Facilities, Plants, and Others
Orders for industrial power generation boilers for the energy plant business were affected by the downward shift ofJapan’s domestic economy, but sales actually rose overall as a result of orders placed prior to and throughout theprevious term. Despite the segment only receiving orders totaling 15.6 billion yen (a fall of 49% on the same quarter inthe previous year), sales reached 18.0 billion yen (up 18% on the same quarter in the previous year), and operating
income came to 1.5 billion yen.
3. Ship, Steel Structure and Other Specialized Equipment
Both sales and orders in the shipbuilding business increased over the previous term, with orders for 4 Aframax tankers doubling the previous term’s results - and sales increasing from 1 to 2 tankers. Cost cutting benefits arising fromcontinuous shipbuilding meant that this segment continued to experience high profitability. Among other models, orders
for reactor vessels for petroleum and chemical plants fell slightly, but sales actually increased due to strong orders
placed in the previous term. This led to the segment receiving orders totaling 38.7 billion yen (a rise of 48% on the samequarter in the previous year), with sales rising to 19.8 billion yen (up 58% on the same quarter in the previous year), andoperating income of 3.9 billion yen.

5Consolidated Results for the First Quarter
Ended June 30, 2008

4. Industrial Machinery
Despite a decline in the material handling business for the shipbuilding and steelmaking industries over the previous term,orders for turbines and pumps, especially in overseas markets, remained robust. The segment’s strong orders during theprevious year meant that sales continue to increase this year. The segment received orders totaling 29.3 billion yen (arise of 11% on the same quarter in the previous year), with sales totaling 16.1 billion yen (up 1% on the same quarter inthe previous year), and operating income reaching 2.4 billion yen.
5. Construction Machinery
Despite the impact of the slump in housing investment in the U.S. market extending into the hydraulic excavator business,the continued growth of the Chinese market and solid European sector made up for any shortfall with an increase in bothorders and sales. This was partly offset, however, by currency rate fluctuations, which led to a fall in operating income.
The construction crane business saw buoyant orders in the U.S. market with both orders and sales increasing. This led
to the segment receiving orders totaling 46.6 billion yen (a rise of 1% on the same quarter in the previous year), withsales increasing to 45.5 billion yen (up 10% on the same quarter in the previous year), and operating income of 3.7
billion yen.

2. Qualitative information on consolidated financial position
Total assets rose to 682.3 billion yen, up 3.7 billion on the level recorded at the end of the previous term. This increase isdue to falls in bills and accounts receivable of 17.2 billion yen, and an increase in inventory assets and cash and depositsof 14.1 billion and 6.7 billion yen, respectively.
Total liabilities came to 432.7 billion yen, a 400 million yen increase on the level recorded at the end of the previous term.
This increase is a result of efforts to decrease income tax payable from payment of notes and accounts payable andcorporate tax payments, while the balance of interest-bearing debt rose by 13.1 billion yen on the level recorded at theend of the previous term to 102.7 billion yen.
Net assets saw retained earnings increase by 5.9 billion yen on the level recorded at the end of the previous term, withan overall 3.2 billion yen increase on the level recorded at the end of the previous term to 249.6 billion yen. Taken
together, these results mean that the capital to asset ratio increased by 0.4 points on the level recorded at the end of theprevious term to a total of 35.3%.

3. Qualitative information on the consolidated earnings forecast
Consolidated earnings for the first quarter will see an increase in both sales and income on the level recorded at the endof the previous term, which remains roughly in line with the original forecast. An expected 2% increase in orders on thelevel recorded at the end of the previous term means that earnings forecast for the second quarter’s consolidated
cumulative period and full business year are at this point unchanged from the forecast issued on May 13, 2008.

4. Other(1) Changes involving important subsidiaries during the quarter (changes involving specific subsidiaries as the scope of
consolidation changed): None
(2) Application of concise method on accounting procedure and special accounting procedures for preparing
consolidated balance sheet
I.

Concise method on accounting procedure• This method uses a loan loss ratio used in the calculation method at the end of the previous consolidated
financial year for estimated credit losses of general claims.
• The figures for inventory assets at the end of the first quarter of the assessment method for inventory assets
are not based on physical stocktaking, but are estimated on the basis of actual inventory for the end of theprevious consolidated fiscal year in performing a rational calculation.
• This method uses a loan loss ratio used in the calculation method at the end of the previous consolidated
financial year for unrealized gain and loss of inventory assets.

6

Consolidated Results for the First Quarter
Ended June 30, 2008

• Assets subject to declining balance method for calculating depreciation costs for fixed assets are calculatedusing a method that divided the amount from depreciation costs for the consolidated financial year.
• The calculation method for items of accrued accounts uses a rational method to determine an estimatedamount.
• Addition of addition-subtraction items and tax credit items in calculating corporation tax, deferred income tax
assets, and deferred tax liabilities to determine amount of corporation tax etc. to be paid, is limited only toimportant items.
Calculating recovery potential of deferred income tax assets shall be determined using tax planning andforecasts used in the previous consolidated financial year if no significant changes have been identified either
in the management environment or in temporary differences arising after the end of the previous consolidated
financial year.
II. Special accounting procedures used in preparing the quarterly consolidated financial statement: None
(3) Changes in principles, procedures, and presentation of accounting treatment in preparing the consolidated financial
statements
I.

From the first quarter consolidated accounting period, quarterly consolidated financial statements areprepared using ASBJ Statement No.12 "Accounting Standard for Quarterly Financial Reporting" and ASBJ
Guidance No. 14 "Guidance on Accounting Standard for Quarterly Financial Reporting" (March 14, 2007).
These are also prepared following the stipulations of quarterly consolidated financial statements principles.

II. Inventory assets held for the purpose of normal retail activity have traditionally been subject to the costaccounting method based on the periodic average method. From the first quarter consolidated accounting
period, however, these shall be calculated mainly using the cost accounting method based on the periodic
average method (calculation based on reduction of book value of profitability of balance sheet) following
implementation of ASBJ Statement No. 9 "Accounting Standard for Measurement of Inventories" (July 5,2006).
Consequently, when compared to traditional accounting methods, operating income, ordinary income, and net
income before tax and others will see a reduction of approximately 1.4 billion yen each.
III. Beginning from the first quarter consolidated accounting period, the "Practical Solution on Unification of
Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements" (ASBJ PITF No.
18, May 17, 2006) will be used and necessary revisions made to consolidated accounting.
These changes will have little impact on profit and loss.

7

Consolidated Results for the First Quarter
Ended June 30, 2008

5. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Units: millions of yen)
End of First Quarter
As of June 30, 2008

End of Previous Fiscal YearAs of March 31, 2008

AmountAmountAssetsCash and deposits

36,99030,256

Notes and accounts receivable

168,745

185,912Inventories

144,581130,450

Other

30,881

36,164

(817)

(836)

380,380

381,946

Land

116,481

116,536

Other (net)89,762

87,918

Total tangible assets

206,243

204,454

Amortization of goodwill

7,218

7,873

Other

7,640

7,889

Total intangible assets

14,85815,762

Investments and other assets

80,811

76,471

Fixed assets

301,911

296,688

Total assets

682,291

678,634

Allowance for doubtful accounts
Current assets

8Consolidated Results for the First Quarter
Ended June 30, 2008

(Units: millions of yen)
End of First Quarter
As of June 30, 2008

End of Previous Fiscal YearAs of March 31, 2008

AmountAmountLiabilities
Notes and accounts payable

162,189

167,008

Short-term bank loans

30,25816,932

Commercial paper

19,00018,000Long-term loans due within one year

1,653

2,724

Other

98,371

105,516

311,471

310,181Bond

10,00010,000Long-term debt due after one year

41,796

41,911

Employees’ severance and retirement benefits

31,93532,748Deferred income taxes on revaluation

32,30632,306

Other

5,170

5,117

Long-term liabilities

121,207122,082

Total liabilities

432,678

432,263

Common stock

30,87230,872

Capital surplus

20,524

20,524Retained earnings

147,969

142,053

Treasury stock(1,440)(1,425)

Stockholders’ equity

197,924

192,024

Unrealized gains on securities

6,096

4,224

Profit/loss on deferred hedge

1,805

2,459

Adjustment regarding pension obligations ofconsolidated overseas subsidiaries

(876)

(999)

Revaluation reserve for land

40,47740,477

Foreign currency translation adjustments(4,800)(1,101)

Appraisal and translation differences

42,70345,060Minority interests

8,986

9,287

Total net assets

249,613

246,371

Liabilities and net assets

682,291

678,634

Current liabilities

Net assets

9Consolidated Results for the First Quarter
Ended June 30, 2008

(2) Quarterly Consolidated Income Statements(Units: millions of yen)
Present First Quarter
April 1, 2008, to June 30, 2008
AmountNet sales

153,420

Cost of sales

117,590

Gross income

35,830

Selling, general & administrative expenses

20,360Operating income

15,470Non-operating income:Interest income

51

Dividend income

631

Profit on currency exchange

531

Other (net)697

Total non-operating income

1,910

Non-operating expenses
Interest expense

337

Other (net)948

Total non-operating expenses

1,285

Ordinary income

16,096

Income before income taxes

16,096

Corporate income tax current

4,504

Corporate income tax deferred

1,991

Total corporate income taxes

6,495

Minority interests(162)

Net income

9,439

From the current consolidated financial year, consolidated financial statements are prepared using ASBJ Statement
No.12 "Accounting Standard for Quarterly Financial Reporting" and ASBJ Guidance No. 14 Guidance on "AccountingStandard for Quarterly Financial Reporting". These are also prepared following the stipulations of quarterly consolidated
financial statements principles.

(3) Notes on Premise of a Going Concern
There are no applicable items.

10Consolidated Results for the First Quarter
Ended June 30, 2008

(4) Segment Information
1. Segment Information by BusinessCurrent First Quarter (April 1, 2008, to June 30, 2008)(Units: millions of yen)Segment

Consolidation

A

B

C

D

E

Total

54,132

17,99019,752

16,09445,451

153,420--

153,420

810

580

205

49

2

1,647

(1,647)--

Total

54,942

18,57019,957

16,14445,454

155,066(1,647)

153,420

Operating expenses

51,107

17,072

16,01013,72041,779139,689(1,739)137,949

Operating income

3,835

1,498

3,947

2,423

3,674

15,37893

15,470Item

F

Net sales(1) Sales to externalcustomers(2) Internal sales between
segments or exchanges

Segments:
A: Mass-Produced Machinery
B: Environmental Protection Facilities, Plants & Others
C: Ship, Steel Structure & Other Specialized Equipment
D: Industrial Machinery
E: Construction Machinery
F: Cancellation or general

Notes: 1. Business segment depends on sales total segment
2. Main products of each business segment

Businesses

Main Products

Mass-Produced Machinery

Power Transmission & Control, Plastics Machinery,
Laser Processing Systems, Cryogenic equipment,
Precision XY Stages, Ion Accelerators, Plasma Coating System for FPDs,
Precision Forgings, Control Components, Defense Equipment

Environmental Protection
Facilities, Plants & Others

Power Generation Systems, Industrial Waste Treatment Facilities,
Water and Sewage Treatment Systems, Real Estate, Software

Ship, Steel Structure &Other Specialized Equipment

Ships, Pressure Vessels, Bridge

Industrial Machinery

Forging Machines, Material Handling Systems, Logistics System,
Automated Parking System, Turbines, Pumps

Construction Machinery

Hydraulic Excavators, Mobile Cranes, Road Machinery

11

Consolidated Results for the First Quarter
Ended June 30, 2008

2. Segment Information by Geographical Area
Current First Quarter (April 1, 2008, to June 30, 2008)(Units: millions of yen)Segment
Item

Japan

North
America

OthersCancellationor general

Total

Consolidation

Net sales(1) Sales to externalcustomers

120,055

18,718

14,646

153,420--

153,420

9,522

298

3,498

13,318(13,318)

--

Total

129,577

19,017

18,144

166,738(13,318)

153,420

Operating expenses

117,656

16,877

17,033

151,566(13,616)

137,949

Operating income

11,922

2,139

1,112

15,173298

15,470(2) Internal sales between
segments or exchanges

Notes: 1. Countries and regions classified by geographical proximity
2.

Countries and regions belonging to each classification:
North America:
USA, Canada
Others:UK, Germany, Singapore, China

3. Overseas Sales
Current First Quarter (April 1, 2008, to June 30, 2008)(Units: millions of yen)North
AmericaI. Overseas sales

Asia

28,137

Others

26,044

Total

31,532

153,420

II. Consolidated sales
III. Overseas sales ratio (％)

18.3

17

20.6

Notes: 1. Countries and regions classified by geographical proximity
2.

85,712

Countries and regions belonging to each classification:
North America:
USA, Canada
Asia:
China, Singapore
Others:Germany, UK

3. Sales are from the Company and subsidiaries’ countries and regions other than Japan.

(5) Notes in Case of Significant Fluctuation in Shareholders’ Total Equity
There are no applicable items.

12

55.9

Consolidated Results for the First Quarter
Ended June 30, 2008

Reference Material
Financial Statements for Previous First Quarter(1) Quarterly Consolidated Income Statements (Summary)(Units: millions of yen)Previous First Quarter
April 1, 2007, to June 30, 2007
AmountNet sales

134,223

Cost of sales

101,033

Gross income

33,190

Selling, general & administrative expenses

18,446

Operating income

14,744Non-operating income:

1,791

Interest income and dividend income

394

Other (net)

1,398

Total non-operating expenses

1,130Interest expense

325

Other (net)805

Ordinary income

15,405Extraordinary gains－

Extraordinary losses

1,038

Income before income taxes

14,368

Corporate income taxes

5,344

Minority interest(178)

Net income

8,847

13

Consolidated Results for the First Quarter
Ended June 30, 2008

(2) Segment Information
Segment Information by Business
Previous First Quarter (April 1, 2007, to June 30, 2007)(Units: millions of yen)Segment

Consolidation

A

B

C

D

E

Total

49,091

15,223

12,512

16,011

41,386134,223--

134,223

511

640

45

96

2

1,295

(1,295)--

Total

49,601

15,863

12,557

16,10841,388135,518(1,295)

134,223

Operating expenses

44,387

15,280

9,692

13,83237,651

120,841(1,362)

119,479

Operating income

5,214

584

2,865

2,276

3,738

14,67766

14,744Item

F

Net sales(1) Sales to externalcustomers(2) Internal sales between
segments or exchanges

Segments: A:

Mass-Produced Machinery

B:

Environmental Protection Facilities, Plants & OthersC:

Ship, Steel Structure & Other Specialized Equipment

D:

Industrial Machinery

E:

Construction Machinery

F:

Cancellation or general(3) Orders, Sales and Balance of Orders by Segment
Orders Received(Units: millions of yen)

Businesses

First Quarter
April 1, 2008, toJune 30, 2008
AmountPrevious First Quarter
April 1, 2007, toJune 30, 2007%

Amount%Y/Y
Change%Previous Fiscal Year
April 1, 2007, to
March 31, 2008
Amount%Mass-Produced Machinery

63,35232.7

59,49831.5

6.5

247,356

34.5

Environmental Protection Facilities,
Plants & Others

15,5558.1

30,747

16.3(49.4)

91,764

12.8

Ship, Steel Structure & Other
Specialized Equipment

38,73320.0

26,17513.8

48.0

90,712

12.7

Industrial Machinery

29,25715.1

26,42914.0

10.7

98,84813.8

Construction Machinery

46,64724.1

46,18924.4

1.0

187,701

26.2

Total

193,543100.0

189,039

100.0

2.4

716,382100.0

14Consolidated Results for the First Quarter
Ended June 30, 2008

Sales
(Units: millions of yen)

Businesses

First Quarter
April 1, 2008, toJune 30, 2008
AmountPrevious First Quarter
April 1, 2007, toJune 30, 2007%

AmountY/Y
ChangePrevious Fiscal Year
April 1, 2007, to
March 31, 2008%%

Amount%Mass-Produced Machinery

54,132

35.3

49,091

36.6

10.3

232,592

35.2

Environmental Protection Facilities,
Plants & Others

17,99011.7

15,223

11.4

18.2

91,25013.8

Ship, Steel Structure & Other
Specialized Equipment

19,752

12.9

12,5129.3

57.9

76,393

11.6

Industrial Machinery

16,094

10.5

16,01111.9

0.5

81,163

12.3

Construction Machinery

45,451

29.6

41,38630.8

9.8

179,370

27.1

Total

153,420100.0

134,223

100.0

14.3

660,769

100.0

Balance of Orders Received(Units: millions of yen)

Businesses

First Quarter
April 1, 2008, toJune 30, 2008

Previous First Quarter
April 1, 2007, toJune 30, 2007
Amount%Previous Fiscal Year
April 1, 2007, to
March 31, 2008

Amount%Mass-Produced Machinery

108,088

18.4

98,86818.1

9.3

87,997

16.5

Environmental Protection Facilities,
Plants & Others

86,652

14.8

89,087

16.3

(2.7)

99,221

18.6

Ship, Steel Structure & Other
Specialized Equipment

236,68740.4

217,706

39.9

8.7

217,051

40.7

Industrial Machinery

111,880

19.1

98,71718.1

13.3

91,451

17.1

Construction Machinery

42,486

7.3

41,2907.6

2.9

37,762

7.1

Total

585,792

100.0

545,669

100.0

7.4

533,482

100.0

15

%

Y/Y
ChangeAmount%