Financial Results for the Fiscal Year
Ended November 30, 2014

January 21, 2015

Contents1䠊Overview of FY2014 andProgress of Mid-term Business Planfor 2016

2 – 102䠊 FY2014 Full-Year Results
FY2015 Full-Year Forecasts

11 – 24Consolidated Financial Highlights of FY2014

Overview(Billions of yen)

FY2014FY2013Results*
䠄y-o-y growth rate䠅䠄䠇䠎䠐.䠎䠂䠅

䠄䠇䠍䠔.䠍䠂䠅

䠎䠍䠔.䠎

䠎䠌䠓.䠐

䠄䠇䠑䠌.䠑䠂䠅

䠄䠇䠐䠒.䠐䠂䠅䠍䠓䠑.䠒

Net Sales䠄y-o-y growth rate䠅Results in real terms*

Operating Income(䠓.䠌%) 䠍䠎.䠏 (䠔.䠑%)䠍䠔.䠑

(䠔.䠓%)

䠍䠔.䠌

Ordinary Income(䠒.䠓%) 䠍䠍.䠒 (䠔.䠐%)䠍䠔.䠐

(䠔.䠒%)

䠍䠓.䠔

Net Income

䠒.䠓

䠕.䠕

Dividends per share䠒yen䠕.䠑䠔yen*Results are including the effect of FY period change of overseas consolidated subsidiaries.
*Results in real terms do not include these.


Trend of business results and forecasts
Net Sales(Billions of yen)㻞㻡㻜㻿㼍㼘㼑㼟
㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㻵㼚㼏㼛㼙㼑

䠎䠍䠔㻚䠎

㻞㻜㻜

䠘㻼㼘㼍㼚䠚

OperatingIncome䠎䠑䠌㻚䠌
㻟㻜

㻿㼍㼘㼑㼟
䠎䠍䠑㻚䠌

㻞㻡
䠎䠑㻚䠌

䠍䠓䠑㻚䠒

䞉

㻝㻡㻜

㻞㻜

㻻㼜㼑㼞㼍㼠㼕㼚㼓㻵㼚㼏㼛㼙㼑
䠍䠕㻚䠑

䠍䠔㻚䠑
㻝㻜㻜

Overview

㻝㻡䠘FY2014䠚䠍䠎㻚䠏㻡㻜Sales are increasing mainly byoverseas’ growth.

㻝㻜Operating income are effectedby the fixed costs of the priorinvestment.

㻡㻜㻜㻲㼅㻞㻜㻝㻟㻲㼅㻞㻜㻝㻠㻲㼅㻞㻜㻝㻢Overview

Consolidated Financial Highlights of FY2015 Plan(Billions of yen)

FY2014FY2015Results in realterms*Results*Forecasts
䠄䠇䠔.䠐䠂䠅

䠄vs. FY2014 in real terms䠅

䠎䠍䠔.䠎

Net Sales

䠎䠎䠑.䠌

䠎䠌䠓.䠐

䠄䠇䠍䠏.䠑䠂䠅

䠄vs. FY2014 in real terms䠅

Operating Income(䠔.䠑%)

䠍䠔.䠑

(䠔.䠓%)

䠍䠔.䠌

䠄䠕.䠍%䠅

䠎䠌.䠑

Ordinary Income(䠔.䠐%)

䠍䠔.䠐

(䠔.䠒%)

䠍䠓.䠔

䠄䠔.䠓%䠅

䠍䠕.䠑

䠕.䠕

Net Income
Dividends per share

䠕.䠑

䠍䠎.䠌

䠔yen

䠍䠌yen

*Results are including the effect of FY period change of overseas consolidated subsidiaries.
*Results in real terms do not include these.
Mid-term Business Plan and Long-term Vision Overview
Net Sales

Mid-term Plan

Long-term Vision

䠄FY2016䠅

䠄FY2020䠅

Net Sales䠎䠑䠌.䠌

䠐䠌䠌.䠌

OperatingIncome䠎䠑.䠌

䠒䠌.䠌

㻡㻜㻞㻡㻜㻚㻜

㻠㻜

㻠㻜㻜

㻟㻜㻜

㻿㼍㼘㼑㼟
㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㻵㼚㼏㼛㼙㼑
㻞㻜㻜

㻝㻢㻢㻚㻜

㻝㻣㻞㻚㻞

㻞㻝㻤㻚㻞

䠘Main Policy䠚
Increasing Net Sales㻝㻣㻡㻚㻢㻞㻡㻚㻜㻞㻜㻚㻡㻟㻜

Expand production system
Strengthen oversea sales dept.
㻞㻜Release new products㻝㻠㻚㻢㻝㻜㻚㻢㻝㻞㻚㻟Complete cost down㻝㻜Strengthen Procurement
function
Innovate production line㻜㻝㻝㻝㻞㻝㻟㻢㻜㻢㻜㻚㻜㻞㻞㻡㻚㻜㻝㻤㻚㻡㻝㻜㻜

Operating(Billions of yen) Income㻠㻜㻜㻚㻜㻝㻠㻝㻡㻝㻢㻝㻣㻝㻤㻝㻥㻜㻞㻜

Breakdown of FY2016 Sales GrowthOverview

Important 6 Products䠎䠑䠌㻚䠌 Growth rate FY2013 to FY2016

Net Sales(Billions of yen)

Other
䠍䠑.䠌

䠎䠎䠑㻚䠌
䠎䠍䠔㻚䠎

Other
䠒.䠏

Other
䠍䠌.䠕

Automotive Hydraulics
x 1.6
䠒䠌.䠌

䠐䠏.䠌
䠏䠍.䠒

Hydraulic Equipment
for Construction Machines
x 2.1
Robots
x 1.8

䠍䠓䠑㻚䠒

㻲㼅㻞㻜㻝㻟

Automotive Bearings
x 1.4

Hydraulic Equipment
for Industrial Machines
x 1.5
Cutting Tools
x 1.8㻲㼅㻞㻜㻝㻠㻲㼅㻞㻜㻝㻡㻲㼅㻞㻜㻝㻢

Expand the production system

Overview

䕿 China
NACHI (JIANGSU) INDUSTRIES
Robots, Hydraulic equipments, andCar control valvesSHANGHAI NACHI BEARINGS CO., LTD.
DONGGUAN NACHI C.Y. CORPORATION
Auto mobile Bearings

䕿 America
NACHI TOOL AMERICA INC.
Cutting Tools, reinforce in FY2015
NACHI TECHNOLOGY MEXICO , S.A. DE C.V.
Auto mobile Bearings, start up in FY2015

䕿 India, Thailand
NACHI KG Technology India
NACHI Technology Thailand
Auto mobile BearingsRelease new products

Overview

The world’s fastest compact robot, “MZ series”
New lineup “MZ04”
䞉Open up new markets in the world
Energy saving Compact
Hydraulic Unit
䞉Acquire Increasing demandin Emerging markets

Carbide drill䞉Expand Sizes andAdd Series

Complete cost down

Hydraulic Equipments forConstruction Machine䞉Expand lineupOverview

䕿 Cost down; lowering manufacturing cost
I. Strengthen procurement function
䠄Oct. ’14 䡚 Renewed procurement organization䠅
䞉Review the material procurement and outsourcing
䞉Intensive outsourcing, review the production policy
䞉Construct partnership with new suppliers
II. Develop innovative non-human, automation lines
䠄Feb. ’14 䡚 Established Production technology
headquarter䠅䞉Improve per capita productivity
䞉Shorten the productive lead-time䞉Realize the world same quality
Target of Mid-term Business PlanOverview(Billions of yen)

FY2014
ResultFY2015
Forecasts

䠎䠍䠔.䠎

Net Sales(profit ratio on net sales)

FY2016
Target䠎䠎䠑.䠌

䠎䠑䠌.䠌

Operating Income(䠔.䠑%)

䠍䠔.䠑

(䠕.䠍%)

䠎䠌.䠑

(䠍䠌.䠌%) 䠎䠑.䠌Ordinary Income(䠔.䠐%)

䠍䠔.䠐

(䠔.䠓%)

䠍䠕.䠑

(䠕.䠒%)

䠎䠐.䠌

䠕.䠕

䠍䠎.䠌

Capacity investment

䠎䠌.䠒

䠎䠌.䠌 (total of 3year) 䠑䠌.䠌Number of employees

䠒,䠎䠕䠒

䠒,䠐䠌䠌

䠒,䠑䠌䠌

Exchange rate US$/€䠍䠌䠏/䠍䠏䠕yen䠍䠍䠌/䠍䠏䠑yen䠍䠍䠌/䠍䠏䠑yen

Net Income

䠍䠒.䠌





Consolidated Financial Highlights of FY2014

FY2014(Billions of yen)

FY2012(A)䠍䠓䠑㻚䠒Net Sales(profit ratio on net sales)

Increase/Decrease(Proportion)(B) – (A)FY2013(B)䠎䠍䠔㻚䠎㻔䠇䠎䠐㻚䠎㻑㻕㻌㻌㻌㻌㻌䠇䠐䠎㻚䠑

Operating Income㻔䠓㻚䠌㻑㻕䠍䠎㻚䠏㻔䠔㻚䠑㻑㻕䠍䠔㻚䠑㻔䠇䠑䠌㻚䠑㻑㻕㻌䠇䠒㻚䠎

Ordinary Income㻔䠒㻚䠓㻑㻕䠍䠍㻚䠒㻔䠔㻚䠐㻑㻕䠍䠔㻚䠐㻔䠇䠑䠓㻚䠑㻑㻕㻌䠇䠒㻚䠓

Extraordinaryincome䠌㻚䠐䠌㻚䠌䕧䠌㻚䠏

Extraordinaryloss䠍㻚䠎䠍㻚䠓䠇䠌㻚䠑䠒㻚䠓䠕㻚䠕Net Income䠇䠏㻚䠎㻔䠇䠐䠔㻚䠍㻑㻕

FY2014

Quarterly Financial Results and Forecast(Billions of yen)㻢㻜㻿㼍㼘㼑㼟
Unity of Financial Year㻝㻜㻚㻣㻡㻜

㻠㻜

㻠㻟㻚㻥
㻠㻟㻚㻥䡚䡚 㻠㻝㻚㻟㻠㻡㻚㻡㻠㻟㻚㻞㻠㻣㻚㻟㻠㻣㻚㻟㻠㻽㻝㻠㻛㻝㻽㻡㻠㻚㻥㻡㻞㻚㻤㻡㻞㻚㻟㻞㻽㻟㻽㻠㻟㻚㻞㻟㻥㻚㻡㻟㻜㻜㻝㻞㻛㻝㻽㻞㻽㻟㻽㻠㻽㻝㻟㻛㻝㻽㻞㻽㻟㻽㻠㻽

Consolidated Financial DataFY2014(Billions of yen)

FY2013(A)

FY2014(B)

Increase/Decrease(B) – (A)

ROE

䠕.䠒䠂

䠍䠍.䠔䠂

䠇䠎.䠎 point

Total Assets

䠎䠌䠓.䠕

䠎䠑䠑.䠒

䠇䠐䠓.䠓

䠓䠓.䠍 䠄䠏䠑.䠔%䠅

䠕䠍.䠑

䠇䠍䠐.䠐

䠑䠑.䠍

䠒䠐.䠍

䠇䠕.䠌

Stockholder's equity(stockholder's equity ratio)

Interest-bearing debt
(Net D/E ratio)

䠄䠏䠓.䠍%䠅䠄x䠌.䠑䠅

䠄x䠌.䠐䠅

Capacity investment

䠍䠎.䠒

䠎䠌.䠒

䠇䠔.䠌

Depreciation andamortization

䠍䠌.䠏

䠍䠍.䠓

䠇䠍.䠐

Number of employees

䠒,䠌䠓䠎

䠒,䠎䠕䠒

䠇䠎䠎䠐

Exchange rate (US$)(Euro€)

䠕䠎yen
䠍䠎䠍yen䠍䠌䠏yen䠍䠏䠕yen11 yen depreciation
against USD
18 yen depreciation
against Euro

Sales by Region and Market Segment(Billions of yen)

Sales by region䠎䠍䠔㻚䠎Europe 䠍䠏.䠐Sales by market䠍䠓䠑㻚䠒America 䠎䠔.䠏 䠇䠏䠓㻚䠍㻑America 䠎䠌.䠓Asia 䠑䠓.䠕





Industrial
machinery /Market sales
䠑䠌.䠐

䠇䠐䠏㻚䠒㻑

Asia 䠐䠌.䠏


䠍䠓䠑㻚䠒
Energy andinfrastructure䠏䠎.䠒

Europe 䠔.䠕

䠎䠍䠔㻚䠎

䠇䠑䠌㻚䠓㻑

䠇䠍䠎㻚䠌㻑



Japan 䠍䠌䠑㻚䠓

FY2014

Japan 䠍䠍䠔㻚䠐

Automobiles
䠕䠎㻚䠓

Energy andinfrastructure䠐䠎.䠔䠇䠏䠍㻚䠏㻑

Industrial
machinery /Market sales
䠑䠕.䠒

䠇䠍䠔㻚䠏㻑

Automobiles
䠍䠍䠑㻚䠔䠇䠎䠐㻚䠕㻑㻲㼅㻞㻜㻝㻠㻲㼅㻞㻜㻝㻟㻲㼅㻞㻜㻝㻠㻲㼅㻞㻜㻝㻟

FY2014

Sales and Operating Income by Business Segments
FY2013(A)

FY2014(B)(%)(B)䠉(A)

Cutting Tools

䠎䠔.䠌

䠏䠎.䠏

䠄䠇䠍䠑㻚䠏㻑䠅

䠇䠐㻚䠏

Machine Tools

䠎䠎.䠒

䠎䠐.䠏

䠄䠇䠓㻚䠑㻑䠅䠇䠍㻚䠒

Robots䠍䠏.䠍

䠍䠔.䠎

䠄䠇䠏䠔㻚䠐㻑䠅䠇䠑㻚䠌

Net Sales

䠒䠏.䠔

䠓䠐.䠔

㻔䠇䠍䠓㻚䠏㻑㻕

䠇䠍䠍㻚䠌

䠒.䠓

䠄䠇䠎䠌㻚䠕㻑䠅

䠇䠍㻚䠍

Machinery& Tool

Operating Income

䠄䠔.䠓%䠅

䠑.䠑

䠄䠕.䠌%䠅

Bearings

䠒䠐.䠑

䠔䠍.䠍

䠄䠇䠎䠑㻚䠓㻑䠅

䠇䠍䠒㻚䠒

Hydraulic Equipment

䠏䠏.䠒

䠐䠐.䠐

䠄䠇䠏䠍㻚䠕㻑䠅䠇䠍䠌㻚䠓

Net Sales

䠕䠔.䠎

䠍䠎䠑.䠑

㻔䠇䠎䠓㻚䠕㻑㻕

䠇䠎䠓㻚䠏

䠕.䠕

䠄䠇䠔䠍㻚䠎㻑䠅

䠇䠐㻚䠐

䠍䠏.䠒

䠍䠓.䠓

㻔䠇䠏䠌㻚䠎㻑㻕

䠇䠐㻚䠍

䠍.䠎 䠄䠍䠌.䠕%䠅

䠍.䠕

䠄䠇䠑䠎㻚䠔㻑䠅䠇䠌㻚䠒䠎䠍䠔㻚䠎㻔䠇䠎䠐㻚䠎㻚㻑㻕

䠇䠐䠎㻚䠑

䠍䠔.䠑

䠄䠇䠑䠌㻚䠑㻑䠅

䠇䠒㻚䠎

Components

Operating Income

䠄䠑.䠒%䠅

Net Sales

Materials &Others(Billions of yen)
Increase/DecreaseOperating Income

Total Net Sales
Total Operating Income

䠑.䠐

䠄䠕.䠏%䠅

䠄䠓.䠕%䠅

䠍䠓䠑㻚䠒䠄䠓.䠌%䠅 䠍䠎.䠏䠄䠔.䠑%䠅



Factors for Change in Operating Income

FY2014(Billions of yen)

(Profit up 17.5 billion yen)Cost reductions;
+3.0



Improved operating
capacity; +11.0

Raw materials up; -3.0

Effect of exchange
rate; +3.0
Unity of FY;+0.5

Increase in fixed costand SGA; -5.7

Price down; -2.6

(Profit down 11.3 billion yen)

+6.2
Billion yen㻝㻤㻚㻡㻝㻞㻚㻟㻲㼅㻞㻜㻝㻟㻲㼅㻞㻜㻝㻠





FY2015

Consolidated Financial Highlights of FY2015 Plan(Billions of yen)

FY2014(A)
Net Sales

FY2014
Forecasts (B)䠎䠍䠔㻚䠎(profit ratio on net sales)

Increase/Decrease(Proportion)(B) – (A)䠎䠎䠑㻚䠌㻔䠇䠏㻚䠍㻑㻕䠇䠒㻚䠓Operating Income㻔䠔㻚䠑㻑㻕䠍䠔㻚䠑㻔䠕㻚䠍㻑㻕㻌䠎䠌㻚䠑㻔䠇䠍䠌㻚䠐㻑㻕䠇䠍㻚䠕

Ordinary Income㻔䠔㻚䠐㻑㻕䠍䠔㻚䠐㻔䠔㻚䠓㻑㻕㻌䠍䠕㻚䠑㻔䠇䠑㻚䠕㻑㻕

䠇䠍㻚䠌

Extraordinary
income䠌㻚䠌䠌㻚䠌䕧䠌㻚䠌

Extraordinaryloss䠍㻚䠓

䠌㻚䠌

䕧䠍㻚䠓

䠕㻚䠕

䠍䠎㻚䠌

Net Income㻔䠇䠎䠌㻚䠔㻑㻕䠇䠎㻚䠌Consolidated Financial Data

FY2015(Billions of yen)

FY2013(A)

FY2014
Increase/Decrease(B) – (A)Forecasts (B)ROE䠍䠍㻚䠔䠂䠍䠎㻚䠑䠂䠇䠌㻚䠓 㼜㼛㼕㼚㼠

Total Assets䠎䠑䠑㻚䠒䠎䠒䠒㻚䠐䠇䠍䠌㻚䠓䠄䠏䠑㻚䠔㻑䠅䠕䠍㻚䠑䠄䠏䠓㻚䠕㻑䠅 䠍䠌䠍㻚䠌䠇䠕㻚䠐䠄㼤䠌㻚䠐䠅䠒䠐㻚䠍䠄㼤䠌㻚䠐䠅

䠒䠓㻚䠐䠇䠏㻚䠎

Stockholder's equity(stockholder's equity ratio)

Interest-bearing debt
(Net D/E ratio)

Capacity investment

䠎䠌㻚䠒

䠎䠌㻚䠌

䕧䠌㻚䠒

Depreciation andamortization䠍䠍㻚䠓䠍䠏㻚䠎

䠇䠍㻚䠐

Number of employees

䠒㻘䠎䠕䠒

䠒㻘䠐䠌䠌

䠇䠍䠌䠐

Exchange rate (US$)(Euro€)

䠍䠌䠏yen䠍䠏䠕yen䠍䠍䠌yen䠍䠏䠑yen7 yen depreciation
against USD
4 yen appreciation
against Euro

Sales by Region and Market Segment(Billions of yen)

Sales by region䠎䠍䠔㻚䠎

Europe 䠍䠏.䠐䠎䠎䠑㻚䠌Sales by market䕧䠏㻚䠏㻑䠎䠍䠔㻚䠎

America 䠏䠌.䠌

䠇䠑㻚䠓㻑


Energy andinfrastructure
䠐䠎.䠔

Asia 䠒䠎.䠌

䠇䠓㻚䠌㻑Europe 䠍䠏.䠌America 䠎䠔.䠏

Asia 䠑䠓.䠕



Industrial
machinery /Market sales
䠑䠕.䠒

䠎䠎䠑㻚䠌
Energy andinfrastructure
䠐䠐.䠌

䠇䠎㻚䠔㻑

Industrial
machinery /Market sales
䠒䠎.䠌

䠇䠐㻚䠌㻑

Automobiles
䠍䠍䠕㻚䠌䠇䠎㻚䠔㻑







FY2015

Japan 䠍䠍䠔㻚䠐Japan 䠍䠎㻜㻚㻜

䠇䠍㻚䠏㻑



Automobiles
䠍䠍䠑㻚䠔

㻲㼅㻞㻜㻝㻠

㻲㼅㻞㻜㻝㻡
Forecasts㻲㼅㻞㻜㻝㻠㻲㼅㻞㻜㻝㻡
Forecasts

FY2015

Sales and Operating Income by Business Segments
FY2014(A)

FY2015
Forecasts (B)(%)(B)䠉(A)

Cutting Tools

䠏䠎.䠏

䠏䠐.䠌

䠄䠇䠑㻚䠍㻑䠅

䠇䠍㻚䠒

Machine Tools

䠎䠐.䠏

䠍䠕.䠌

䠄䕧䠎䠍㻚䠕㻑䠅

䕧䠑㻚䠏

Robots䠍䠔.䠎

䠎䠍.䠌

䠄䠇䠍䠑㻚䠐㻑䠅䠇䠎㻚䠓

Net Sales

䠓䠐.䠔

䠓䠐.䠌

㻔䕧䠍㻚䠍㻑㻕㻌㻌㻌䕧䠌㻚䠔䠓.䠎

䠄䠇䠓㻚䠎㻑䠅

䠇䠌㻚䠐

Machinery& Tool

Operating Income

䠄䠕.䠌%䠅

䠒.䠓

䠄䠕.䠓%䠅

Bearings

䠔䠍.䠍

䠔䠏.䠑

䠄䠇䠎㻚䠔㻑䠅

䠇䠎㻚䠏

Hydraulic Equipment

䠐䠐.䠐

䠐䠔.䠑

䠄䠇䠕㻚䠎㻑䠅䠇䠐㻚䠌

Net Sales

䠍䠎䠑.䠑

䠍䠏䠎㻚䠌

㻔䠇䠑㻚䠍㻑䠅䠇䠒㻚䠐

䠍䠍.䠏

䠄䠇䠍䠏㻚䠕㻑䠅

䠇䠍㻚䠏

䠍䠕.䠌

㻔䠇䠒㻚䠕㻑㻕

䠇䠍㻚䠎

䠎.䠌

㻔䠇䠏㻚䠐㻑㻕

䠇䠌㻚䠌

䠎䠎䠑㻚䠌

㻔䠇䠏㻚䠍㻑㻕

䠇䠒㻚䠓

䠎䠌.䠑

䠄䠇䠍䠌㻚䠐㻑䠅

䠇䠍㻚䠕

Components

Operating Income

䠄䠓.䠕%䠅

Operating Income䠄䠍䠌.䠕%䠅

䠄䠔.䠒%䠅

䠍.䠕

䠄䠍䠌.䠑%䠅䠎䠍䠔㻚䠎

Total Net Sales
Total Operating Income

䠕.䠕
䠍䠓.䠓

Net Sales

Materials &Others(Billions of yen)
Increase/Decrease䠄䠔.䠑%䠅

䠍䠔.䠑

䠄䠕.䠍%䠅



Factors for Change in Operating Income(Billions of yen)

FY2015(Profit up 7.7 billion yen)
(Profit down 5.7 billion yen)㻞㻡Cost reductions;+3.6

Increase in fixed costand SGA; -3.2

Improved operating
capacity; +3.1

Raw materials up; -1.0
Price down; -1.0
Unity of FY; -0.5

Effect of exchange
rate; +1.0

㻞㻜

+2.0
Billion yen㻞㻜㻚㻡㻝㻡㻝㻤㻚㻡䡚䡚㻝㻜㻜㻲㼅㻞㻜㻝㻠

㻲㼅㻞㻜㻝㻡
Forecasts

Target of Mid-term Business Plan

FY2015(Billions of yen)

FY2015
Forecasts

FY2014
Result䠎䠍䠔.䠎

Net Sales(profit ratio on net sales)

FY2016
Target䠎䠎䠑.䠌

䠎䠑䠌.䠌

Operating Income(䠔.䠑%)䠍䠔.䠑

(䠕.䠍%)

䠎䠌.䠑

(䠍䠌.䠌%) 䠎䠑.䠌Ordinary Income(䠔.䠐%)䠍䠔.䠐

(䠔.䠓%)

䠍䠕.䠑

(䠕.䠒%)

䠎䠐.䠌

䠕.䠕

䠍䠎.䠌

Capacity investment

䠎䠌.䠒

䠎䠌.䠌 (total of 3year) 䠑䠌.䠌Number of employees

䠒,䠎䠕䠒

䠒,䠐䠌䠌

䠒,䠑䠌䠌

Exchange rate US$/€䠍䠌䠏/䠍䠏䠕yen䠍䠍䠌/䠍䠏䠑yen䠍䠍䠌/䠍䠏䠑yen

Net Income䠍䠒.䠌

㼔䡐䡐䡌㻦㻛㻛㼣㼣㼣㻚㼚㼍㼏㼔㼕㻙㼒㼡㼖㼕㼗㼛㼟㼔㼕㻚㼏㼛㻚㼖㼜㻛

These materials describe our future earnings forecasts and business plans,
and are based on the assumption of an economic environment andbusiness policies that remain fixed as they are now. Therefore, please
note that actual earnings are subject to numerous factors, including
market fluctuations and currency fluctuations, which may result in adifferent earnings forecast.