Results for the First Half of the Fiscal Year Ending May 31, 2012

January
2012
２０１２年１月
Toyo Tanso Co., Ltd.
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Results for the First Half of the Fiscal Year Ending May 31, 2012
Part 1 Summary of Consolidated Results

Masao Nakahara, Senior Managing Director

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2Part 1 1. Key Points of the Results for the First Half of the Fiscal Year Ending May 31, 2012

Point 1
We achieved our highest half-year performance ever thanks to expanded sales in a wide range ofapplications and regions particularly in relation to the environment and energy-related sectors, and also toincreasing sales prices, such as through the shift to high value-added goods.

Point 2
Our overseas sales ratio reached 64% (ratio of sales to Asia: 48%) as demand from China and otheremerging countries grew substantially.

Point 3We secured a recurring profit ratio of around 20% as a result of our successful efforts to improve
productivity despite the impacts of the historically high level of the yen and the heavy burden of
depreciation costs.

Point 4
Taking into account a further appreciation of the yen and current adjustments being made in the solar cellmarket, we will not revise our forecast for the full fiscal year.

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3Part 1 2. Results for the First Half of the Fiscal Year Ending May 31, 2012
(Unit: Yen, millions)

FY11/5

FY12/5Q2 cumulative

Q2 cumulative

Change% increase

Net sales

18,413

21,535

3,122

17.0%

Operating profit

3,019

4,411

1,391

46.1%

(Ratio of operating
profit to net sales)

16.4%

20.5%

Recurring profit

2,796

4,363

(Ratio of recurring
profit to net sales)

15.2%

20.3%

Net income

1,916

2,383

Net income
per share

92.45 yen

114.98 yen

Exchange rate

85.5 yen/$111.6 yen/€
13.1 yen/CNY

78.0 yen/$
109.4 yen/€
12.3 yen/CNY

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

1,566

466

56.0%

24.4%

Notes
1. Net sales
Net sales surged to a record half-year
high of 21.5 billion yen, withstanding theloss caused by the stronger yen.

2. Recurring profit/Operating profit
We secured recurring and operating
profit ratios of around 20% despite thestronger yen and the heavy burden of
depreciation costs.
The increase in sales prices, such as
through the shift to high value-added
goods, and the increase in output
resulting from improved productivity
also contributed to increasing profits.

3. Net income
We recorded a tax penalty of 540 million
yen according to the transfer pricing
taxation system.

4

Part 1 3. Factors Affecting Changes in Recurring Profit(Cumulative total for Q2 of the year ended May 31, 2011 vs.
Cumulative total for Q2 of the year ending May 31, 2012)

Recurring profit rose sharply, thanks to expanded sales and production
and increased prices (including improved product mix)
despite the growing impacts of foreign exchange trends.
(Unit: Yen, millions)
6,000
5,000

Includes an estimatedamount of almost
1 billion yen fromincreased prices

Change insales
volumes

4,000

Product
structuredifferences
and pricerevisionsStreamlining
and differencein operating
rates

Impact ofexchange rates Change in raw
materials
22
pricesChange in554

494

depreciation
costs

1,383

465

3,000
2,000

FY11/5
Q2
cumulative

1,000

Recurringprofit152

Foreign exchange sensitivity also
increased along with the increased
ratio of overseas sales

Differencein othercosts

47
FY12/5
Q2
cumulative
Recurringprofit4,363
Changes in sales volumes emerged as a result of an
expansion in demand and improved productivity(materials, processing)

2,796
0

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5Part 1 4. Net Sales by Product and Segment
Sales expanded steadily in electronics applications (solar cells) andcompound materials (C/C composite materials),
as well as in carbon products for general industries for mechanical applications.
(Unit: Yen, millions)21,535

19,14420,00018,464
18,464

18,413

17,97918,0007,215

15,27816,00012,994
9,451

10,000

3,666
6,733

3,220

7,712
3,387

6,472

1,502

2,666

2,377

399
1,233

448
1,041

1,704

1,915

4,000

2,803

3,961

3,581

609
487
1,228

570
409
1,303

483

3,096

2,544

803

551

450

2,349
2,761
456

411

FY09/5
Q3+Q4

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1,717
1,914

2,016

3,453
3,950
371

496

5,072
690

5,038

3,908
4,662

612

Special Graphite Products[Others]

Carbon Products for GeneralIndustries[Carbon Products for MechanicalApplications]

Carbon Products for GeneralIndustries[Carbon Products for Electrical
Applications]

1,972

2,191

753
536

226

FY09/5
Q1+Q2

540

1,589

1,425

4,382

4,198

Special Graphite Products[General Industries
Applications]

3,656

1,890

3,395

0

9,324

3,836
3,982

3,793

2,000

4,822

11,767

10,6309,233

12,646

12,000

6,000

6,490

5,241

5,048

14,0008,000

Special Graphite Products[Electronics Applications]

5,747

4,553

Compound Materials andOther Products[Other products]

707

Related goods

5,261
709

457

Compound Materials andOther Products[Three Major Products]

247

FY10/5
Q1+Q2

FY10/5
Q3+Q4

FY11/5
Q1+Q2

FY11/5
Q3+Q4

FY12/5
Q1+Q2

FY12/5
Q3+Q4(Forecast)

6

Part 1 5. Earnings Forecast for the Fiscal Year Ending May 31, 2012
（Unit: Yen, millions)

FY12/5

FY11/5Net sales

37,557

Forecast

Breakdown
Q1, Q240,000

performance

Q3, Q4

18,464

forecast

Q1, Q2

Operating profit

5,868

6,300

performance

Q3, Q4

15.6%
5,614

6,300

performance

Q3, Q4

14.9%
3,699

4,000

performance

Q3, Q4
forecast

Net income
per share

2,442

6.5%

431

7.4%

1. Net sales
We expect a 14% decrease in sales
compared to the first half, inconsideration of the adjustment in
the solar cell market and the loss
caused by the stronger yen.

685

12.2%

2. Operating profit/Recurring profit
Marginal profit ratio and sales prices
are expected to fall as a result of adecrease in net sales.

2,383
1,616

300

8.1%

Q1, Q2

178.43 yen

192.92 yen

performance 114.98 yen

Q3, Q4
forecast

77.94 yen

Q1, Q278.0 yen/$
109.4 yen/€

performance

Exchange rate

Notes

15.8%
Q1, Q2

Net income

4,363
1,936

forecast(Ratio of recurring
profit to net sales)% increase

15.8%
Q1, Q2

Recurring profit

4,411
1,888

forecast(Ratio of operating
profit to net sales)

21,535

Change84.0 yen/$
112.8 yen/€
12.8 yen/CNY

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

12.3 yen/CNY

Q3, Q475 yen/$
100 yen/€

forecast

11.4 yen/CNY

7

Part 1 6. Factors Affecting Changes in Recurring Profit(Q1, Q2 performance vs. Q3, Q4 forecast for the year ending May 31, 2012)
A profit decline is anticipated in the second half due to a drop in sales quantities and prices that is expected tooccur as a result of adjustments in the solar cell market, and also to growing depreciation costs and costs incurredfrom the impact of exchange rates.

(Unit: 100 mil. Yen)
50

40

Change insales
volumes6

FY12/5
Q1, Q2
Performance

Product
structuredifferences
and pricerevisions

730

Includes an estimated
500 million yen or sofrom price decreases

Streamlining
and differencein operating
rates

4

Recurringprofit4

20

10Change indepreciation
costs

Includes the first-halfdifference and theamount used to
upgrade production
facilities

Impact ofexchange
rates

Change inrawmaterials
prices20

Costs
Changes ininventories
Other

1

FY12/5
Q3, Q4
Forecast

Recurringprofit43
Mostly attributable to the decrease insales of solar cells

190

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8Results for the First Half of the Fiscal Year Ending May 31, 2012
Part 2Future Management Policies

Naotaka Kondo, President

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9Part 2

Immediate Strategies

1. Expand applications
1. Expand sales of carbon products for mechanical applications(expansion of the production framework)
2. Strengthen efforts to develop new automotive applications(including EV and hybrid vehicles)
3. Promote efforts to develop wind power generation applications

2. Expand the C/C composite product business—Expand applications and utilize new plants
3. Strengthen countermeasures against the strong yen
1. Consider strengthening or establishing new overseas production centers
2. Promote global procurement (raw materials, indirect materials, production facilities)
3. Strengthen the cost competitiveness of domestic production centers and facilities(redeployment, automation, re-engineering including “scrap & build” processes)

4. Develop and expand applications of new high-tech materials—Porous carbon, MBC, CBC, etc.
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10Part 2 Priority Policies
1. Maintain the growth trend
Sales and profit continued to grow substantially during the first half.
Continue to maintain the growth trend even through temporary adjustments.

Earnings trend（Unit: Yen, millions)

Recurring profit

Net sales
45,00012,00040,00040,00037,55735,00030,974

31,381
7,795

30,0008,000

27,924

7,123

25,49225,00010,00034,531

6,300

23,003

6,000

5,614
4,961

20,00015,0003,724

17,372

17,97921,535
4,483
18,413

14,866
12,2273,369

10,000
2,280

5,000

(Q2
cumulative)(Q2
cumulative)

4,100
(Q2
cumulative)(Q2
cumulative)

3,754
(Q2
cumulative)

12,646
2,070

2,796

4,363
(Q2
cumulative)

2,000

(Q2
cumulative)

661

0
FY05/5
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FY06/5

FY07/5

FY08/5

FY09/5

FY10/54,000

0FY11/5

FY12/5(Forecast)11

Part 2 Priority Policies
2. Aim to be a profitable and efficient company
Secure a recurring profit ratio of around 15% (first-half performance: 20.3%).
Aim to achieve a double-digit ROE as a future benchmark.

Key performance indicator trends
25%

20%

22.7%

ROA
ROE
Recurring profit
ratio

22.6%

19.5%
14.5%

14.9%

15.8%

15%

12.4%

11.9%

8.9%

9.1%

11.3%
10%

7.1%

7.4%

7.5%

3.0%

5.8%

5.5%
5%

4.4%
2.4%
0%

FY06/5
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FY07/5

FY08/5

FY09/5

FY10/5

FY11/5

FY12/5(Forecast)
12

Part 2 Priority Policies
3. To expand actively and invest strategically in terms of both quality and quantity
Investment and depreciation costs for the full fiscal year are expected to decrease only slightly, even thoughsignificant decreases were posted for the first half due to the postponement and reduction of someinvestments. We will maintain an active investment stance.
Trends in capital investment, depreciation and R&D costs(Unit: Yen, millions)(Unit: Yen, millions)

12,0001,800
1,596
10,141

Depreciation

10,000

1,600

9,935

R&D costs

1,400
1,130

8,000

1,200

1,047

1,014
941

1,000

1,018

6,000
4,000

731

5,484

5,113

5,437

4,255

3,753

3,255

3,291

800

2,091
1,392

1,892

1,709
(Q2
Cumulative)(Q2
Cumulative)(Q2
Cumulative)

649

746

1,276

FY06/5

FY07/5

FY08/5

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved(Q2
Cumulative)

1,561

FY09/5

600

3,259
(Q2
Cumulative)

2,755

0

5,214

4,300

2,166

2,000

4,999

R&D costs

Capital Investment/depreciation

Capital investment

1,615

FY10/5

2,372

400

(Q2
Cumulative)

2,518 2,394

1,300

(Q2
Cumulative)

FY11/5200
0FY12/5(Forecast)
13

Part 2 Priority Policies

3. To expand actively and invest strategically in terms of both quality and quantity
Strategic large-scale capital investments and R&D investments will be carried out as planned.
(Some will be cut down after a review of value analyses and specifications.)

Primary strategic capital investments

Production
scale

Coating

Isotropic graphite

C/C composite

To expand new plant

Construction of new plant

Expansion and upgradingof production system“Roughly double” that of thecurrent level

1st period: “roughly triple thesize” of that in 2009
2nd period: an additional
increase of “roughly
30%”“Increase by roughly 20%”from current level

Expand and upgrade
R&D infrastructureand system[Overview]
1. Introducing state-of-the-art
manufacturing researchequipment
2. Invest in environment andenergy-related applications
3. Strengthen and expand thedevelopment framework

OperatingperiodFrom the beginning offiscal 2013
(Expected to fully contribute tosales from fiscal 2013 2Q)

From the summer of 2012
to the summer of 2013
(phased augmentation)

Outline offacilities

To enlarge new plant in
Takuma(3rd plant)

To build a new dedicated,
integrated plant on an adjacentvacant lot

To augment manufacturing
processes in Japan (Ohnohara
plant) and the U.S.

Scale of investment:
Approx. 5 billion yen

Scale of investment:
Approx. 3 billion yen

Scale of investment:
Approx. 2 billion yen

Scale of investment:
Approx. 1.5 billion yen

We aim to further differentiate our
products and improve ourcompetitiveness with this new plant,
which is able to handle the
manufacturing of primarily large
and/or high purity materials.

Facility that is able to handle the
manufacturing of differentiated, high valueadded products including ultra-largematerials (more than 2 meters in diameter).
Equipped with an integrated production linethat is designed to take into consideration
automation as well as material handling.

To incorporate cutting-edge
manufacturing processes and operating
and management know-how andfurther reinforce the strengths of theintegrated process from material
development, processing and coating
through inspection.

We will place emphasis on
strengthening our existing
competitiveness and on building
pillars of future businesses.

Amount ofinvestmentincl. buildings,
incidental facilities

Featuresandstrengths

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1st period: already running in
spring 2011
2nd period: spring 201214

Part 2 Priority Policies
4. To accelerate our global expansion➤ Overseas sales continued its substantial growth trend and reached 63.7% with the presence of Asia (47.8%) expanding.
➤ Sales in China expanded especially sharply and reached 36.7%, overtaking first-half sales in Japan for the first time.
➤ We are currently exploring new areas into which to advance in accordance with the philosophy of “local production for
local consumption” and “production in optimum locations.”

Sales trends by region(Unit: Yen, million)

21,53522,00020,00018,000

Japan

Asia

EuropeNorth America

19,144

18,464

18,413

17,9797,826

16,00014,000

Other regions

15,278
7,774

7,471
7,725

7,759
12,994

12,646

12,000

6,843
5,651

10,0005,448
10,297

8,000

6,253
6,000

7,479
4,138

8,240

7,137

5,473
4,544

4,000
2,021
2,000
0

1,675
255
FY09/5
Q1+Q2

1,539
1,620
43
FY09/5
Q3+Q4

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1,401

1,657

1,675

1,788

1,808

1,170
81
FY10/5
Q1+Q2

1,206
98
FY10/5
Q3+Q4

1,380
119
FY11/5
Q1+Q2

1,439
204

1,478
124
F12/5
Q1+Q2

FY11/5
Q3+Q4

1,674
1,824
102
FY12/5 Q3+Q4(Forecast)
（予想）

15

Part 2 Priority Policies
5. To balance our shareholder returns of profits with our investments for the future as a growing company
To continue to raise dividends while taking into account the balance between
implementing such a hike and reinvestment for future growth.
Dividend trend
Dividends
40 yenPayout ratio
Dividends per share(Figure taking the share
split into account)

35 yenDividends per share

30 yenConsolidated payout
ratio(37.5)
(33)

(30)

35%

(30)
30%

25

28.8%

25 yen40%(22.5)

25%

22
20

20

20 yen20%

15
15 yen

15%

12
10

16.2%

10 yen12.3%

13. 0%

5 yen

10%
5%

6.1%

0 yen

4.1%

3.6%

FY06/5

FY07/50%

FY08/5

FY09/5※2007年6月1日をもって1：1.5の株式分割を実施*A 3-for-2
stock split was conducted on June 1, 2007
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

FY10/5

FY11/5

FY12/5(Forecast)16

Results for the First Half of the Fiscal Year Ending May 31, 2012
Part 3 Supplementary Materials

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved17Supplementary Material 1 Overview of Operations by Product and Segment

Notes and future outlook (1/2)
Image of net sales by application
Application

FY11/5

FY12/5

FY12/5

Q3, Q4

Q1, Q2Q3, Q4 forecast

Notes and future outlook• The ongoing uptrend from the second half of the previous year showed further acceleration. Demand

Electronics applications

Special graphite products・ continued to grow robustly in our core China market, as well as in other Asian regions. Sales also
fared well in Europe and North America. Thanks in part to increasing prices, demand grew sharply
particularly in the first quarter, so that net sales for the full first half increased more than 1.5-foldcompared to the previous year and increased approx. 20% from the second half of the previous year.

・• However, a period of adjustment is anticipated in autumn as a reaction against the sudden expansion
Products for solar cellmanufacturing
・in demand and sense of oversupply, at least for the full second half. The scope and duration of theadjustment period is difficult to predict at this stage, but as we had anticipated the adjustment since
the beginning of the year, we will work to compensate for any sales decreases by directing our efforts
to expanding sales mainly of carbon products for general industries and mechanical applications in awide range of sectors, as they are expected to maintain strong and steady performance.

• Products for solar cell manufacturing will continue to be medium to long-term growth products evenafter temporary adjustments. Therefore, we will strengthen their competitiveness through forwardlooking cost reductions and differentiation, and develop new customers.

Products for single
crystal silicon
manufacturing• The operating rates of wafer manufacturers were generally low. Although some applications showed・ strong performance, such as smartphones and other such devices, recovery of the semiconductor
market is expected to take a little more time.
• Sales ultimately increased by 10% to 20% during the first half. A slowdown may occur in the・ immediate future, but its impact on overall sales is expected to be minimal, because products for
single crystal silicon manufacturing now carry a smaller weight than before.

General industries applications
and others

・• Demand continued to be strong in core overseas markets, owing to growing demand in theautomotive and consumer electronics industries mainly in newly emerging countries.

Products for EDM
electrode manufacturing• In the domestic market, the mold industry faced difficult conditions due to the strong yen and・ accompanying structural problems, but the sales level has basically remained unchanged owing toautomotive upgrade demands. We will direct future efforts to expanding sales in untapped precisionapplications and customers whose needs we have not been able to satisfy due to lack of materials.
• Both overseas and domestic demands were strong on the whole as a result of the turnaround in

Products forcontinuous casting andmetallurgy, etc.

・ economy and infrastructure investments by newly emerging countries. Sales of industrial furnacecomponents, in particular, continued to be brisk.

• In the domestic market, there were concerns over the indirect impact of the March earthquake

・ disaster, but recovery efforts progressed steadily. Strong demand is expected to continue, given thefirm performance of the automotive industries.

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved18Supplementary Material 1

Overview of Operations by Product and Segment
Notes and future outlook (2/2)
Image of net sales by application

FY11/5
Q3, Q4

Carbon products formechanical applications

Carbon products forelectrical applications

Products for generalindustries
Products fortransport machinery

FY12/5
Q1, Q2

FY12/5

Notes and future outlook

Q3, Q4 forecast• Sales expansion activities led to steady performance results. In the domestic market, which accounts for the largest
share, sales of mainstay bearings and sealing materials mainly for pump, air-conditioner, and plant applications
continued on a strong note, with an added boost by demand generated by post-disaster reconstruction work.
• Sales in the overseas market, which had been lagging, has a large potential for expansion. Therefore, we will aim
for further expansion, such as by establishing a strong production framework.
• Demand for pantograph sliders, which is largely unaffected by economic conditions, remains steady. We arecontinuing to push forward with efforts to advance overseas.

・• Sales in the European market made a strong upturn compared to other markets, but we faced an uphill battle
Products for small
motorsmainly in our core Chinese market due to strong pressure to lower prices. Since overseas sales account for a highshare (over 80%) of net sales, loss caused by the stronger yen came as a severe blow.

• However, since the impacts of economic changes remained relatively small, we forecast a gradual increase in sales

・ over the medium to long term thanks to increasing demand in emerging countries. We will direct our efforts tostrengthening global cost competitiveness and development capabilities.

Industrial andautomotive products, etc.

• Products for industrial and automotive applications continued their recovery trend, albeit gradual, as a result ofan upturn in the economy, and are expected to maintain stable growth.

• Compound semiconductor products were expected to expand, but they were subject to prolonged adjustments madeagainst the rapid expansion of LED-related products. Although signs of partial recovery were seen, full-scale
recovery is expected to require more time, due mainly to the weak performance of LCD backlights.

Three major products

Compound materials and other products

Carbon products for general industries
Carbon products for general industries

Application
Application

SiC coated graphite
products• Semiconductor-related products (for Si-Epi, etc.) had shown a recovery trend, but lost speed toward the end of thefirst half. On the whole for all coating products, only a slight sales increase was recorded in the first half. We
forecast only a slight increase also in the second half. However, as these products will continue to be growth areas
over the medium to long term, we will increase our competitive power in integrated manufacturing, from material
development to processing and coating, and aim to gain a leading edge over our competitors.

• Demand for large-scale crucibles for semiconductor manufacturing picked up owing partly to the completion of
inventory adjustments by major customers. With a growing number of buyers, sales remained strong despite
unpredictable market conditions.

C/C composite
products• Solar cell-related products continued to go strong in both the domestic and overseas markets. Sales expanded
steadily, bolstered by new projects and spot deliveries for products related to nuclear fission reactors. However, weneed to keep a watchful eye on the impact of changes in the solar cell market.
• Products for industrial furnaces continued to forge ahead. For C/C products on the whole, sales increased byroughly 20% during the first half compared to the same period last year. We anticipate a decrease in the second
half due to a decrease in spot deliveries, but forecast no major changes in the growth trend.

Graphite sheets
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved・• A gradual recovery trend continued on the whole, with a sales increase of roughly 10% during the first half

compared to the same period last year. The future of semiconductor-related products may be uncertain, but
steady performance is expected to continue, mainly centered on automotive products.

19

Supplementary Material 2

Balance Sheet for the First Half of the Fiscal Year Ending May 31, 2012
(Unit: Yen, millions)

Total assets
Trade notes andaccounts receivable

Nov.30,20101

May.31,20111
Nob.30,2011

Nov.30,20111

61,89465,191

67,233

12,214

13,047

14,393Inventory

11,33912,454

13,637

Tangible fixed assets

26,97926,162

26,158

Total liabilities andnet assets

61,89465,191

67,233

Interest-bearing debt

2,850

2,071

1,789

Capital

7,692

7,692

7,692

Net assets

49,711

51,74853,224Equity ratio

78.5%

77.5%

77.0%

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Notes

1. Trade notes and accounts receivable
Increase of 1,346 million yen from the endof FY11/5 owing to increased sales.
2. Inventory
Increase of 1,182 million yen from theend of FY11/5, as a result of thesystematic accumulation of intermediatestock.

20

Supplementary Material 3

Statement of Cash Flows for the First Half of the Fiscal Year Ending May 31, 2012
(Unit: Yen, millions)

FY11/5First Half

FY12/5First Half

Cash and cash
equivalents at the end of
the period

5,745

6,909

Changes in cash andcash equivalents

(56)

(181)

Cash and cash
equivalents at the
beginning of the period

5,802

7,090

CF from operating
activities

3,702

2,484

CF from investing
activities(3,915)(1,754)

CF from financing
activities

308

(729)

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Notes

1. CF from operating activities
Decreased due to an increase in notes andaccounts receivable-trade and inventory.
2. CF from investing activities
Cash outflow decreased, due to a decreasein expenditures for the acquisition of
tangible and intangible fixed assets.
3. Cash outflow increased due to therepayment of long-term borrowings.

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Note: This presentation contains “forward-looking statements” and forecasts of business results. Thesestatements are not historical facts but instead represent the Company’s beliefs regarding future
events, many of which, by their nature, are inherently uncertain and out of the Company’s control.
It is possible that the Company’s actual results may differ, possibly materially, from theanticipated results and financial condition indicated in these forward-looking statements.
IR Contact
E-mail: ir@toyotanso.co.jp

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