Consolidated Business Performance for
FY2011 (Year Ended March 2011)
Taiyo Nippon Sanso Corporation

2011/5/13

1. Consolidated Business Performance for FY2011
2. Results of Previous Medium-term Business Plan
(FY2009 to FY2011)
3. Overview of the New Medium-term Business
Plan (FY2012 to FT2014)
4. Impact of the Great East Japan Earthquake
5. Consolidated Full-Term Forecasts for FY2012

2011/5/13

1

Consolidated Business
Performance for FY2011

2011/5/13

Consolidated Business Performance for FY2011(Billions of yen)

FY2011FY2011FY2011

Forecast (5/14)

Forecasts (4/25)(Actual)% change

433.3

480.0

483.5

483.6

50.2
+11.6%

Operating
Income

27.5

32.5

35.4

35.4

7.9
+28.7%

Ordinary
Income27.0

FY2010
Ratio to sales

Sales

Net Income

6.4%

6.8%

30.5

7.3%

34.0

6.2%

6.4%

7.0%

15.7
3.6%

17.0
3.5%

12.5
2.6%

7.3%

34.1
7.1%

12.7
2.6%

YoY

7.1
+26.3%-3.0-19.1%

2011/5/13

2

Quarterly Business Performance(Millions of yen)

* Percentage denotes operating income margin

160,000

Sales

6.0%

140,000

8.1% 8.2%

8.4%

7.3%

6.9%

(Millions of yen)

16,000Operating income
6.3% 8.0% 7.3% 7.3% 6.9%

6.1% 3.1%

14,0007.2% 6.6%
5.2%

120,000

12,000100,000

10,00080,0008,000

60,0006,000

40,0004,000

20,0002,000

0Apr. toJul. toOct. toJan. toApr. toJul. toOct. toJan. toApr. toJul. toOct. toJan. toApr. toJul. toOct. toJan. to08/1Q 08/2Q
08/3Q
08/4Q
09/1Q
09/2Q
09/3Q
09/4Q
10/1Q
10/2Q
10/3Q
10/4Q
11/1Q
11/2Q
Jun.
Sep.
Dec.
Mar.
Jun.
Sep.
Dec.
Mar.
Jun.
Sep.
Dec.
Mar.
Jun.
Sep. 11/3Q
Dec. 11/4Q
Mar.

FY2008FY2009FY20100FY2011

2011/5/13

Performance by Segment

2011/5/13

3

Performance by Segment in FY2011(Billions of yen)

FY2010FY2011MarginOperating
Income

Sales

MarginSales

Operating
IncomeIndustrial gases

261.0

17.9

6.9%

288.6

24.1

8.4%

Electronics

110.6

6.5

5.9%

126.4

8.4

6.7%

Energy

32.3

1.2

3.9%

37.6

1.4

3.7%

Other

29.4

3.3 11.2%

30.8

3.0

9.9%

(1.5)

Adjustments

433.3

Total

27.5

(1.5)
6.4%

483.6

35.4

7.3%

2011/5/13

Industrial Gases Business(Billions of yen)

288.6

Sales

+27.6 (+10.6%)

300

261.0
78.5

200

Operating Income
50

91.9

40

+13.3 (+17.0%)

30

196.7
100

182.4

+14.2 (+7.8%)

17.9

24.1
+6.1 (+34.2%)

20
10

0

FY2010Japan

FY20110

FY2010FY2011

Overseas* The graph contains figures for both Japan and overseas sales.

2011/5/13

4Major Industrial Gases Business (Sales)
Separated Gases
150
100
50

114.1
+5.8 (+5.4%)

108.3
26.3
82.0

(Billions of yen)

Other Gases

65.9

26.3
+0.0 (+0%)

87.8

74.9

100

50

19.7
46.2

+5.8 (+7.1%)+8.9 (+13.6%)

23.8+4.1 (+20.9%)

51.0+4.8 (+10.4%)

00FY2010Japan

FY2011FY2010Japan

Overseas

FY2011
Overseas≪Overseas≫◆ Volume and value of sales declined in
North America due to sale of somebusinesses◆ Sales of liquefied gas were strong in Asia

≪Overseas≫◆ The newly consolidated subsidiaries
in North America contributed to sales≪Japan≫◆ On-site supply of gas to the steel andchemical industries was strong◆ Sales of liquefied gas to small andmedium-sized enterprises also followed arecovery path

≪Japan≫◆ Sales of carbon dioxide to metal processing
factories, auto industries for welding use, andfood manufacturers were strong◆ Sales of hydrogen to electronic
components-related industries held firm

2011/5/13

Major Industrial Gases Business (Sales)
Gas-related Equipment, etc.
30
20
10

19.8
2.8
16.9

24.2 +4.4 (+22.3%)

50

6.6

40

+3.7 (+129.3%)

30

17.6

FY2010Japan

FY2011
Overseas≪Overseas≫◆ Sales of equipment in North America
were strong, newly consolidated
subsidiaries also contributed to sales≪Japan≫◆ Sales of gas supply facilities held firm
◆ Newly consolidated subsidiaries also
contributed to sales

34.9

40.4+5.5 (+15.9%)(Billions of yen)

21.1
17.7

+3.3 (+18.7%)

20
10+0.6 (+4.1%)

0

Cutting and Welding Equipment and Materials

017.1
FY2010Japan

19.3+2.2 (+13.1%)

FY2011
Overseas≪Overseas≫◆ Sales in North America increased partly
due to newly consolidated subsidiaries
there◆ Exports to Asia were strong≪Japan≫◆ In the area of cutting and welding
equipment, sales of laser cutting machine werestrong

2011/5/13

5Major Industrial Gases Business (Sales)(Billions of yen)

Plants and Machinery
20

14.3

16.7+2.4 (+17.1%)
2.7

15

2.7

+0.0 (+1.1%)

10

13.9

11.5

5
0

+2.4 (+20.8%)

FY2010Japan

FY2011
Overseas≪Overseas≫◆ TNSC’s principal customer industries, particularly steel
and chemicals, followed a recovery path
◆ New inquiries about capital expenditure increased≪Japan≫◆ Large-scale installation projects subject to thepercentage-of-completion method performed steadily◆ Received order for air separation plant from leading
electric arc furnace manufacturer

2011/5/13

Electronics Business
Sales

Operating Income

150

126.4

(Billions of yen)20

+15.8 (+14.3%)

110.6
30.9
100

25.2

15

+5.6 (+22.2%)

10

6.8

95.5
50

0

85.3

+10.2 (+12.0%)

50

FY2010Japan

FY2011

8.4 +1.5 (+23.0%)

FY2010FY2011

Overseas

2011/5/13

6Major Electronics Busines (Sales)
Electronic Material Gases

Separated Gases
30

25.2+1.2 (+5.4%)

23.9

20

0

60

+0.4 (+52.5%)

23.9

23.1

+0.8 (+3.7%)

FY2010FY2011

Japan

40

48.0
25.2

20.4

+4.8 (+23.5%)

20

29.9

27.6
0

+2.3 (+8.4%)

FY2010Overseas

Japan≪Overseas≫◆ Sales of nitrogen held firm in Asia andNorth America≪Japan≫◆ Sales of nitrogen to semiconductor and
LCD manufacturers held firm
◆ Sales of argon to semiconductor silicon
manufacturers were strong(Billions of yen)

+7.1 (+14.8%)

1.2

0.8

10

55.2

FY2011
Overseas≪Overseas≫◆ Sales to LCD and semiconductor
manufacturers in Taiwan, China, and South
Korea, etc. were strong◆ Increased storage facility capacity in
Singapore≪Japan≫◆ Demand for gases for semiconductor and
LCD production held firm

2011/5/13

Major Electronic Business (Sales)
Electronics Related Equipment andInstallation
30
20

24.4+0.2 (+1.2%)

24.1
3.7

10

20.4

0.2
5

19.7
-0.6 (-3.1%)

0

FY2010Japan

7.3+3.9 (+117.5%)

4.7+0.9 (+24.0%)

10FY2011
Overseas(Billions of yen)

MOCVD Equipment0

3.3+0.1 (+148.0%)

0.1

7.1

3.2

+3.8 (+116.6%)

FY2010Japan

FY2011
Overseas≪Overseas≫◆ Sales in Asia were on a recovery trend,
partly due to new investment in solar
cells≪Overseas≫◆ Shipments to Taiwan made in thefirst half
◆ Received order for large-scale,mass-production equipment for Asia

≪Japan≫◆ Sales declined due to delays inplans for some installation projects,
and other factors≪Japan≫◆ Steady shipments of large-scale, massproduction systems◆ Developed state-of-the-art largediameter mass production equipment

2011/5/13

7

Energy Business
Sales
40

Operating Income

32.3

37.6

(Billions of yen)4

+5.2 (+16.4%)

30

3

20

2

1.4
+0.1 (+10.7%)

1.2
1

10

0

0

FY2010FY2010FY2011FY2011

2011/5/13

Major Energy Business (Sales)
Equipment andInstallation, etc.

LP Gas
5

50

33.8

40
30

28.7
+5.0 (+17.6%)

4
3

20

2

10

1

0

(Billions of yen)0

FY2010FY2011≪Japan≫◆ Raised sales prices due to rise in importprices◆ Due to the impact of the severe winterconsumer demand recovered in the second
half, and industrial demand largely held firm
◆ Strengthened management by making
distributors more community-based

2.5

2.6
+0.1 (+3.4%)

FY2010FY2011≪Japan≫◆Industrial demand for capital
expenditure was at almost the same level
as last year

2011/5/13

8Other Businesses
Sales

Operating Income

40(Billions of yen)

10

30.8
29.4

30

1.3

+1.4 (+4.9%)

1.8+0.5 (+43.5%)

5

20

3.3

29.0

28.1

3.0 -0.2 (-8.0%)+0.9 (+3.1%)

10

0

0

FY2010Japan

FY2010FY2011FY2011

Overseas

2011/5/13

Major Other Businesses (Sales)
Thermos Business

Medical Business
20

10

6.9

FY2010

Medical-use gases

20

12.5

12.0
7.7
+0.7 (+11.2%)

7.9
0

15.6
+0.8 (+5.6%)

14.8(Billions of yen)

10

1.1

11.3

11.3

+0.4 (+61.3%)

7.9+0.0 (+0.6%)+0.0 (+0.7%)

0FY2011FY2010Equipment, services, etc.

Japan

≪Japan≫◆ Sales of oxygen for medical use held
firm both as liquefied gas and in cylinders◆ Sales of home oxygen therapy
equipment and bio-equipment were strong+0.5 (+4.2%)

0.6

FY2011
Overseas≪Overseas≫◆ A new plant, our second in China,
commenced production≪Japan≫◆ Sales of portable mugs, etc. held firm
◆ New products launched this springwere also well-received

2011/5/13

9

Results of Previous Medium-term
Business Plan
(FY2009 to FY2011)2011/5/13"Stage 10" - Challenges in Becoming a Global Company [II]《Business indicators: Triple 10》・ 10% share of the world market
・ Operating margin of 10% or higher
・ Maintaining an ROCE of 10% or higher

2011/5/13

10

Basic Key Strategies in Previous Medium-term Business Plan

1. Concentrate management resourcesin growth markets and regions
2. Strengthen upstream strategies
3. Promote M&A strategy
4. Implement cost reductions
5. Strengthen Group management
2011/5/13

Results of Previous Medium-term Business Plan (FY2009 to FY2011)≪FY2011 performance targets≫・Sales: ¥600.0 billion + α⇒ ¥483.6 billion

・Operating Income: ¥54.0 billion ⇒ ¥35.4 billion

2011/5/13

11

Results of Previous Medium-term Business Plan (FY2009 to FY2011)[Medium- to long-term vision《Business indicators: Triple 10》 FY2011
progress]
・ 10% share of world market
・ Operating margin of 10%
・ ROCE of 10%⇒ 7.5% (* 1)⇒ 7.3%⇒ 7.8%* 1: TNSC estimates based on FY2011 reports
and/or publications by CryoGas International andannual reports of various companies.

2011/5/13

Sales Performance(Billions of yen)

≪Full-year basis≫

Global 5000

600

507.7

500

400

Stage 10

495.7

458.5
357.7

364.9

FY2004

FY2005

483.6
433.3

397.3

300

200

100

0

Before merger

FY2006

FY2007Japan

FY2008

North America

FY2009FY2010FY2011Asia* The figure for FY2004 is a simple sum of performance figures before merger
The figure for FY2005 = Taiyo Nippon Sanso (year ended March 2005) +Taiyo Toyo Sanso (yearended September 2004) – internal transactions between the two companies

2011/5/13

12

Operating Income Performance(Billions of yen) ≪Full-year basis≫

Global 5000

45

38.7

36.4

35

Stage 10

35.4

29.1
23.7

25

26.7

27.5

18.7
15

5
-5
FY2004

FY2005

FY2006

FY2007

FY2008FY2009FY2010FY2011

Before merger
Japan

North America

Asia

Eliminations* The figure for FY2004 is a simple sum of performance figures before merger
The figure for FY2005 = Taiyo Nippon Sanso (year ended March 2005) +Taiyo Toyo Sanso (year ended
September 2004) – internal transactions between the two companies

2011/5/13

Capital Expenditure and Investment and Loans(Billions of yen)

140

118.4
120
100

73.8

63.4

80
60

42.4
41.4

0.2
40

47.6

46.6

8.2

5.8

39.3

40.7

FY2008FY2009

54.2
15.1

24.1
55.0

20

42.1

7.0

32.3

39.0

17.1
0
FY2005

FY2006

FY2007

Capital expenditure

FY2010FY2011

Investment and loans

2011/5/13

13

Results of Capital Expenditure and Investment and Loans
Total since the first fiscal year of the merger(from FY2005 to FY2011)(Billions of yen)Amount

Japan
U.S.A
China
Asia
Total

Percentage

182.1
195.4
8.3
21.4
407.2

45%
48%
2%
5%
100%
2011/5/13

Results of Capital Expenditure and Investment and Loans(compared to the plan)

Total during the period of the Previous Medium-term
Business Plan (from FY2009 to FY2011)(Billions of yen)

Plan
Capitalexpenditure
Investment
and loans
Total

Implemented

174.6

134.8

25.4

84.4

200.0

219.2

2011/5/13

14

Net Interest-bearing Debt and Net D/E Ratio
350

Net interest-bearing
debt: billions of yen

Net D/E ratio: times

1.4

1.18
1.10

300
0.92

250
200

0.68

0.67

1.2
1.0

0.73

0.8

0.58
150

0.6
235.1

100
137.6

50

103.5

103.5

FY2005

FY2006

147.8

211.8

0.4

166.5

0.2

0

0.0
FY2007

FY2008Net interest-bearing debt balance

FY2009FY2010FY2011Net D/E ratio (times)

2011/5/13

Initiatives in Growth Regions (U.S.A)
Major Investment Projects
in North America
2004
2006

2007

2008

New
ASU’s

2009
2010

* Acquired six air separation units (ASUs) offormer Messer from Air Liquide* Acquired renowned Midwest-based industrial
gas producer Linweld* Acquired helium business from the BOC Group* Began operation of new large-scale ASU in
Southern California* Established helium production company with
Air Products & Chemicals, Inc. (APCI)* Acquired Southern California-based Five Star
Gas & Gear, Inc.
* Acquired Northern California-based Aeris, Inc.
* Acquired Valley National Gases, LLC* Constructed new ASUs in Iowa and Texas* Acquired acetylene manufacturer andwholesaler Western International Gas &Cylinders, Inc.

2011/5/13

15

Initiatives in Growth Regions (U.S.A)
Commencing joint production of helium with
Air Products & Chemicals Inc. in spring 2012.
First helium production project by aJapanese company

Approx. 40% of the 3,000,000m3/year
production volume will be shipped
to Japan.
TNSC’s market share of the 16,000,000m3
imported to Japan annually is approx.33%⇒ will raise to approx. 38% (Market shareestimated by TNSC)

Picture: New plant under construction

2011/5/13

Initiatives in Growth Regions (Asia)
China: Completion of new planton Changxing Island, Dalian

Major Investment Projects in Asia
2004

2005
2006
2007

2008

2009
2010
2011

Liquefied gas production
capacity in Asia
Approx. 93,000Nm3/h* Thailand / Constructed ASU (#12)* China / Shanghai Taiyo Nippon Sanso Gas
constructed new ASU* Vietnam / Constructed additional ASU (#2)
* Philippines / Commenced on-site supply of nitrogen* Philippines / Commenced on-site supply of nitrogen* Singapore / Constructed additional ASU (#3)
* Philippines / Commenced on-site supply of nitrogen* Philippines / Constructed additional ASU (#2)
* Vietnam / Commenced on-site supply of nitrogen* Singapore / Commenced on-site supply of nitrogen* Malaysia / Commenced on-site supply of oxygen* China / Constructed new ASU on Changxing Island,
Dalian* Vietnam / Commenced production at new ASU in
the north* Vietnam / New ASU under construction in the south* Philippines / New ASＵ under construction(Estimated, as of the end of 2011)2011/5/13

16

Initiatives in Growth Regions (Asia) -- Vietnam
Greatly expand gas production capacity(Amid rapid economic growth, demand for industrial gases isincreasing substantially)

With the commencement of operations at newplants in the north and south, the combined gas
production capacity for all plants in 2012 will be
No. 1 in Vietnam
Air separation plant in the northern region (Hanoi)
which commenced production in April

Market share

20%

40%

In the south, received order from a leading
local electric arc furnace manufacturer, and anorder for a piping supply contract from CSVC*
Air separation plant construction site in thesouthern region (Bà Rịa–Vũng Tàu Province)* CSVC: China Steel Sumikin Joint Stock Company

2011/5/13

Initiatives in Growth Regions (Asia) -- India
Matheson K-Air India will construct an air separation
plant, the first for our Group[General Overview of New Air Separation Plant ]Location: Outskirts of Pune City,
Maharashtra state
Commencement of operations:
December 2012 (planned)
Manufacturing capacity:
200 tons/day (liquefied oxygen,liquefied nitrogen, liquefied argon)$US100 million
investment
by 2015Maharashtra state

Pune

Major cities

Mumbai2011/5/13

17

Initiatives in Growth Markets (Electronics)◇ LCD Panels, Solar Cells
Establishment of industrial gas
joint production company forGreen Front Sakai
Completion of special material
gas supply facilities, etc.

LCD panel plantThin-film solar cell plant◇ Research and Development
IBM / Development of next-generation semiconductormaterial gases
Selete / New materials for barrier insulating films that protect
copper wiring of next-generation LSI circuits
IMEC / Technologies for MOCVD equipment used for mass
production of high-brightness green LED devices

2011/5/13

Initiatives in Growth Markets (Electronics)
Development of new large-diameter MOCVD
equipment for mass-production
UR26K
1,000,000
Global Market Size of White LEDs for(Millions of yen)Lighting

800,000

600,000

400,000

200,000

02007 2008 2009 2010

(Estimated)

2015(Forecast)

2020(Forecast)* From Yano Research Institute Ltd. "Global Market Size of White LEDs for Lighting"2011/5/13

18

Upstream Strategies (Electronics)
Promotion of monosilane gas and hydrogen selenide
manufacturing projects

July 2011: Commence joint production ofmonosilane gas with Evonik Degussa
Japan Co., Ltd.
<Production capacity: 1000 tons/ year>

June 2011: Commence production ofhydrogen selenide at Mie Plant of Japan
Fine Products Co., Ltd.
<Production capacity: 20 tons/ year>
The Group plans to further enhance
production capacity

2011/5/13

Overview of the New Medium-term Business
Plan (FY2012 to FY2014)(An official plan containing numerical targets will beannounced at an appropriate time after a thoroughassessment of the impact of the Great East Japan
Earthquake.)

2011/5/13

19

Future Vision of New Medium-term Business Plan
New Medium-term Business Plan (FY2012 to FY2014)
Strengthen global strategies
Build stronger financial position

Strengthen business foundation
for further development
Medium-to long-term target:

Aim for sales of ¥1 trillion
2011/5/13

Positioning of the New Medium-term Business Plan

A new start for TNSC’s 101st year
Back to its origins

Solidify foundation forfurther development and toprepare the Company for the
next 50 to 100 years
2011/5/13

20

Basic Approach of the New Medium-term Business Plan

1) Strengthen compliance and ensure safety and quality control
2) Efficient management rigorously pursuing cost and labor benefits
3) Strengthen regional sales base4) Focus on cylinder business5) Strengthen R&D
6) Continue proactive investment

Create and improve corporate value
2011/5/13

Basic Key Strategies

Continue the Basic Key Strategies of thePrevious Medium-term Business Plan
1. Concentrate management resourcesin growth markets and regions
2. Strengthen upstream strategies
3. Promote M&A strategy
4. Implement cost reductions
5. Strengthen Group management

2011/5/13

21

Company-Wide Priority Issues
Strengthen global strategies

Expand business in overseas markets◆ United States
Quickly realize synergistic effects of M&A projects, promote new M&As

◆ China
Strengthen handling of large projects, promote M&As of local gas
manufacturers and distributors◆ AsiaIncrease presence in countries we have already entered, consider entering
new markets◆ Emerging nations
Meet the needs of Japanese companies entering overseas markets

2011/5/13

Company-Wide Priority Issues
Build stronger financial position

Reinforce foundations of existing business◆ Optimization and streamlining◆ Build stronger relationships with special distributors

Continue proactive investment◆ Existing businesses◆ M&As2011/5/13

22

Impact of the Great East Japan Earthquake

2011/5/13

Status of Liquefied Gas Production Facilities
Operational status of liquefied
gas production bases
As of May 12, 2011
◇ Shin Sagami Sanso Co., Ltd. Oyama
Plant: operating

OperatingOperations
suspended◇ Akita Ekisan Kogyo Co., Ltd.:
operating◇ Pacific Gas Center Co., Ltd.:
operations suspended◇ Shinyo Sanso Co., Ltd.: operating◇ Kita Nihon Sanso Corporation:
operating◇ JFE Sanso Center Co., Ltd. Keihin
Plant: operating◇ Joint production base: operations
suspended◇ Tokyo Liquefied Oxygen Co., Ltd.:
operating◇ Sendai Sanso Center Co., Ltd.:
operations suspended◇ Shin Sagami Sanso Co., Ltd.
Sagamihara Plant: operating◇ Iwaki Sanso Center Co., Ltd.:
operating◇ TM Air Co., Ltd. Kashima Premises:
operating◇ Tokyo Oxygen Nitrogen Co., Ltd.:
operating2011/5/13

23

Disaster Damage and Outlook for Recovery◆ Sendai Sanso Center
Air separation plant, etc.
◆ Pacific Gas Center

The tsunami surging into the Sendai
Sanso Center◆ Tagajo premises
Filling facility, etc.
The first floor office of the
Tagajo premises (Nissan
TANAKA) on March 14

2011/5/13

Future Concerns◆ Reducing electricity usage◆ Rising electricity costs◆ Possibility of nuclear power plant accident
becoming more serious and prolonged◆ Customer trends (review global production
systems)
2011/5/13

24

Consolidated Full-Term Forecasts for
FY2012

2011/5/13

Consolidated Full-Term Forecasts for FY2012(Billions of yen)

FY2011FY2012(Results)(Forecast)

483.6

493.0

9.3

Operating
Income

35.4

35.0

-0.4

Ordinary
Income

34.1

Sales

Net Income

7.3%

7.1%

12.7
2.6%

Change

7.1%

32.0

3.6%

1.9%

-1.3%

-2.1
-6.3%

6.5%

17.7

% change

4.9

39.0%

2011/5/13

25

Industrial Gases Business Segment Forecasts for FY2012(Billions of yen)

300

294.4

Sales 288.6+5.7 (+2.0%)

Operating Income
50

97.3

91.9

40

24.1

+5.3 (+5.8%)

200

30
100

196.7

197.1

22.2 -1.9 (-8.0%)

20+0.3 (+0.2%)

100FY2011Japan

FY2012 (forecast)

0

FY2011FY2012 (forecast)

Overseas* The graph contains figures for both Japan and overseas sales.

2011/5/13

Electronics Business Segment Forecasts for FY2012
Sales

Operating Income

150

126.4
100

(Billions of yen)

20

30.9

128.2
+1.7 (+1.3%)
32.0

15

+1.0 (+3.5%)

10

8.4

9.1

+0.6 (+7.7%)

96.2
50

0

95.5

FY2011
Japan+0.6 (+0.6%)

FY2012(forecast)
Overseas

50FY2011FY2012 (forecast)

2011/5/13

26

Energy Business Segment Forecasts for FY2012
Sales

Operating Income

37.6

40

36.6 -1.0 (-2.8%)(Billions of yen)

4

3

30

1.7 +0.3 (+21.4%)
20

2

10

1

1.4

0

0

FY2011FY2011FY2012 (forecast)

FY2012 (forecast)

2011/5/13

Other Businesses Segment Forecasts for FY2012
Sales

Operating Income

40

33.8
30.8

30

1.8

+2.9 (+9.6%)

1.9+0.0 (+4.9%)

5

20

31.9
29.0

(Billions of yen)

10

3.0

3.5 +0.4 (+15.1%)+2.8 (+9.9%)

10

0

0

FY2011Japan

FY2012 (forecast)

FY2011FY2012 (forecast)

Overseas

2011/5/13

27

Disclaimer● This material is not intended for purposes of disclosure forsecurities transactions, and it is impossible to guarantee thatthe information contained in this presentation is accurate andcomplete.
● This presentation and report contain forward-looking
statements (estimates and forecasts) regarding the future plans,
strategies, activities and performance of Taiyo Nippon Sanso
Corporation. Forward-looking statements reflect management’s
assumptions and beliefs based on information available as of
the time of writing. Risks and uncertainties include, but are notlimited to, changes in general economic and specific market
conditions, currency exchange rate fluctuations, tax systems,
and regulations.

● Actual results may thus differ substantially from the said
forward-looking statements, and investment decisions should
not be made solely on the basis of the information provided
herein.

2011/5/13

2011/5/13

28