Establishing ourselves as Establishing ourselves as “ “ Individualized Chemical Company Individualized Chemical Company ” ” and realizing our vision and realizing our vision Progress Made in the 2nd Year of Progress Made in the 2nd Year of “ “ SPROUT Project, SPROUT Project, ” ” Showa Denko K.K. Showa Denko K.K. ’ ’ s s Medium Medium - - Term Term Consolidated Business Plan Consolidated Business Plan Growth Started to Accelerate Growth Started to Accelerate December 14, 2004 December 14, 2004 P. 1 【 【 Our Vision Our Vision 】 】 We at Showa Denko K.K. and its Group companies will provide prod We at Showa Denko K.K. and its Group companies will provide prod ucts and ucts and services that are useful and safe and exceed our customers services that are useful and safe and exceed our customers ’ ’ expectations, thereby expectations, thereby enhancing the value of the Group, giving satisfaction to our sha enhancing the value of the Group, giving satisfaction to our sha reholders, and reholders, and contributing to the sound growth of society on a global scale. contributing to the sound growth of society on a global scale. This document, containing statements relating to projections of the Company’s future performance, has been prepared on the basis of information available at this moment and which we believe is correct. However, the Company cannot guarantee that all statements are accurate and perfect because of inherent risks and uncertainty. Please note that actual results may differ materially from the forecast due to variety of factors, including changes in the market conditions. The timely commercialization of products under development by the Company may be disrupted or delayed by a variety of factors, including market acceptance, and the introduction of new products by competitors. The foregoing list of factors is not inclusive.
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Establishing ourselves as Establishing ourselves as ““Individualized Chemical CompanyIndividualized Chemical Company”” and realizing our visionand realizing our vision
Progress Made in the 2nd Year of Progress Made in the 2nd Year of ““SPROUT Project,SPROUT Project,””Showa Denko K.K.Showa Denko K.K.’’ss
MediumMedium--TermTermConsolidated Business PlanConsolidated Business Plan
Growth Started to AccelerateGrowth Started to Accelerate
December 14, 2004December 14, 2004
P. 1
【【Our VisionOur Vision】】We at Showa Denko K.K. and its Group companies will provide prodWe at Showa Denko K.K. and its Group companies will provide products and ucts and
services that are useful and safe and exceed our customersservices that are useful and safe and exceed our customers’’ expectations, thereby expectations, thereby enhancing the value of the Group, giving satisfaction to our shaenhancing the value of the Group, giving satisfaction to our shareholders, and reholders, and
contributing to the sound growth of society on a global scale.contributing to the sound growth of society on a global scale.This document, containing statements relating to projections of the Company’s future performance, has been prepared on the basis of information available at this moment and which we believe is correct. However, the Company cannot guarantee that all statements are accurate and perfect because of inherent risks and uncertainty. Please note that actual results may differ materially from the forecast due to variety of factors, including changes in the market conditions. The timely commercialization of products under development by the Company may be disrupted or delayed by a variety of factors, including market acceptance, and the introduction of new products by competitors. The foregoing list of factors is not inclusive.
Contents
Part Part Ⅱ Ⅱ Implementation of Growth StrategyImplementation of Growth Strategy ((22))SproutsSprouts
Blue LED: Developed Blue LED with proprietarytechnology 22
Blue LED: result of interconnection of amassedtechnologies 23
satisfactionsatisfactionContribution to societyContribution to society
on a global scaleon a global scale
Growth strategy Growth strategy through the Sprout Projectthrough the Sprout Project
Establishing ourselves as an individualized Establishing ourselves as an individualized chemical companychemical company
Strategic reduction in scaleStrategic reduction in scalethrough the Cheetah Projectthrough the Cheetah Project
Transformation from a diversified chemical Transformation from a diversified chemical company to an individualized chemical companycompany to an individualized chemical company
200420042004
2003
Achieved restructuringAchieved restructuringSteady implementation of growth strategySteady implementation of growth strategy
Attained financial goalsAttained financial goals
P. 3
SMU projects and supporting technologies (TPF)SMU projects and supporting technologies (TPF)SMU projects and supporting technologies (TPF)
12 12 SMU projectsSMU projectsSMU : Strategic Market Unit
27 27 TPFsTPFs
TPF : Technology Platform
Auto parts
Battery materials
Parts for lighter cars
Magnetic materials
Life science productsHeat exchangers
Semiconductor processing materials
Communications devices
Capacitors / their materials
Displays / their materials
Raw materials for cosmetics
Energy-saving system
Printer parts
Personal Care/Environment
Electronics
SupportSupport CooperationCooperation
Structural analysis; Chemical analysis; Computational science
Organic electronic materials,Battery/capacitor/recording media materials, Inorganic electronic materials, Crystal growth/thin film depositionprocesses, Precision fabricatingprocess, Micro-system process,Functional gases, Ultimate conditions process
Heat transfer systemCasing processPlasticity processingBondingFunctional metallic materials
P. 4
PartPartⅠ Ⅰ Progress in ReformProgress in Reform
P. 5
PartⅠ Progress in Reform How the Sprout Project is changing the companyPartPartⅠⅠ Progress in ReformProgress in Reform How the Sprout Project is changing the companyHow the Sprout Project is changing the company
Aluminum cans SproutsSproutsExpansion in high-growth markets
Expansion in highExpansion in high--growth marketsgrowth marketsImproving profitability of existing base businessesImproving profitability of existing base Improving profitability of existing base
businessesbusinesses
By completing the Sprout Project, By completing the Sprout Project, we will establish ourselves as an we will establish ourselves as an ““individualized chemical company.individualized chemical company.””
Big jump in the Big jump in the ““postpost--SproutSprout”” periodperiodP. 6
Expansions in highExpansions in high--growth marketsgrowth marketsAdvancement in SMU projectsAdvancement in SMU projects
Established a roadmap for growthEstablished a roadmap for growthFound the key to further advancementFound the key to further advancement
Hard diskHard disk((HDHD))Leading the market with the best technology in the worldLeading the market with the best technology in the world
SproutsSproutsTechnical development in anticipation of sophisticated market neTechnical development in anticipation of sophisticated market needseds
HD business transformed into a growth engineHD business transformed into a growth enginePetrochemicals business becoming more competitive Cash coPetrochemicals business becoming more competitive Cash coww
PartⅠ Progress in Reform Encouraging signs that Sprout goals will be accomplishedPartPartⅠⅠ Progress in ReformProgress in Reform Encouraging signs that Sprout goals will be accomplishedEncouraging signs that Sprout goals will be accomplished
Progress in restructuringProgress in restructuringProgress in restructuring
P. 7
PartⅠ Progress in Reform Expansions in high-growth marketsPartPartⅠⅠ Progress in ReformProgress in Reform Expansions in highExpansions in high--growth marketsgrowth markets
Establishment of the road mapEstablishment of the road mapHD Becoming the world leader
Technical advantagesMarket creation through small-sized media
Capacitors Volume production Further growth
Fine gases Launching next-generation products ahead of competitors
VGCF® Developing composites
SproutsSproutsGaN Highest-level brightness with proprietary
technology
Autoprep® Environmental protection and food safety
Phosphorescent polymer For organic electroluminescent devices; durable for 10,000 hours
P. 8
20032003
AluminumAluminum
CeramicsCeramics
HDHD
PetrochemicalsPetrochemicals
20042004 20052005
Established as stable source of profit
Established as stable Established as stable source of profitsource of profit
On track for further growth as the world
leader
On track for further On track for further growth as the world growth as the world
leaderleader
Lowest cost and competitive derivatives
Lowest cost and Lowest cost and competitive derivativescompetitive derivatives
Restructuring to be Restructuring to be completed in 2005completed in 2005
PartⅠ Progress in Reform
Progress in restructuringPartPartⅠⅠ Progress in ReformProgress in Reform
Progress in restructuringProgress in restructuring
Cost reductions (One of the most competitive complexes in Asia) Feedstock diversification (most advanced in Japan)
Strengthening acetyls business (Japan Ethyl Acetate) Reform of polyolefins business (JPE) Reform of plastic products business
Growth through acquisitions of existing facilities (Singapore) (Taiwan)
New technologies(higher memory density; very small media)
Drastic cost reductions Production in China (Lianyungang)Concentration on selected areas
(withdrew from unprofitable operations)
Drastic cost reductions and expansion of high-value products operationsNew organization (head office and R&D functions concentrated)Optimizing production setup (separation of rolled products business into a subsidiary; concentration of extrusions business)
P. 9
Sprout : Strategic Business ExpansionSprout : Strategic Business Expansion
Business PortfolioPartPartⅠⅠ Progress in ReformProgress in Reform
Business PortfolioBusiness Portfolio
P.10
223290 290
90
95
210
0
100
200
300
400
500
600
2002 2003 2004 forecast 2005
Growth businessBase business
PartⅠ Progress in Reform
Portfolio management Changes in earning structurePartPartⅠⅠ Progress in ReformProgress in Reform
Portfolio managementPortfolio management Changes in earning structureChanges in earning structure
((100 100 million yenmillion yen)) Operating IncomeOperating Income
4.5
Profit Ratio(%)
5.5
6.5
7.5
4.6
5.5
6.87.0
6.0
5.0
Profit Ratio
P.11
Accelerating growth: Progress in SMU projects and growing HD business
HD shiftedto a growth business
PartⅠ Progress in Reform
Financial goals achieved ahead of schedulePartPartⅠⅠ Progress in ReformProgress in Reform
Financial goals achieved ahead of scheduleFinancial goals achieved ahead of schedule
Reductions in interest-bearing debt and improvement in D/E ratio
5,100
5,811
5,274
3.9
3.2
4,600
4,800
5,000
5,200
5,400
5,600
5,800
6,000
2002 2003 2004 forecast 2005
1.8
2.2
2.6
3.0
3.4
3.8
4.2
4.6
Interest bearing debt D/E Ratio
2.9
D/E Ratio((100 100 million yen)million yen)
Sprout TargetSprout Target
P.12
PartPartⅡⅡ Implementation of Growth StrategyImplementation of Growth Strategy
(1)(1)Establishment of Establishment of ““RoadmapRoadmap””(2)(2)SproutsSprouts
P.13
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2004.0 2005 2006 2007 2008 2009 2010
Regular sizes Very small
1000
Memory density(Gb/in2)
100
10
Memory Memory densitydensity
Vertical media Discrete media Patterned media
SDKSDK’’s sales s sales forecast 850forecast 850
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap
HD: Focusing on growing market for very small mediaPartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap
HD: Focusing onHD: Focusing on growing market for very small mediagrowing market for very small media
A ¥200 billion market growth expected by 2010 Half of the growth coming from new applications for very small media
Structural analysis; Chemical analysis; Computational science
20052005Vertical mediaVertical media
20072007Discrete mediaDiscrete media
20102010Patterned mediaPatterned media
Improvement in interference control technology
Improvement in interference Improvement in interference control technologycontrol technology
1μm
150nm
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap
HD: Interconnection of core technologiesPartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap
HD: Interconnection of core technologiesHD: Interconnection of core technologies
Memory density improving rapidly supported by SDK’s thin-film depositionand precision processing technologies
Organic electronic materials,Battery , capacitorRecording media materials,Inorganic electronic materials,Crystal growth processThin film deposition process, Precision fabricating process,Micro-system process,Functional gases, Ultimate conditions process
Heat transfer systemCasing processPlasticity processingBondingFunctional metallic materials
High voltageHigh voltageLow heightLow heightLow height
PC marketPC market
Cell phone marketCell phone market
Automotive marketAutomotive market
SDK’s sales forecast4 billion yen ((20052005年)年)
SDKSDK--CAPCAP®®
CV range expandingCV range expanding
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap Solid conductive polymer Al capacitors (SDK-CAP®): Applications broadeningPartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap Solid conductive polymer Al capacitors (SDKSolid conductive polymer Al capacitors (SDK--CAPCAP®®): Applications broadening): Applications broadening
Applications broadening due to their advantages:High capacitance, high voltage, low-height, low ESR and high reliability
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap
Solid conductive polymer Al capacitors (SDK-CAP®)PartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap
Solid conductive polymer Al capacitors (SDKSolid conductive polymer Al capacitors (SDK--CAPCAP®®))
Interconnection of SDK core technologies to meet market requirementsInterconnection of organic chemical and Interconnection of organic chemical and aluminum technologiesaluminum technologies
(( Sectional view of SDKSectional view of SDK--CAPCAP®® ))
Structural analysis; Chemical analysis; Computational science
Organic electronic materials,Battery , capacitorRecording media materials,Inorganic electronic materials,Crystal growth processThin film deposition process, Precision fabricating process,Micro-system process,Functional gases, Ultimate conditions process
Heat transfer systemCasing processPlasticity processingBondingFunctional metallic materials
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap Fine gases: Growing demand from IC/LCD makersPartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap Fine gases: Growing demand from IC/LCD makersFine gases: Growing demand from IC/LCD makers
Market size Market size ((¥¥ 100 million 100 million ))
Estimated by SDK
C4F6: Started commercial production ahead of competitorsAdopted by major device manufacturers To be used worldwide
P.19
Technolo
gy n
ode [
nm
]
CC44FF6 6 applicationsapplications
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap Fine gases: Etching gas for IC processing at narrow line widthsPartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap Fine gases: Etching gas for IC processing at narrow line widthsFine gases: Etching gas for IC processing at narrow line widths
An SiO2-selective-etching gas that gives a high aspect ratioAn SiOAn SiO22--selectiveselective--etching gas etching gas that gives a high aspect ratiothat gives a high aspect ratio
Roadmap for IC miniaturizationRoadmap for IC miniaturization
Based on SIA dataBased on SIA data
0
50
100
150
200
250
300
1995 2000 2005 2010 2015
Structural analysis; Chemical analysis; Computational science
Organic electronic materials,Battery , capacitorRecording media materials,Inorganic electronic materials,Crystal growth processThin film deposition process, Precision fabricating process,Micro-system process,Functional gases, Ultimate conditions process
Heat transfer systemCasing processPlasticity processingBondingFunctional metallic materials
Fine carbon sales in Fine carbon sales in 2005: 2.5 billion yen2005: 2.5 billion yen
PartⅡ Implementation of Growth Strategy (1)Establishment of Roadmap
VGCF® : Developing compositesPartPartⅡⅡ Implementation of Growth Strategy (1)Establishment of RoadmapImplementation of Growth Strategy (1)Establishment of Roadmap
PartⅡ Implementation of Growth Strategy (2)SproutsBlue LED: Developed Blue LED with proprietary technology
PartPartⅡⅡ Implementation of Growth Strategy (2)SproutsImplementation of Growth Strategy (2)SproutsBlue LED: Developed Blue LED with proprietary technologyBlue LED: Developed Blue LED with proprietary technology
Lineup of LED productsLineup of LED productsLineup of LED products
PartⅡ Implementation of Growth Strategy (2)SproutsBlue LED: result of interconnection of amassed technologies
PartPartⅡⅡ Implementation of Growth Strategy (2)SproutsImplementation of Growth Strategy (2)SproutsBlue LED: result of interconnection of amassed technologiesBlue LED: result of interconnection of amassed technologies
Developing GaN-based ultraviolet and green LEDs
MOCVD processMOCVD process
Structural analysis; Chemical analysis; Computational science
Organic electronic materials,Battery , capacitorRecording media materials,Inorganic electronic materials,Crystal growth processThin film deposition process, Precision fabricating process,Micro-system process,Functional gases, Ultimate conditions process
Heat transfer systemCasing processPlasticity processingBondingFunctional metallic materials
Sample-preparation cartridge for analysis of trace amounts of chemical substances
Increasing concern of the public about the environment and food safetyGrowing demand for analysis of trace amounts of chemical substances in water and food
Removing components that interfere with Removing components that interfere with analysis; andanalysis; andconcentrating target chemical substancesconcentrating target chemical substances
New packing material with nanoNew packing material with nano--scale scale ““doubledouble--porepore”” structurestructure Improved efficiency Improved efficiency Using the Using the ShodexShodex®® technology andtechnology andorganic/inorganic materials
P.24
Size of domestic marketSize of domestic market((¥¥ 100 100 million)million)
Structural analysis; Chemical analysis; Computational science
Organic electronic materials,Battery , capacitorRecording media materials,Inorganic electronic materials,Crystal growth processThin film deposition process, Precision fabricating process,Micro-system process,Functional gases, Ultimate conditions process
Heat transfer systemCasing processPlasticity processingBondingFunctional metallic materials
Flame retardant and resistant to heatFlame retardant and resistant to heat
New stabilized vitamin CNew stabilized vitamin CApprecierApprecier
High wrinkleHigh wrinkle--care effect;care effect;Removes active oxygenRemoves active oxygen generatedgenerated
deep in the skindeep in the skin
Electrode for resinElectrode for resin--based based solar cellsolar cell
SPSP--XX
Enables the production of flexible and Enables the production of flexible and light solar cells; Expected to be widely light solar cells; Expected to be widely used for portable device applicationsused for portable device applications
Aluminum reflector for Aluminum reflector for LCD backlightingLCD backlighting
95% 95% or more reflectivityor more reflectivity
223290 290
90
95
210
0
100
200
300
400
500
600
2002 2003 2004 forecast 2005
Growth businessBase business
PartⅡ Implementation of Growth Strategy (2)Sprouts
Portfolio management Changes in earning structurePartPartⅡⅡ Implementation of Growth Strategy (2)SproutsImplementation of Growth Strategy (2)Sprouts
Portfolio managementPortfolio management Changes in earning structureChanges in earning structure
4.5
Profit Ratio(%)
5.5
6.5
7.5
4.6
5.5
6.87.0
6.0
5.0
Profit Ratio
Accelerating growth: Progress in SMU projects and growing HD business
P.27(Same drawing appearing on Page 11)
((100 100 million yenmillion yen)) Operating IncomeOperating Income
HD shiftedto a growth business
PartPartⅢ Ⅲ Improved Earning Power Improved Earning Power through Structural Reformthrough Structural Reform
P.28
Part Ⅲ Improved Earning Power through Structural Reform
Petrochemicals: Completed restructuring; now a base business Part Part ⅢⅢ Improved Earning Power through Structural ReformImproved Earning Power through Structural Reform
Petrochemicals: Petrochemicals: Completed restructuring; now a base business Completed restructuring; now a base business
““Simple and compactSimple and compact””Source of stable profit and cash flowSource of stable profit and cash flow
Competitive ethylene plantEstablished optimum production setupOne of the most cost-competitive complexes in AsiaFeedstock diversification (most advanced in Japan)Plant location closest to the Chinese/Asian markets
Business structure resistant to fluctuations in naphtha pricesRestructuring of the polyolefins business completed
Leading position in the acetyls market in AsiaEthyl acetate: the world leaderAdvancing into the growing Chinese market
P.29
Part Ⅲ Improved Earning Power through Structural Reform
Chemicals: Striving to improve profitabilityPart Part ⅢⅢ Improved Earning Power through Structural ReformImproved Earning Power through Structural Reform
Chemicals: Striving to improve profitabilityChemicals: Striving to improve profitability
Base businessesBase businessesRestructuring in the commodity chemicals operations
Oxygen/nitrogen/hydrogen: Integration with the Tokyo Gas Group
Ammonia: Strengthening cost-competitivenessIncreasing utilization of the waste plastic gasification plant
Part Ⅲ Improved Earning Power through Structural Reform
Aluminum: Restructuring to be completed in 2005 Part Part ⅢⅢ Improved Earning Power through Structural ReformImproved Earning Power through Structural Reform
Aluminum: Restructuring to be completed in 2005 Aluminum: Restructuring to be completed in 2005
Through drastic cost reductions and expansion of highThrough drastic cost reductions and expansion of high--value value products operations, the restructuring of the aluminum busineproducts operations, the restructuring of the aluminum business ss will be completed by the end of 2005.will be completed by the end of 2005.
(1) Automotive heat exchangers: Laying the groundwork for growth(2) Restructuring of rolled products/extrusion operations(3) Expansion of high-value products operations
Head office/marketing functions consolidated at OyamaIntegration of production and marketingIntegration of production and marketing
Established Aluminum Technology CenterEstablished Aluminum Technology CenterControlling core aluminum technologies
P.31
Optimum production setup to meet customers’ global strategies
Managing production & development on a global basis; pursuit of optimum costs
Automotive heat exchangers: Laying the groundwork for growthAutomotive heat exchangers: Laying the groundwork for growthCompleted the development of next-generation productsRehabilitating the U.S. operation
Advancing into the Chinese market through a joint ventureDrastic cost reductions
To provide high-performance products by fully utilizing our materials/parts design capability
Part Ⅲ Improved Earning Power through Structural Reform
Aluminum: Increasing profitability (1)Part Part ⅢⅢ Improved Earning Power through Structural ReformImproved Earning Power through Structural Reform
Restructuring of rolled products/extrusions operationsOptimized production setup and drastically reduced costs
Separation of Sakai Plant into a subsidiaryReduction in the scale of the plain foil businessConsolidation of extrusions operation sites and optimization ofproduction capacity
Shift to high-value productsFocusing on high-purity foil for capacitorsGrowing sales of large extrusions for IC/ LCD production
Reorganization of sales/distribution channelsMarketing in western Japan consolidated at newly formedShowa Denko Aluminum Trading K.K.
P.33
Part Ⅲ Improved Earning Power through Structural Reform
Aluminum: Increasing profitability (3)Part Part ⅢⅢ Improved Earning Power through Structural ReformImproved Earning Power through Structural Reform
Expansion of highExpansion of high--value products operationsvalue products operationsShotic®®
Record shipments due to technology/quality advantagesCommercial production of suspension arms
Aluminum cylinders for laser beam printers (world leader)Commercial production started at Dalian plant.Technical synergies through integration with extrusions business
High-purity foil for capacitors (world leader)Highly cost-competitive due to the integrated production linesFoil shipment growing for high-voltage applications (PDP , Car)
Lithium ion battery package (market leader in Japan)Foil processing technology meeting market requirements
Aluminum cansShipment of aluminum bottles started in 2nd half of 2004.
P.34
Part Part Ⅳ Ⅳ Plan for 2005Plan for 2005
P.35
Part Ⅳ Plan for 2005
Tasks to be accomplishedPart Part ⅣⅣ Plan for 2005Plan for 2005
Tasks to be accomplishedTasks to be accomplished
To complete the Sprout Project, To complete the Sprout Project, we should:we should:
Expand strategic growth businesses, andcommercialize new products quickly.
Establish ourselves as an “individualized chemical company”Achieve highly profitable business structure
Preparing for the Preparing for the ““postpost--SproutSprout””periodperiodTo accelerate growth strategy, andfurther improve financial strength
P.36
2002 2003 2004(forecast*) 2005(Sprout)
Sales O.I. Sales O.I. Sales O.I. Sales O.I.
PetrochemicalsPetrochemicals227.8
10.0235.1
12.0252.0
18.0173.0
9.1
ChemicalsChemicals68.5
5.778.2
6.082.0
5.587.0
8.7
ElectronicsElectronics75.2
6.294.7
10.7114.0
15.0116.0
14.6
InorganicInorganicMaterialsMaterials
56.91.4
51.02.7
55.05.5
49.03.8
AluminumAluminum245.6
12.9230.3
11.6232.0
12.0255.0
15.7
HQ costsHQ costs▲4.8 ▲4.4 ▲6.0 ▲1.9
TotalTotal674.0
31.3689.4
38.5735.0
50.0680.0
50.0
Sprout Project :
Yearly Sales and Operating Income PlanSprout Project : Sprout Project :
Yearly Sales and Operating Income PlanYearly Sales and Operating Income Plan
(unit: billions of yen)* Revised on Nov. 16, 2004
Notes: Sprout target figures for respective segments were announced in January 2002.
The performance forecast and plan are based on the economic conditions and the Company’s policy at this point of time. Please note that actual results may differ from the forecast and the plan due to a variety of factors, including changes in the market conditions. P.37