Slide 1: TOHO ZINC CO., LTD.
21 3 I. 20 II. 21 III. 8 3 IV. 21 5 14 15 TOHO ZINC CO., LTD. 1
Slide 2: Contents
I. 20 1. 3 2. 4 3. 5 6 4. 7 5. 8 6. 9 7. 9 8. 10 II. 21 11 III. 8 3 12 13 7 3 15 16 1. 17 2. 18 3. 19 4. 20 5. 21 6. 22 7. 23 2
Slide 3: Results summary
20 1. 1,160.0 926.9 20.0% 37.1% 130.0 18.9 85.4% 89.0% 125.0 10.2 71.0 52.3 3
Slide 4: Consolidated income statement
2. 113,729 67,131 46,597 41.0 10,901 7,795 3,106 28.5 12,286 6,952 5,334 43.4 10,472 10,806 334 3.2 147,390 92,685 54,704 37.1 12,457 731 13,189 1,126 473 653 58.0 2,311 613 1,698 73.5 1,815 1,661 154 8.5 428 122 306 17,283 1,894 15,388 89.0 4
Slide 5: Consolidated balance sheet: assets
3. 69,736 55.9 60,290 55.9 △ 9,446 14,357 22,283 20,120 11,128 26,516 21,651 539 1,351 8,254 3,902 △ 52 △ 27 54,914 44.1 47,534 44.1 △ 7,380 34,375 27.6 35,448 32.9 1,073 5,767 5,880 10,573 10,403 16,947 16,937 763 1,894 324 333 92 0.1 112 0.1 19 92 112 20,445 16.4 11,973 11.1 △ 8,472 11,620 4,985 5
Slide 6: Consolidated balance sheet: liabilities and net assets
46,193 37.1 41,042 38.1 △ 5,151 8,132 6,298 21,601 22,478 4,896 3,390 3,000 2,000 1,130 335 107 14 7,327 6,526 21,200 17.0 18,182 16.9 △ 3,017 11,618 8,928 3,393 3,147 390 300 5,785 5,780 11 25 67,393 54.1 59,225 54.9 △ 8,168 48,325 38.8 41,661 38.6 △ 6,664 14,630 11.7 14,630 13.6 9,877 7.9 9,876 9.
Slide 7: Results by segment
4. 147,390 92,685 △ 54,704 17,283 1,894 △ 15,388 1,470 712 △ 757 1,501 3,626 2,124 17,251 △ 1,019 △ 18,271 58 39 △ 18 766 5,611 4,845 ( 270) ( 298) ( 28) ( 486) ( 4,549) ( 4,062) ( ) ( 605) ( 605) ( 4) ( 130) ( 125) ( 5) ( 28) ( 22) 16,543 △ 6,591 △ 23,134 6,594 △ 1,357 △ 7,951 9,949 △ 5,233 △ 15,18
Slide 8: Cash flow
5. 16,543 △ 6,591 △ 23,134 2,660 3,104 443 △ 6,010 4,865 10,875 11,176 8,987 △ 2,189 △ 3,853 2,952 6,805 366 4,530 4,164 △ 577 2,836 3,413 437 557 119 △ 654 △ 551 102 △ 10,534 △ 3,986 6,548 604 1,527 922 10,160 18,230 8,070 △ 2,795 △ 4,439 △ 1,644 15 15 0 △ 5,168 △5 5,163 △ 294 294 14 9 △5 △ 142 △ 2
Slide 9: Capital expenditure and depreciation
6. 70 60 50 40 31 34 30 27 23 23 23 60 23 20 45 28 30 31 10 23 21 0 7. 8,000 3,000 2,000 1,000 10,833 16,514 12,318 4,196 21,601 21,601 22,478 877 40,434 41,115 36,796 4,319 9
Slide 10: Net assets per share and ROE
8. 1300 1258.4 1246.5 1200 1100 1078.2 1000 982.8 900 810.3 800 777.6 700 600 500 400 300 572.5 479.2 485.9 200 397.2 404.3 411.1 367.9 315.2 280.1 306.6 319.2 100 257.7 33.1% 34.6% 32.5% 38.1% 45.9% 45.1% 0 107,824 48,599 45.1 357.87 124,650 57,257 45.9 421.61 (ROE) △ 38.54 △ 9.9 △ 0.9 2.0 73.26 18
Slide 11: Forecast overview
21 21 21 4 1 22 3 31 % 30,000 600 400 100 64,000 2,300 1,800 1,000 :(LME ) / 1,250 :(LME ) / 1,250 :(LME ) /oz 12.5 / 98.0 11
Slide 12: Forecast assumptions
8 3 1 21 4 24 3 3 2 3 (1) (2) (3) (4) 12
Slide 13: Forecast assumptions and sensitivities
4 21 22 23 $/t 1,250 1,500 1,800 $/t 1,250 1,350 1,500 $/oz 12.5 12.5 12.5 ¥/$ 98 98 98 t 107,000 120,000 125,000 t 81,000 100,000 100,000 5 64,000 75,000 84,000 2,300 5,600 7,100 1,800 5,200 6,700 1,000 3,000 3,800 6 6,000 7,500 3,500 33,000 31,000 29,000 7 ( ) 200 ( ) 30 10 ( ) 50 ( ) / 0.50 ( )3
Slide 14: Ordinary income trend
( ) 3 1,600 1473.9 1,400 1278.8 1,200 1,000 926.9 840.0 759.2 750.0 800 637.3 640.0 559.0 600 400 200 0 179.7 172.5 180 160 140 120 100.9 99.5 100 80 66.5 67.0 60 52.0 40.9 38.0 40 26.1 34.2 30.0 21.7 18.0 20 12.2 10.0 0 △20 △10.2 △40 △60 △52.3 14
Slide 15: Outlook
7 3 1 18 4 21 3 3 2 3 (1) (2) (3) (4) 15
Slide 16: Sales and profit by segment
4 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 18 19 20 88,000 85,000 87,000 127,876 147,390 92,685 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2,000 18 19 20 9,500 9,700 10,000 17,974 17,251 1,019 16
Slide 17: Zinc supply and demand
( ) 1. t 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 t 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 17
Slide 18: Lead market
2. t 700 650 600 550 500 t 300 250 200 150 100 18
Slide 19: Metal price trends
3. ’03 1 09 3 800 4800 4400 700 4000 600 3600 3200 500 2800 400 2400 2000 300 1600 200 1200 800 100 400 0 0 200 4000 3600 3200 150 2800 2400 100 2000 1600 1200 50 800 400 0 0 19
Slide 20: Zinc demand and supply by region
4. '08 620,048t '08 109,973t 2.8% 3.0% 3.1% 3.9% 0.6% 3.3% 5.2% 13.6% 30.4% 46.2% 13.4% 14.6% 33.0% 26.7% '08 450,010t '08 211,261t 0.7% 1.2% 1.5% 3.2% 1.6% 2.9% 6.6% 3.3% 10.8% 45.7% 12.8% 90.1% 19.4% 20
Slide 21: LME and treatment charges
5. LME T C Treatment Charge LME T C 21
Slide 22: Production and share statistics
6. t 700 644 644 618 618 614 600 500 400 300 200 100 126 127 114 125 128 0 19.5% 19.7% 18.4% 20.2% 20.9% '03 '04 '05 '06 '07 t 300 227 221 217 218 222 200 100 88 90 89 93 93 0 38.8% 40.9% 41.1% 42.6% 41.8% '03 '04 '05 '06 '07 22
Slide 23: Historical data table
7. '03 '04 '05 '06 '07 '08 130,937 137,565 130,508 147,199 141,970 121,519 16,456 19,970 27,489 65,789 53,545 24,136 78,865 82,092 83,126 88,005 95,590 81,472 6,900 9,674 11,418 16,224 32,406 16,942 280 273 316 328 347 320 5,443 6,416 9,058 15,381 18,251 14,685 15,070 16,057 15,790 14,572 15,037 12,