Fuji Electric : Consolidated Financial Results for 1H FY2025 PDF

About this update from Fuji Electric Co., Ltd.

‌Consolidated Financial Results for 1H FY2025 Fuji Electric Co., Ltd. October 30, 2025 Key Points ‌Financial Results for 1H FY2025 (YoY Comparison) Net Sales 543.2 billion yen (+45.8 billion yen ) Operating Profit 42.8 billion yen (+2.4 billion yen ) Operating Profit Ratio 7.9% (-0.2%) New record highs for net sales, operating profit, and ordinary profit Performance driven by Energy and Industry segments Forecasts for Full-year FY2025 (in Comparison to Forecast Announced on July 31, 2025) Net Sales 1,185.0 billion yen (+30.0 billion yen ) Operating Profit 128.5 billion yen (+4.0 billion yen ） Operating Profit Ratio 10.8% (±0.0%) Profit Attributable to Owners of Parent 89.0 billion yen (+3.5 billion yen ) Upward revisions to forecasts for net sales and operating profit Ongoing strong performance anticipated centered on plant and system operations of Energy and Industry segments Dividends of Surplus ・Interim dividend payments of ¥91 per share (up ¥16 year on year) to pursue full-year dividend payout ratio target of 30% Contents ‌1H FY2025 Results (YoY Comparison) 1H FY2025 Results (in Comparison to Forecast Announced on July 31, 2025) Balance Sheet, Cash Flow Statement FY2025 Forecasts Dividend of Surplus P. 4 P.15 P.17 P.20 P.23 Contents ‌1H FY2025 Results (YoY Comparison) 1H FY2025 Results (in Comparison to Forecast Announced on July 31, 2025) Balance Sheet, Cash Flow Statement FY2025 Forecasts Dividend of Surplus P. 4 P.15 P.17 P.20 P.23 Summary of Consolidated Financial Results for 1H FY2025 (YoY Comparison) ‌ New Record highs for net sales, operating profit and ordinary profit (Billion yen) FY2024 FY2025 Change Net Sales 497.4 543.2 45.8 Operating Profit （ Operating Profit Ratio ） 40.3 （ 8.1% ） 42.8 （7.9%） 2.4 （ -0.2% ） Ordinary Profit 38.9 41.7 2.8 Extraordinary Profit 16.3 -1.2 -17.6 Profit Before Income Taxes 55.3 40.5 -14.8 Profit Taxes 17.5 12.6 -4.9 Profit Attributable to Non-controlling Interests 2.3 1.2 -1.0 Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent) 35.5 （ 7.1% ） 26.6 （4.9%） -8.9 （ -2.2% ） Change of Net Sales Gain on translation of earnings of overseas subsidiaries Demand Increase FY +2.0 +43.8 FY Change of Non-operating Profit Net interest expense Foreign exchange loss Others Change of Extraordinary Profit -0.0（ 0.3（ 0.1（ 0.4（ 2024 -0.2 -0.7 -0.5 -1.4 2025 → -0.3） → -0.3） → -0.4） → -1.0） Gain on sales of investment securities Others -16.5（ -1.0（ -17.6（ 16.6 -0.3 16.3 → 0.1） → -1.3） → -1.2） (Period-End Rate : End of September) （ Yen ） US$ 142.73 148.88 6.15 EURO 159.43 174.47 15.04 RMB 20.46 20.88 0.42 (Average Exchange Rate) （ Yen ） US$ 152.63 146.04 -6.59 EURO 165.95 168.06 2.11 RMB 21.15 20.30 -0.85 ‌Higher profit, despite impacts of increased fixed costs and raw material costs, due to benefits of growth in sales and production volumes, profitability differences between models, and cost reductions (Billion yen) Labor costs R&D Depreciation and leases paid Other expenses -5.4 -0.2 -1.8 -0.1 Impacts of rising raw material costs Effects of higher product selling price Differences in model mix, in profitability between projects and cost reduction, others 40.3 Increase in sales and production volumes (+10.6) Increase in fixed costs (▲7.5) Added value and others (▲0.3) Exchange rate effect (▲0.4) +0.9 +1.6 -2.8 42.8 FY2024 FY2025 Factors Behind YoY Changes in Operating Profit in 1H FY2025 (YoY Comparison) Net Sales and Operating Profit by Segment for 1H FY2025 (YoY Comparison) ‌ Net sales and operating profit supported by Energy and Industry segments (Billion yen) FY2024 FY2025 Change Net Sales Operating Profit Operating Profit Ratio Net Sales Operating Profit Operating Profit Ratio Net Sales Operating Profit Operating Profit Ratio Energy 144.0 10.0 7.0% 165.2 19.0 11.5% 4.5% -1.4* 21.2 -0.4* 8.9 Industry 175.4 8.1 4.6% 206.3 11.0 5.3% 0.7% +0.9* 31.0 -0.0* 2.9 Semiconductors 108.0 15.1 13.9% 108.7 9.0 8.3% -5.7% +2.2* 0.7 -0.0* -6.1 Food and Beverage Distribution 58.3 8.7 14.9% 52.4 5.8 11.1% -5.9 -2.9 -3.9% Others 27.4 1.7 6.0% 27.8 1.6 5.7% 0.4 -0.1 -0.3% Elimination and Corporate -15.8 -3.2 - -17.4 -3.6 - -1.6 -0.3 - Total 497.4 40.3 8.1% 543.2 42.8 7.9% -0.2% +2.0* 45.8 -0.4* 2.4 * Exchange rate effect ※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025. Business Results by Segment for 1H FY2025 (YoY Comparison) Higher net sales and operating profit, driven by expanding energy demand and improved margins ‌Energy (Billion yen) 7.0% 11.5% Power Generation Higher net sales and operating results (Net Sales Increased by 6%) Increase in net sales and operating results as a result of the benefits of an increase in large-scale renewable energy projects Energy Management Higher net sales and operating results (Net Sales Increased by 26%) Increase in net sales and operating results as a result of increases in storage battery system orders and in large-scale orders for substation equipment for power and industrial applications and power supply equipment for industrial applications Power Supply and Facility Systems Higher net sales and operating results (Net Sales Increased by 16%) Increase in net sales and operating results due to growth in demand from data centers Equipment Construction Higher net sales and operating results (Net Sales Increased by 8%) Increase in net sales and operating results due to an increase in large-scale orders, differences in profitability between projects, and the benefits of cost reduction activities Change 165.2 +21.2 Sales 10.0 144.0 Sales Operating Profit +8.9 19.0 Sales Operating Profit Operating Profit FY2024 FY2025 ※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025. Business Results by Segment for 1H FY2025 (YoY Comparison) Factory Automation Components Higher net sales and operating results (Net Sales Increased by 4%) Increase in net sales and operating results, despite flat growth in domestic demand, as a result of rising demand seen centered on Asia and Europe Automation Systems Higher net sales but operating results worsened (Net Sales Increased by 11%) Increase in net sales due to increased demand from the steel industry. Decrease in Operating results because of a rise in expenses associated with large-scale projects Social Solutions Higher net sales and operating results (Net Sales Increased by 17%) Increase in net sales and operating results due to increases in demand for transportation systems g ED&C Components Higher net sales and flat operating results (Net Sales Increased by 7%) Increase in net sales because of a modest recovery in demand from finished machinery manufacturers while operating results were relatively unchanged due to the impacts of higher material prices IT Solutions Higher net sales and operating results (Net Sales Increased by 54%) Increase in net sales and operating results following growth in large-scale orders from the academic sector ‌Industry Higher net sales and operating profit, driven by IT Solutions (Billion yen) 4.6% 5.3% 175.4 206.3 Change +31.0 Sales 8.1 11.0 +2.9 Operatin Profit Sales Operating Profit Sales Operating Profit FY2024 FY2025 ※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025. Business Results by Segment for 1H FY2025 (YoY Comparison) Decrease in operating profit, mainly due to reduce automotive demand ‌Semiconductors (Billion yen) 13.9% Higher net sales but operating results worsened (Net Sales Increased by 1%) Increase sales of industrial semiconductors due to higher demand in China and beneficial foreign exchange influences, but decrease sales of automotive semiconductors due to reductions in domestic and overseas demand for power semiconductors for electrified vehicles Decrease operating results, regardless of the growth in sales of industrial semiconductors, due to the lower sales of automotive semiconductors, the rise in expenses for bolstering production capacity, and the increases in material costs 8.3% Change 108.0 108.7 +0.7 Sales 15.1 9.0 Sales FY2024 FY2025 Change Industrial 51.1 56.4 5.3 Automotive 57.0 52.3 -4.6 (Billion Yen) -6.1 Operating Profit Capital investment 39.4 22.7 -16.7 Depreciation and leases paid* 17.4 18.8 1.5 Sales Operating Profit Sales Operating Profit * The total amount of depreciation and leases paid as stated in FY2024 FY2025 the consolidated financial report. Business Results by Segment for 1H FY2025 (YoY Comparison) Lower net sales and operating profit, impacted by a reactionary decline from last year's special demand ‌Food and Beverage Distribution (Billion yen) Vending Machines Lower net sales and operating results (Net Sales Decreased by 15%) Decrease in net sales and operating results following declines in domestic vending machine demand Store Distribution Lower net sales and operating results (Net Sales Decreased by 6%) Decrease in net sales and operating results, despite increased demand for store fixtures accompanying a rise in convenience store renovations, as this rise in demand unable to compensate for the impacts of the rebound from the special demand trend seen for automatic change dispensers that stemmed from the issuance of newly designed paper currency in Japan and contributed to performance in the previous equivalent period 14.9% 11.1% Change 58.3 8.7 52.4 -5.9 Sales Sales Operating Profit -2.9 5.8 Sales Operating Profit Operating Profit FY2024 FY2025 Net Sales by Japan and Overseas Area for 1H FY2025 (YoY Comparison) ‌ Higher sales of products for other parts of Asia, China, India etc. 497.4 543.2 Change (Billion yen) FY2024 FY2025 Change Overseas 29% 142.8 28% 153.4 +2.0* 10.6 Asia and Others 10% 51.5 10% 54.5 -0.6* 3.0 India 3% 13.0 3% 14.4 -0.1* 1.4 China 10% 47.8 10% 52.1 +1.2* 4.3 Europe 3% 16.3 3% 17.7 +1.5* 1.5 Americas 3% 14.3 3% 14.6 +0.1* 0.3 +45.8 Power Generation Energy Management FA Components Automation Systems ED&C Components -0.8 +0.8 +0.6 +1.3 +1.0 354.6 71% 142.8 29% 389.8 72% 153.4 28% Overseas +10.6 FA Components +1.1 ED&C Components +0.7 Semiconductors (Industrial) +5.3 Semiconductors (Automotive) -2.5 Japan +35.2 FA Components +1.0 Semiconductors (Automotive) +0.9 2024年度 2025年 度 Power Generation Power Supply and Facility Systems Social Solutions Semiconductors (Industrial) -1.3 +1.6 +1.0 -0.5 FY2024 FY2025 * Exchange rate effect ※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025. ‌Continuation of strong performance in plant and system operations of Energy and Industry segments Orders for 1H FY2025 FY2025 FY2024 +10.8 247.5 236.7 Components and others +102.5 437.4 335.0 Plant・Systems 571.7 Change 684.9 +113.2 (Billion yen) Energy +45.2 Higher demand for applications related to renewable energy stabilization and substation system Higher demand for thermal and geothermal power plat systems Power Generation Energy Management Growth in data center-related demand Power Supply and Facility Systems Growth in demand for electrical and air-conditioning equipment construction Equipment Construction Industry Social Solutions IT Solutions +58.8 Rising demand for transportation systems Demand growth from academic sector (2 nd GIGA program) ※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025. ‌Slow recovery in comparison to previous equivalent period despite growth in demand Remaining flat in comparison to previous quarter when excluding extraordinary factors Orders for 2Q FY2025 (Major Components) (Billion yen) 99.9 98.2 109.2 106.0 Lower demand Japan and overseas 102.7 101.6 2Q YoY +6.3* +3.4 2Q QoQ -1.1 +2.3* tors tors ) Semiconduc Semiconductors -13% 0% Growth in demand for renewable energy applications in China (Automotive (Automotive) (-16%) (-1%) Semiconduc Semiconductors +19% +5% (Industrial) Factory Automation ※ ED&C Components (Industrial) Factory Automation ※ ED&C Components (+4%) +8% (+3%) +5% (+2%) (0%) Measuring instruments: Lower QoQ due to a large order for a specific customer in 1Q Low-voltage inverters: Increased demand YoY, flat QoQ -3% (-4%) Increased demand YoY, but gradual recovery QoQ impact from accelerated domestic orders in 1Q -6% (-7%) 2024年度 2025年度 1Q 2Q 3Q 4Q 1Q 2Q FY2024 FY2025 *Exchange rate effect () indicates the actual rate of increase or decrease excluding the impact of exchange rates ※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025. ※The definition of factory automation components has been changed to refer to low-voltage inverters, industrial motors, and measuring instruments. Contents ‌1H FY2025 Results (YoY Comparison) 1H FY2025 Results (in Comparison to Forecast Announced on July 31, 2025) Balance Sheet, Cash Flow Statement FY2025 Forecasts Dividend of Surplus P. 4 P.15 P.17 P.20 P.23 ‌Higher sales primarily driven by large-scale projects in Industry segment, along with the impact of exchange rates Increased profit supported by growth in sales volumes and profitability differences between projects (Billion yen) July 31 Forecast Results Change Net Sales 534.0 543.2 +6.0* 9.2 Operating Profit (Operating Profit Ratio) 40.5 (7.6%) 42.8 (7.9%) +0.7* 2.3 (0.3%) Ordinary Profit 37.0 41.7 4.7 Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) 23.5 (4.4%) 26.6 (4.9%) 3.1 (0.5%) July 31 Forecast Results Change Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit Energy 166.0 17.5 165.2 19.0 +0.3* -0.8 +0.0* 1.5 Industry 200.0 10.5 206.3 11.0 +1.9* 6.3 +0.2* 0.5 Semiconductors 105.0 9.0 108.7 9.0 +3.6* 3.7 +0.4* 0.0 Food and Beverage Distribution 52.0 5.5 52.4 5.8 0.4 0.3 Others 26.5 1.5 27.8 1.6 1.3 0.1 Elimination and Corporate -15.5 -3.5 -17.4 -3.6 -1.9 -0.1 Total 534.0 40.5 543.2 42.8 9.2 2.3 * Exchange rate effect Consolidated Financial Results for 1H FY2025 (in Comparison to Forecast Announced on July 31, 2025) Contents ‌1H FY2025 Results (YoY Comparison) 1H FY2025 Results (in Comparison to Forecast Announced on July 31, 2025) Balance Sheet, Cash Flow Statement FY2025 Forecasts Dividend of Surplus P. 4 P.15 P.17 P.20 P.23 ‌Decrease in total assets primarily due to reduction in notes receivable Increase in inventory due to the strong performance of plant and system businesses Consolidated Balance Sheet for 1H FY2025 (in Comparison to the Balance Sheet as of March 31, 2025) Assets 3/31/25 9/30/25 Change Cash and deposit 63.5 55.9 -7.7 Notes and account receivables-trade, Contract assets 417.8 376.3 -41.5 Inventories 238.7 255.9 17.2 Other current assets 46.7 57.6 11.0 Total current assets 766.7 745.7 -21.0 Property, plant and equipment 347.1 349.0 1.9 Intangible assets 30.3 32.8 2.5 Investments and other assets 168.0 177.4 9.4 Total long-term assets 545.4 559.2 13.8 Deferred assets 0.1 0.1 -0.0 Total assets 1,312.2 1,304.9 -7.3 3/31/25 9/30/25 Change Notes and account payables-trade 192.8 175.4 -17.5 Interest-bearing debts 104.9 121.2 16.3 Other liabilities 283.8 252.8 -31.0 Total liabilities 581.5 549.4 -32.2 Share capital 47.6 47.6 - Capital surplus 64.6 63.8 -0.8 Retained earnings 493.9 508.0 14.1 Treasury shares -4.3 -3.7 0.6 Shareholders' equity 601.8 615.6 13.9 Accumulated other comprehensive income 90.0 101.0 11.0 Non-controlling interests 38.9 39.0 0.1 Total net assets 730.7 755.6 24.9 Total liabilities and net assets 1,312.2 1,304.9 -7.3 Liabilities and Net Assets (Billion yen) Equity ratio 52.7% 54.9% 2.2% Net interest-bearing debt ※1 42.2 66.1 23.9 Net D/E ratio (times) ※2 0.1 0.1 0.0 ※1 Net interest-bearing debt: Interest-bearing debt - Cash and cash equivalents ※2 Net D/E ratio: Net interest-bearing debt ÷ Equity ‌(Billion yen) FY2024 FY2025 Factors of Change Ⅰ Cash Flows from Operating Activities 87.5 35.9 Decline in cash flows due to lower recovery amounts for advances received Ⅱ Cash Flows from Investing Activities -25.8 -44.6 Decrease in cash flows due to decline in proceeds from sale of investment securities Ⅰ ＋ Ⅱ Free Cash Flow （ FCF ） 61.8 -8.7 Ⅲ Cash Flows from Financing Activities -64.1 1.3 Procurement of funds through commercial paper Ⅳ Cash and Cash Equivalents at End of Period 64.7 55.1 Cash Flow Statement for 1H FY2025 (YoY Comparison) Contents ‌1H FY2025 Results (YoY Comparison) 1H FY2025 Results (in Comparison to Forecast Announced on July 31, 2025) Balance Sheet, Cash Flow Statement FY2025 Forecasts Dividend of Surplus P. 4 P.15 P.17 P.20 P.23 Forecasts for Full-year FY2025 (in Comparison to Forecasts Announced on July 31, 2025) Upward revision to full-year forecasts, reflecting strong six-month performance primarily in Energy and Industry segments (Billion yen) July 31 Forecast October 30 Forecast Change Net Sales 1,155.0 1,185.0 +3.4* 30.0 Operating Profit 124.5 128.5 +0.6* 4.0 (Operating Profit Ratio) (10.8%) (10.8%) (0.1%) Ordinary Profit 122.5 128.0 5.5 Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) 85.5 (7.4%) 89.0 (7.5%) 3.5 (0.1%) ‌Assumed Exchange Rate on 2H FY2025 US$ EURO RMB July 31 Forecast ¥140.00 ¥154.00 ¥19.80 October 30 Forecast （vs July 31） ¥140.00 (No Change) ¥164.00 (+10.00) ¥19.80 (No Change) Foreign Exchange Rate Sensitivity ※ (Million yen) -50 60 180 ※ Impact on operating profit (6 months impact from October 2025 to March 2026) US$ and EURO: Impact of ¥1 yen depreciation-fluctuations RMB: Impact of 1% yen depreciation fluctuations July 31 Forecast October 30 Forecast Change Factors of Change Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit Energy 377.5 49.0 388.0 52.5 +1.8* 10.5 +0.3* 3.5 Increased demand for substation equipment in energy management business Higher demand for data center products in power supply and facility systems business Growth in demand for electrical and air-conditioning equipment construction in equipment construction business Industry 422.0 42.5 450.0 43.5 +0.0* 28.0 -0.1* 1.0 - Rising demand associated with 2 nd GIGA program in IT solutions business Semiconductors 225.0 23.0 222.0 23.0 +1.6* -3.0 +0.4* 0.0 - Decreased demand for automotive semiconductors Food and Beverage Distribution 107.0 12.5 108.0 13.0 1.0 0.5 - Higher convenience store demand in store distribution business Others 58.0 4.0 59.0 4.0 1.0 0.0 Elimination and Corporate -34.5 -6.5 -42.0 -7.5 -7.5 -1.0 Total 1,155.0 124.5 1,185.0 128.5 30.0 * Exchange rate ef 4.0 fect © Fuji Electric Co., Ltd. 21 ‌(Billion yen) FY2024 Results FY2025 Forecasts (October 30 Forecast) Change Net Sales 1,123.4 1,185.0 -10.2* 61.6 Operating Profit 117.6 128.5 -2.1* 10.9 (Operating Profit Ratio) (10.5%) (10.8%) (0.4%) Ordinary Profit 118.8 128.0 9.2 Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) 92.2 (8.2%) 89.0 (7.5%) -3.2 (-0.7%) FY2024 Results FY2025 Forecasts (October 30, 2025) Change Net Sales Operating Profit Operating Profit Ratio Net Sales Operating Profit Operating Profit Ratio Net Sales Operating Profit Operating Profit Ratio Energy 354.3 36.3 10.2% 388.0 52.5 13.5% -3.0* 33.7 -0.4* 16.2 3.3% Industry 400.0 34.0 8.5% 450.0 43.5 9.7% -3.9* 50.0 -0.3* 9.5 1.2% Semiconductors 236.8 37.1 15.7% 222.0 23.0 10.4% -3.4* -14.8 -1.3* -14.1 -5.3% Food and Beverage Distribution 111.5 13.9 12.5% 108.0 13.0 12.0% -3.5 -0.9 -0.4% Others 56.1 3.8 6.7% 59.0 4.0 6.8% 2.9 0.2 0.1% Elimination and Corporate -35.4 -7.3 - -42.0 -7.5 - -6.6 -0.2 - Total 1,123.4 117.6 10.5% 1,185.0 128.5 10.8% 61.6 10.9 0.4% * Exchange rate effect © Fuji Electric Co., Ltd. 22 Forecasts for Full-year FY2025 (YoY Comparison) Contents ‌1H FY2025 Results (YoY Comparison) 1H FY2025 Results (in Comparison to Forecast Announced on July 31, 2025) Balance Sheet, Cash Flow Statement FY2025 Forecasts Dividend of Surplus P. 4 P.15 P.17 P.20 P.23 ‌Interim dividend payments of ¥91 per share (up ¥16 year on year) to pursue full-year dividend payout ratio target of 30% 1株当たり期末配 当（円） 1株当たり中間配 当（円） Dividend of Surplus Year-end dividend per share (Yen) Interim dividend per share (Yen) 40 45 80 80 85 45 55 100 55 60 115 60 75 135 160 40 40 40 40 75 85 91 2018 2019 2020 2021 2022 2023 2024 2025 Dividend payout ratio 28.4% 39.7% 29.0% 24.3% 26.8% 25.6% 24.9% Profit Attributable to Owners of Parent (Billion yen) 40.3 28.8 41.9 58.7 61.3 75.4 92.2 ※Calculated considering the stock consideration on October 1, 2018. (Fiscal year) ‌(Billion yen) July 31 Forecast October 30 Forecast Change Net Sales 621.0 641.8 20.8 Operating Profit (Operating Profit Ratio) 84.0 (13.5%) 85.7 (13.4%) 1.7 (-0.2%) Ordinary Profit 85.5 86.3 0.8 Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) 62.0 (10.0%) 62.4 (9.7%) 0.4 (-0.3%) July 31 Forecast October 30 Forecast Change Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit Energy 211.5 31.5 222.8 33.5 11.3 2.0 Industry 222.0 32.0 243.7 32.5 21.7 0.5 Semiconductors 120.0 14.0 113.3 14.0 -6.7 0.0 Food and Beverage Distribution 55.0 7.0 55.6 7.2 0.6 0.2 Others 31.5 2.5 31.2 2.4 -0.3 -0.1 Elimination and Corporate -19.0 -3.0 -24.6 -3.9 -5.6 -0.9 Total 621.0 84.0 641.8 85.7 20.8 1.7 Reference: Forecasts for 2H FY2025 (in Comparison to Forecast Announced on July 31, 2025) ‌ These materials are outside the scope of auditing procedures required by law, and as of the date of this results presentation, financial statement auditing procedures required by law have not yet been completed. Statements made in this documents or in the presentation to which they pertain regarding estimates or projections are forward-looking statements based on the company's judgments and assumptions in light of information currently available. Actual results may differ materially from those projected as a result of uncertainties inherent in such judgments and assumptions, as well as changes in business operations or other internal or external conditions. Accordingly, the company gives no guarantee regarding the reliability of any information contained in these forward-looking statements. These documents are for information purpose only, and do not constitute an inducement by the company to make investments. Unauthorized reproduction of these documents, in part or in whole, is prohibited.

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