Company name: Fuji Heavy Industries Ltd.
Representative: Mr. Ikuo Mori, President and CEO
Code number: 7270 (First Section of Tokyo Stock Exchange)
Contact for inquiries: Mr. Toshimasa Nakamura
General Manager of Administration Department
Phone: (03)-3347-2005
Revision of performance projection and the forecasted dividend
of the Fiscal Year Ending 2009 (from April 1, 2008 to March 31, 2009)
Considering the current business trend, Fuji Heavy Industries Ltd. ("FHI") has announced the revision of performance projection and the forecasted dividend of the fiscal year ending March 31, 2009 (from April 1, 2008 to March 31, 2009) which was released on January 16, 2009.
1. Revision of consolidated basis performance projection of the Fiscal 2009 (from April 1, 2008 to March 31, 2009)
(1) Contents of revision
| Net sales | Operating income | Ordinary Income |
Net Income | Net Income Per Share (yen) | |
|---|---|---|---|---|---|
| Previous projection (A) | 1,440,000 | -9,000 | -9,000 | -19,000 | -25.17 |
| Revised projection (B) | 1,440,000 | -9,000 | -9,000 | -23,000 | -30.31 |
| Increase and decrease(B-A) | - | - | - | -4,000 | - |
| Change of percentage (%) | - | - | - | - | - |
| (Reference) Actual results of the fiscal 2008 (ended March 31, 2008) | 1,572,346 | 45,680 | 45,437 | 18,481 | 25.73 |
(2) Reason of revision
Eclipse Aviation Corporation("Eclipse"), a trading partner of FHI, had filed an appilcation under Chaper 11 of the United States Bankruptcy Code on November 25, 2008.
However, their creditors submited the motion for an order converting the Chapter 11 Bankruptcy cases to cases under Chapter 7 on February 24, 2009 and this was granted with the selection of a trustee on March 5, 2009.
Acoordingly, FHI has revised its net income projection as the damage to assets is possible and caluculate the forecasted provision of loss based on the inventories amount of 6,584 million yen which was released on Novemner 27, 2008 in "Notice Regarding the Possible Uncollectibility or Delayed Collection of Receivables and the Damage to Assets."
Regarding the other possible loss (Accounts receivavle and Investment in Capital) amounted 3,161 million yen was already incurred at the end of December 31, 2008 (Consolidated financial results dated for the third quarter of the Fiscal Year Ending March 2009, dated on February 4, 2009).
2. Revision of forecasted dividend
(1) Contents of revision
| Cash dividends per share (yen) | |||
|---|---|---|---|
| Record Date | End of first half |
Year end |
Annual |
| Previous projection (January 16, 2009) |
- |
(To be determined) |
(To be determined) |
| Revised forecast | - |
0 |
4.50 |
| Actual payments | 4.50 |
- |
- |
| Actual payments of March 31, 2008 | 4.50 |
4.50 |
9.00 |
(2) Reason of revision
FHI views the return of profits to shareholders as an important issue for management, and follows a basic policy of maintaining stable long-term dividends while taking comprehensive consideration of such factors as its earnings performance and dividend payout ratio. However, we regret to revise the forecast of year-end dividends of this fiscal year ending March 31, 2009 as the above tables because we have to consider further deterioration of this fiscal year's performance and expect this strict management environment will continue.
Note: Above mentioned projections are based on certain assumptions and our management's judgment in light of currently available information, therefore actual results may differ from these projections.
End.