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 for the fiscal year ended March 31, 2009
and valuation allowance for deferred tax assets
Considering the current business trend, Fuji Heavy Industries Ltd. ("FHI") has announced the revision of performance projection for the fiscal year ended March 31, 2009 (from April 1, 2008 to March 31, 2009) which was released on March 10, 2009.
In addition to that, FHI has announced the forecasted valuation allowance for deferred tax assets.
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 | -23,000 | -30.31 |
| Revised projection (B) | 1,445,000 | -6,000 | -4,500 | -70,000 | -92.06 |
| Increase and decrease(B-A) | 5,000 | 3,000 | 4,500 | -47,000 | - |
| Change of percentage (%) | 0.3 | - | - | - | - |
| (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
After the previous projection had been released, operating income and ordinary income were improved owing to the reduction of SG&A expenses and others. However, forecasted net income was deteriorated, as the some part of deferred tax assets of the fiscal 2009 cannot be recorded according to the strict deferred tax accounting policy and the provision of valuation allowance for the some part of deferred tax assets of the fiscal 2008 was recognized.
2. Valuation allowance for deferred tax assets
As a result of considering the realizability of deferred tax assets strictly, 36.3 billion yen of provision of valuation allowance was realized and recorded as income tax- deferred (tax expenses). On the other hand, 3.1 billion yen had been already realized as provision of valuation allowance of deferred tax assets at the end of third quarter of the fiscal 2009 (on December 31, 2008), therefore the total amounts of 39.4 billion yen was recorded as tax expenses.
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