February 4, 2010
Company name: Fuji Heavy Industries, Ltd.
Representative: Mr. Ikuo Mori, President and CEO
(Code No. 7270, First Section of Tokyo Stock Exchange)
Contact for inquiries: Mr. Toshimasa Nakamura,
General Manager of Administration Department
(Phone: (0)3-3347-2005)
Revision of performance projection and the forecasted dividend
Considering the current business trend, Fuji Heavy Industries Ltd. (FHI) has announced the revision of performance projection and the forecasted dividend for the fiscal year ending March 2010 which was released at the timing of consolidated financial results announcement on November 2, 2009.
1. Revised projection figures for the fiscal year ending March 2010 (April 1, 2009 to March 31, 2010)
(1) Details of revision
| Net sales | Operating income | Ordinary Income |
Net Income | Net Income Per Share | |
|---|---|---|---|---|---|
| Previous projection (A) | Million yen 1,360,000 |
Million yen 1,000 |
Million yen (5,000) |
Million yen (25,000) |
Yen (32.09) |
| Current revised projection (this statement) (B) |
1,410,000 | 14,000 | 10,000 | (25,000) | (32.09) |
| Increase and decrease (B-A) | 50,000 | 13,000 | 15,000 | - | |
| Change of percentage (%) | 3.7% | - | - | - | - |
| (Ref.) Results of prior period (Ended March 2009) | 1,445,790 | (5,803) | (4,600) | (69,933) | (91.97) |
(2) Reason of revision
We have revised our performance projection for the fiscal year ending March 2010 as shown above, because we expect an increase in sales volume and continued cost reduction effects beyond the projection announced on November 2, 2009. Regarding net loss for the current fiscal year, the previous projection has been maintained due to the anticipation of further extraordinary loss.
Furthermore, foreign exchange rates for the fourth quarter will be 90 yen to the US dollar (88 yen in the previous estimate) and 131 yen to the euro (130 yen in the previous estimate). As a result, the exchange rates for the full year will be 93 yen to the US dollar and 133 yen to the euro.
2.Revision of forecasted dividend
(1) Details of revision
| Cash dividends per share (yen) | |||
|---|---|---|---|
| Reference date | End of first half |
Year end |
Annual |
| Previous projection (November 2, 2009) |
- |
(To be determined) |
(To be determined) |
| Revised forecast | - |
0 yen |
0 yen |
| Actual payments | 0 yen |
- |
- |
| Actual payments of March 31, 2009 | 4.5 yen |
0 yen |
4.5 yen |
(2) Reason of revision
We 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, although we expect upward momentum in our performance projection for the fiscal year ending March 2010, we also anticipate a net loss for the current period, as shown in the revised projection above. Therefore, we deeply regret that we suspend year-end dividends as revised the above table as the strict business conditions 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. |