TIDMTKK
RNS Number : 8508C
Toray Industries Inc
08 May 2012
May 8, 2012
Toray Announces Consolidated Results
for the Fiscal Year Ended March 31, 2012
Tokyo, May 8, 2012 - Toray Industries, Inc. (the "Company")
today announced its consolidated business results for the fiscal
year ended March 31, 2012 (FY Mar/12). The following summary of the
business results that Toray submitted to the Tokyo Stock Exchange
is unaudited and for reference only. (Code Number: 3402)
Consolidated Financial Highlights
(Millions of yen, millions of U.S. dollars, except per share
data)
Year ended March 31,
-------------------------------- --------------------------------------------------------
2012 2011 Change 2012
-------------------------------- ------------- ------------- ----------- -------------
Yen % U.S. dollars
-------------------------------- ---------------------------- ----------- -------------
Net sales Yen1,588,604 Yen1,539,693 3.2 $19,326
-------------------------------- ------------- ------------- ----------- -------------
Operating income 107,721 100,087 7.6 1,310
-------------------------------- ------------- ------------- ----------- -------------
Ordinary income 109,849 98,888 11.1 1,336
-------------------------------- ------------- ------------- ----------- -------------
Net income 64,218 57,925 10.9 781
-------------------------------- ------------- ------------- ----------- -------------
Depreciation Yen66,681 Yen69,539 (4.1) $811
-------------------------------- ------------- ------------- ----------- -------------
Capital investment 94,307 55,394 70.2 1,147
-------------------------------- ------------- ------------- ----------- -------------
Total assets 1,581,501 1,567,470 0.9 19,240
-------------------------------- ------------- ------------- ----------- -------------
Property, plant and equipment,
net 561,923 531,595 5.7 6,836
-------------------------------- ------------- ------------- ----------- -------------
Net assets 674,149 640,970 5.2 8,201
-------------------------------- ------------- ------------- ----------- -------------
Per Share of common stock (yen)
------------------------------------------------------------------------------------------
Net income - Basic Yen39.41 Yen36.41 8.2 -
-------------------------------- ------------- ------------- ----------- -------------
Net income - Diluted 37.46 34.43 8.8 -
-------------------------------- ------------- ------------- ----------- -------------
Cash dividends 10.00 7.5 33.3 -
-------------------------------- ------------- ------------- ----------- -------------
Net assets 384.90 363.90 5.8 -
-------------------------------- ------------- ------------- ----------- -------------
Ratios (%)
------------------------------------------------------------------------------------------
Operating income to net
sales 6.8% 6.5% - -
-------------------------------- ------------- ------------- ----------- -------------
Net income to net sales 4.0% 3.8% - -
-------------------------------- ------------- ------------- ----------- -------------
Equity ratio 39.7% 37.8% - -
-------------------------------- ------------- ------------- ----------- -------------
Return on equity 10.5% 10.9% - -
-------------------------------- ------------- ------------- ----------- -------------
Notes:
1. For calculation of "net assets per share" and "equity ratio,"
minority interests and subscription rights to shares are deducted
from net assets.
2. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen82.2 = U.S.$1, the approximate rate of exchange
prevailing on March 31, 2012.
3. Amounts are rounded to the nearest million.
4. Comprehensive income at March 31, 2012 and 2011 is Yen52,653
million ($641 million) and Yen29,095 million.
Segment Information
(Millions of yen, millions of U.S. dollars)
Net Sales Year ended March 31,
---------------------------------- ---------------------------------------
2012 2011 2012
---------------------------------- ----------- ----------- -------------
Yen U.S. dollars
---------------------------------- ------------------------ -------------
Fibers and Textiles Yen638,375 Yen584,115 $7,766
---------------------------------- ----------- ----------- -------------
Plastics and Chemicals 397,815 382,299 4,840
---------------------------------- ----------- ----------- -------------
IT-related Products 243,404 262,027 2,961
---------------------------------- ----------- ----------- -------------
Carbon Fiber Composite Materials 69,914 67,018 851
---------------------------------- ----------- ----------- -------------
Environment and Engineering 170,247 178,183 2,071
---------------------------------- ----------- ----------- -------------
Life Science 55,554 52,430 676
---------------------------------- ----------- ----------- -------------
Others 13,295 13,621 162
---------------------------------- ----------- ----------- -------------
Consolidated Total 1,588,604 1,539,693 19,326
---------------------------------- ----------- ----------- -------------
Segment Income Year ended March 31,
---------------------------------- -------------------------------------
2012 2011 2012
---------------------------------- ---------- ---------- -------------
Yen U.S. dollars
---------------------------------- ---------------------- -------------
Fibers and Textiles Yen45,327 Yen32,449 $551
---------------------------------- ---------- ---------- -------------
Plastics and Chemicals 27,381 27,108 333
---------------------------------- ---------- ---------- -------------
IT-related Products 34,512 42,233 420
---------------------------------- ---------- ---------- -------------
Carbon Fiber Composite Materials 7,671 3,285 93
---------------------------------- ---------- ---------- -------------
Environment and Engineering 4,882 3,349 59
---------------------------------- ---------- ---------- -------------
Life Science 5,981 6,129 73
---------------------------------- ---------- ---------- -------------
Others 1,334 1,047 16
---------------------------------- ---------- ---------- -------------
Total 127,088 115,600 1,546
---------------------------------- ---------- ---------- -------------
Adjustment (19,367) (15,513) (236)
---------------------------------- ---------- ---------- -------------
Consolidated Total
(Operating income) 107,721 100,087 1,310
---------------------------------- ---------- ---------- -------------
Notes:
1. "Others" represents service-related businesses such as analysis, survey and research.
2. "Adjustment" of segment income for the year ended March 31,
2012 of (19,367) million yen includes intersegment eliminations of
(793) million yen and corporate expenses of (18,574) million yen.
"Adjustment" of segment income for the year ended March 31, 2011 of
(15,513) million yen includes intersegment eliminations of 1,257
million yen and corporate expenses of (16,770) million yen. The
corporate expenses consist of the headquarters' research expenses,
etc. that are not allocated to each reportable segment.
3. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen82.2 = U.S.$1, the approximate rate of exchange
prevailing on March 31, 2012.
4. Amounts are rounded to the nearest million.
Consolidated Geographic Segment Information
(Millions of yen, millions of U.S. dollars)
Net Sales Year ended March 31, 2012
-------------------------- ----------------------------
Yen U.S. dollars
----------- ------------- ------------ --------------
Japan Yen876,224 $10,660
-------------------------- ------------ --------------
Asia China 203,419 2,475
----------- ------------- ------------ --------------
Others 284,430 3,460
------------------------- ------------ --------------
North America, Europe
& Others 224,531 2,732
-------------------------- ------------ --------------
Consolidated Total 1,588,604 19,326
-------------------------- ------------ --------------
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen82.2 = U.S.$1, the approximate rate of exchange
prevailing on March 31, 2012.
2. Amounts are rounded to the nearest million.
Forecast of Consolidated Results for the fiscal year ending
March 31, 2013
(Millions of yen, millions of U.S. dollars)
Year ending March 31, 2013
------------------ -----------------------------
Yen U.S. dollars
------------------ -------------- -------------
Net sales Yen1,730,000 $21,625
------------------ -------------- -------------
Operating income 115,000 1,438
------------------ -------------- -------------
Ordinary income 114,000 1,425
------------------ -------------- -------------
Net income 66,000 825
------------------ -------------- -------------
Reference: EPS forecast (year ending March 31, 2013)
Yen40.51
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen80 = U.S.$1, the estimated rate of exchange for
FY Mar/13 (April 2012 - March 2013).
Consolidated Business Results and Financial Condition
1. Overview of FY Mar/12 (April 2011 - March 2012)
During the period under review, after experiencing a mild
expansion in the first half, the global economy slowed down due to
the uncertainties stemming from the European sovereign debt
problems and deceleration in emerging countries' economic growth.
The Japanese economy, in spite of signs of recovery following the
swift restoration of the supply networks that were damaged by the
Great East Japan Earthquake, came to a standstill because of the
slowing global economy, the yen's historic rise and the floods in
Thailand. Once 2012 started, the domestic as well as overseas
economies showed steady recovery, reflecting factors such as the
progress in handling of the European sovereign debt problems,
improvement of the U.S. economy and the move to rein in the strong
yen.
Under such circumstances, Toray Group in April 2011 launched the
new medium-term management program "Project AP-G 2013." Under the
project, the Group has been striving to strengthen its revenue base
by pursuing business expansion in growth business fields and growth
regions and by bolstering its total cost competitiveness.
Reflecting these efforts, consolidated net sales for the fiscal
year ended March 31, 2012 rose 3.2% compared with a year ago to
Yen1,588.6 billion (US$19,326 million). Operating income increased
7.6% to a record Yen107.7 billion (US$1,310 million). Ordinary
income rose 11.1% to Yen109.8 billion (US$1,336 million) and net
income increased 10.9% to Yen64.2 billion (US$781 million), which
were also the highest ever.
Business performance by segment is described below.
Business Performance by Segment:
Fibers and Textiles
In Japan, sales increased strongly in apparel applications
including inner wear using functional materials. Sales of
industrial-use materials, especially automotive applications, also
recovered along with retrieval of automobile manufacturers'
operations. Overseas, despite the impact of the floods in Thailand
on both production and sales, the polyester filament and staple
fiber as well as clothing textile businesses in China and ASEAN
countries, the polypropylene spunbond business for disposable
diapers in Republic of Korea and China, the air bag material
business in Thailand and Czech Republic, and the suede-texture
artificial leather business in Italy expanded sales and shifted
focus to high value-added products. These efforts resulted in
strong performance in both apparel and industrial applications
abroad.
Overall sales of Fibers and Textiles in the fiscal year ended
March 31, 2012 rose 9.3% to Yen638.4 billion (US$7,766 million)
from the previous year and operating income expanded 39.7% to
Yen45.3 billion (US$551 million).
Plastics and Chemicals
In the Plastics and Chemicals segment, sales volume of products
for automotive applications in the resin business, which had been
affected by the Great East Japan Earthquake, recovered from the
second quarter mainly in Japan. On the other hand, demand for
general purpose ABS stagnated overseas against the backdrop of
global economic slowdown. In the film business, products for
industrial material and packaging material applications performed
strongly in Japan and Toray Group expanded sales in the U.S.,
Europe and Asia in the first half. From the third quarter, however,
the demand for these products waned both in Japan and abroad
because of the global economic slowdown and intensifying price
competition.
On the whole, sales of Plastics and Chemicals increased 4.1% to
Yen397.8 billion (US$4,840 million). Operating income rose 1.0% to
Yen27.4 billion (US$333 million).
IT-related Products
In the IT-related Products segment, while sales of materials for
small and mid-sized displays such as for smartphones performed
strongly, those of LCD and PDP TV-related products including films
and processed film products fell due to the impact of panel
production adjustments caused by the slowdown in the flat-screen TV
market.
Sales of IT-related Products declined 7.1% to Yen243.4 billion
(US$2,961 million) and operating income fell 18.3% to Yen34.5
billion (US$420 million).
Carbon Fiber Composite Materials
In the Carbon Fiber Composite Materials segment, despite the
impact of the appreciation of the yen, Toray Group actively pursued
sales expansion in the aerospace and general industrial
applications, as demand for aircraft applications grew and that in
environmental and energy field including the compressed natural gas
tank application expanded. In the first half, the Group also made
steady efforts to push back prices primarily in the area of general
products for sports and general industrial applications. Demand for
the sports application products, however, weakened in the second
half due to the impact of economic slowdown in Japan as well as
overseas.
On the whole, sales in the Carbon Fiber Composite Materials
segment increased 4.3% to Yen69.9 billion (US$851 million) on year,
while operating income surged 133.5% to Yen7.7 billion (US$93
million).
Environment and Engineering
In the Environment and Engineering segment, sales of the water
treatment business at the Company declined due to lack of
large-scale projects similar to those during the previous year and
also because of the stronger yen. Nevertheless, Toray Group as a
whole actively pursued activities to win orders for reverse osmosis
membranes and other water treatment membranes around the world. In
Japan, large projects at a water treatment engineering subsidiary
made progress, while sales at construction and real estate
subsidiaries expanded.
The total sales of the segment fell 4.5% to Yen170.2 billion
(US$2,071 million). Operating income increased 45.8% to Yen4.9
billion (US$59 million).
Life Science
In the Life Science segment, sales of pharmaceutical products
including REMITCH(R) , an oral antipruritus drug for hemodialysis
patients, as well as those of TORAYMYXIN(TM) , a hemoperfusion
absorption column for removing endotoxin, and TORAYLIGHT(TM) , a
polysulfone membrane artificial kidney, increased.
Overall sales of Life Science rose 6.0% to Yen55.6 billion
(US$676 million) from a year earlier, while operating income fell
2.4% to Yen6.0 billion (US$73 million), partly due to an increased
burden of development expenses.
Note: REMITCH(R) is a registered trademark of Torii
Pharmaceutical Co., Ltd.
New Businesses and New Investments
Under "Project AP-G 2013," Toray Group has been implementing a
growth strategy emphasized on "business expansion in growth
business fields and growth regions."
In response to growing demand for disposable baby diapers in
ASEAN countries, the Group will start the high-performance
polypropylene spunbond business in Indonesia as part of its Fibers
and Textiles Business. In September 2011, Toray Advanced Materials
Korea Inc. established a subsidiary P.T. Toray Polytech Jakarta,
which plans to start full-scale operation of its production
facility having an annual capacity of 20,000 tons in June 2013.
In the Plastics and Chemicals segment, the Group will enhance
the production capacity of polyphenylene sulfide (PPS) resin
TORELINA(R) (.) The Company is currently building a production
facility at Tokai Plant to increase the capacity by 5,000 tons a
year and the facility is slated to start operations in January
2013. PPS resin has superior heat resistance, chemical resistance,
mechanical strength and flame resistance and is used in automobile
electric parts, electric and electronic devices, and housing parts.
The PPS resin market is expected to continue growing in the
future.
In the IT-related Products segment, Toray Advanced Film Co.,
Ltd. in May 2011 established subsidiary Toray Advanced Film
Kaohsiung Co., Ltd. in Kaohsiung, Taiwan, in response to increasing
demand for surface protection films primarily for liquid crystal
display parts. The new company's plant for producing
polyolefin-based self-adhesive protective film TORETEC(R) is
expected to start operations in January 2013 and it will expand the
production capacity up to 17,000 tons a year in a phased manner. In
addition, the Company made Toray Tonen Specialty Separator Godo
Kaisha, a 50-50 joint venture with Exxon Mobile Group engaged in
production and distribution of battery separator films, into a
wholly owned subsidiary in January 2012. The subsidiary was renamed
as Toray Battery Separator Film Godo Kaisha, with which the Group
aims to further expand earnings from battery separators, the core
parts of lithium ion batteries, and improve the business's
competitiveness by utilizing its film production and development
technologies and global operation system.
In the Carbon Fiber Composite Materials segment, the Group plans
to increase production capacity of its four global carbon fiber
production bases in Japan, the U.S., France and Republic of Korea.
It will add a total of 6,000 tons in capacity at the four bases and
the additional facilities are expected to start operations from
2014 one after another. This major production capacity expansion
will boost Toray Group's overall carbon fiber production capacity
to 27,100 tons by March 2015, ensuring a structure for stable
supply of Toray's high-quality, high-grade carbon fibers to its
customers around the world. In December 2011, the Group also
purchased the remaining shares in Societe des Fibres de Carbone
S.A. (SOFICAR), a subsidiary engaged in manufacturing and
distribution of carbon fibers in France, in which the Company held
a 70% stake, from Arkema, the French business partner with a 30%
stake in SOFICAR, thus making it into a wholly owned subsidiary.
The company was renamed as Toray Carbon Fibers Europe S.A. and the
Group will accelerate the business expansion by strengthening its
production structure and promoting global operations.
In the Life Science segment, Toray Medical (Qingdao) Co., Ltd.,
a joint venture with Qingdao Jifa Group Co., Ltd. established in
Jimo City, Qingdao, Shandong, China, in June 2011, expects its
dialysis equipment plant to start operations and plans to build a
new plant to manufacture artificial kidneys. The move is in
response to the increasing demand in the Chinese dialysis market,
which is growing with support from the central government through
measures such as improvement of the medical insurance system. The
dialysis equipment plant will start production in the first half of
2012 and the artificial kidney plant in the latter half of 2014 and
sales of these products will start subsequently.
Forecast for FY Mar/13 (April 2012 - March 2013):
While there are causes for concerns such as steep rise in crude
oil price and the impact of the European sovereign debt problems,
the Global economy is expected to grow at a higher rate driven by
the U.S. and the emerging countries. The Japanese economy is also
expected to progress on a gradual recovery track thanks to
improvements in overseas economies and as the post-quake
reconstruction demand gains momentum in Japan.
Under such circumstances, Toray Group will continue to focus on
measures under the medium-term management program "Project AP-G
2013." Under the project, the Group will strive to drive forward
the growth strategy and strengthen its revenue base by pursuing
group-wide projects of "Green Innovation Business Expansion (GR)
Project" to contribute to solutions for global environmental issues
as well as energy and resource issues, "Asia and Emerging Country
Business Expansion (AE) Project" to expand its businesses in
rapidly growing Asia and emerging countries elsewhere to leverage
growth opportunities in these region and countries, and "Total Cost
Reduction (TC-II) Project" to further reinforce the robust business
footing.
While there remain uncertainties regarding economic conditions
both in Japan and abroad, the Group, after taking into account the
ongoing efforts to expand earnings under "Project AP-G 2013,"
expects consolidated net sales of Yen1,730 billion (US$21,625
million) for the fiscal year through March 31, 2013, operating
income of Yen115 billion (US$1,438 million), ordinary income of
Yen114 billion (US$1,425 million), and net income of Yen66 billion
(US$825 million). These forecasts are calculated based on an
exchange rate of Yen80 to the U.S. dollar.
2. Financial Position and Cash Flows
Analysis of Assets, Liabilities, Net Assets and Cash Flows
As of March 31, 2012, Toray's total assets stood at Yen1,581.5
billion (US$19,240 million), up Yen14.0 billion from the end of the
previous fiscal year, as current assets rose by Yen2.2 billion
primarily reflecting an increase in inventory despite a decline in
cash and time deposits and fixed assets rose by Yen11.9 billion due
mainly to increase in property, plant and equipment.
Total liabilities fell Yen19.1 billion from the end of the
previous fiscal year to Yen907.4 billion (US$11,039 million),
primarily due to a decrease in interest-bearing debts.
Net assets increased by Yen33.2 billion compared with the end of
the previous fiscal year to Yen674.1 billion (US$8,201 million),
reflecting the increase in retained earnings from net income. Net
assets less minority interests and subscription rights to shares
stood at Yen627.1 billion (US$7,629 million). The equity ratio at
the end of the fiscal year was 39.7%, a 1.8 percentage-point
increase compared with the level at the end of the previous fiscal
year.
Free cash flows for the period, derived by subtracting the cash
flows from investing activities from the cash flows from operating
activities, were Yen0.4 billion (US$5 million). Cash flows, as well
as changes in the balances of cash and cash equivalents, for the
fiscal year ended March 31, 2012 are as follows:
(Billions of yen, millions of U.S. dollars)
Year ended March 31,
---------------------------------------- ----------------------------
2012 2011 2012
---------------------------------------- -------- -------- --------
Yen U.S. $
---------------------------------------- ------------------ --------
Cash flows from operating activities 104.4 129.2 1,270
---------------------------------------- -------- -------- --------
Cash flows from investing activities (104.0) (50.7) (1,265)
---------------------------------------- -------- -------- --------
Free cash flows 0.4 78.5 5
---------------------------------------- -------- -------- --------
Cash flows from financing activities (23.6) (33.0) (287)
---------------------------------------- -------- -------- --------
Effect of exchange rate changes (1.7) (4.5) (21)
---------------------------------------- -------- -------- --------
Change in cash and cash equivalents
for the year (24.9) 40.9 (303)
---------------------------------------- -------- -------- --------
Cash and cash equivalents at beginning
of the year 105.3 64.3 1,281
---------------------------------------- -------- -------- --------
Effect of changes in consolidated
subsidiaries 0.9 0.0 11
---------------------------------------- -------- -------- --------
Cash and cash equivalents at end
of the year 81.3 105.3 989
---------------------------------------- -------- -------- --------
Indices related to Financial Position and Cash Flows:
Year ended March 31,
-------------------------------------- ---------------------------------
2008 2009 2010 2011 2012
-------------------------------------- ----- ----- ----- ----- -----
Equity ratio (%) 34.9 30.8 30.3 37.8 39.7
-------------------------------------- ----- ----- ----- ----- -----
Market capitalization / Total assets
(%) 53.3 36.3 49.1 62.9 63.3
-------------------------------------- ----- ----- ----- ----- -----
Interest-bearing debt / Cash flows
from operating activities 5.4 17.3 3.8 3.8 4.6
-------------------------------------- ----- ----- ----- ----- -----
Cash flows from operating activities
/ Interest paid 10.4 3.2 17.1 19.7 17.7
-------------------------------------- ----- ----- ----- ----- -----
Notes:
1. All indices are computed based on consolidated data.
2. Market capitalization equals the stock price at the end of
the period multiplied by the number of shares outstanding at the
end of the period (excluding treasury stock).
3. Cash flows from operating activities are stated in the
consolidated statements of cash flows.
3. Policy on Distribution of Surplus Profits and Dividends for
the Period under Review and FY Mar/13
The Company recognizes that its profit distribution policy is a
vital matter for the corporate management, and accordingly is
committed to distributing such profits fairly through comprehensive
consideration of every factor including business results, financial
standing and retention of earnings necessary for future
investment.
Taking into consideration the earnings performance during the
period under review and the outlook for the coming fiscal year, the
Company is proposing to pay a year-end dividend of Yen5.0 per share
of common stock, for an aggregate annual dividend of Yen10.0 per
share of common stock including the interim dividend.
For the fiscal year ending March 31, 2013, the Company
anticipates to pay an annual dividend of Yen10.0 per share of
common stock.
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen82.2 = U.S.$1, the approximate rate of exchange
prevailing on March 31, 2012.
2. U.S. dollar amounts of forecast for FY Mar/13 have been
converted from yen at the exchange rate of Yen80 = US$1, the
estimated rate of foreign currency exchange for the FY Mar/13
(April 2012 - March 2013).
Management Policies
1. Corporate Mission
Toray's corporate philosophy is "contributing to society through
the creation of new value with innovative ideas, technologies and
products." Under this philosophy, Toray has established the
following corporate missions:
For our customers:
To provide new value to our customers through high-quality
products and superior services
For our employees:
To provide our employees with opportunities for self development
in a challenging environment
For our shareholders:
To provide our shareholders with dependable and trustworthy
management
For society:
To establish ties and develop mutual trust as a responsible
corporate citizen
Toray is committed to taking on responsibility and contributing
to its customers, employees, shareholders in society.
2. Medium- to Long-Term Business Strategy and Issues to Be
Solved
Toray Group successfully overcame the economic crisis triggered
by the collapse of Lehman Brothers' in the fall of 2008 by
formulating and implementing the medium-term management program
"Project IT-II (Innovation TORAY II)" and drastically improved its
earnings.
Based on this outcome, the Group in February 2011 newly
formulated a long-term corporate vision "AP-Growth TORAY 2020"
established with the next 10 years in focus and a new medium-term
management program "Project AP-G 2013" for three years.
Under "AP-Growth TORAY 2020," the Group aims to become a
corporate group that "continually expands revenues and profits,"
"plays an active role in contributing to social development and
environmental stewardship," and "offers high values to all
stakeholders," while further promoting global business expansion
and focusing on growing businesses that contribute to solutions of
environmental and resource- and energy-related issues (Green
Innovation Business).
Based on the long-term corporate vision, Toray Group in April
2011 rolled out the new medium-term management program "Project
AP-G 2013" and has been implementing growth strategies on the key
principle of pursuing business expansion in growth business fields
and growth regions building on the robust business footing
established over years. In the three years beginning in fiscal
2011, the Group plans to implement 350 billion yen in capital
investments and 160 billion yen in R&D investments to launch
and drive forward the group-wide projects of Green Innovation
Business Expansion Project and Asia and Emerging Country Business
Expansion Project, as it takes on the Total Cost Reduction Project
from a new angle.
In fiscal 2011, which was the first year of "Project AP-G 2013,"
cataclysmic changes to business environment including the Great
East Japan Earthquake, the European sovereign debt problems, the
yen's historic appreciation and the floods in Thailand had
significant impact on the Japanese and global economies. Despite
these challenges, Toray Group posted the highest ever consolidated
operating income by working on implementation of the growth
strategy and internal reforms in a comprehensive and enthusiastic
manner. The Group also has been making investments aimed at global
expansion of various business fields and brought about substantial
results in research and development that are expected to enable
large-scale products and innovative technologies in the future and
support green innovation.
While uncertainties do remain with respect to the business
environment in the immediate future, Toray Group will continue with
relentless reform to strengthen its corporate structure and aim for
a new growth trajectory by adopting a proactive management
stance.
Toray Group aims to sustain its growth by implementing the
various measures described above to overcome the hurdles and solve
the issues, and shall strive to achieve the ideals of its corporate
philosophy of "contributing to society through the creation of new
value with innovative ideas, technologies and products."
Disclaimer
Descriptions of predicted business results, forecasts and
business plans contained in this material are based on predictive
forecasts of the future business environment made at the present
time. The material in this statement is not a guarantee of the
company's future business performance.
For further information, please contact:
Mr. Kenjiro Kamiyama Mr. Yoshiaki Nakayama
General Manager General Manager
Investor Relations Department Corporate Communications Department
Tel: +81-3-3245-5113 Tel: +81-3-3245-5178
Fax: +81-3-3245-5459 Fax: +81-3-3245-5459
Toray Industries, Inc.
http://www.toray.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EALSPEFKAEEF
Toray Inds. (LSE:TKK)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Toray Inds. (LSE:TKK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
