Net sales for the fiscal year ended March 31, 2013, increased by 12.4% to total 282,409 million yen on a year-on-year basis. Operating income also increased by 18.3% to 10,169 million yen. However, net income dropped by 69.5% to 1,804 million yen. While sales had rebounded from the impact of last year's earthquake in Japan, flooding in Thailand, rising rare-earth materials prices, etc., the pace of recovery has been tapering off since early autumn due to the slowdown in the global economy. The decline of the Japanese yen that began last November has also pushed sales up. Operating income is also up. However, net income dropped due to large restructuring losses. We estimate a year-on-year foreign exchange gain of 7.8 billion yen in net sales and a loss of 0.4 billion yen in operating income due to the weaker Japanese yen and stronger Asian currencies.
Despite the gains we failed to achieve the revised forecast announced in November last year.
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