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| Consolidated Results for the Fiscal Year Ending March 2011 (April 1,2010 to March 31,2011) Although the Japanese economy has shown slight recovery in corporate earnings during the year, prolonged deflation, deteriorating employment conditions, stronger yen and surging raw material prices, among other factors, continued to afflict the economy. Furthermore, the great earthquake that occurred in the eastern part of Japan on March 11, 2011 has exerted seriously negative influences on the Japanese economy, and business conditions in the days ahead remain unclear. The food industry in which our group is placed continued to be challenged with thrifty consumer spending and lower pricing trends, and supply concerns triggered by the unfavorable weather along with growing demand from developing countries which boosted global pricing of raw materials to further worsen business conditions. Amid such environment, we carried out measures from the middle term management plan “Innovation and Action 2010”, promoting “technological management”, engaging in product development fitting the needs of customers, delivering high-functionality ingredients, reducing production costs and focusing on “expansion of overseas businesses” and “reconstruction of soy protein businesses” positioned as key issues during our final year in business restructuring efforts . As a result, for the annual term ending March 2011, we achieved net sales of 222,714 million yen (4.4% y-o-y increase), operating income of 16,590 million yen (decrease of 7.6% y-o-y), ordinary income of 16,243 million yen (decrease of 6.5% y-o-y) and net income of 9,783 million yen (decrease of 8.8% y-o-y). Meanwhile, the Group recorded 329 million yen as extraordinary loss for expenses incurred from damages in fixed assets and inventories that occurred from our Kanto Plant, Protein Foods Tsukuba Plant and Chiba Plant as a result of the earthquake,. |
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