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| April 15, 2002 |
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| Announcement of Revised Consolidated and Non-consolidated Financial Performance Forecast |
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| Mitsubishi Chemical Corporation |
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Based on the business performance and the year-end market price of equity investment, we now announce our newly revised consolidated and non-consolidated financial performance forecast as follows comparing with those announced on November 13, 2001.
1.Consolidated performance forecast of the March 2002 closing
(in 100 millions of yen;%)
|
Net sales |
Operating income |
Pre-tax earnings before extraordinary items |
Net income (loss) |
| Expected results announced previously(A) (announced on November 13, 2001) |
18,300 |
530 |
245 |
(90) |
| Revised expected results(B) |
18,000 |
320 |
30 |
(450) |
| Increase / (decrease)(B-A) |
(300) |
(210) |
(215) |
(360) |
| Rate of increase / (decrease)(%) |
(1.6) |
(39.6) |
(87.7) |
- |
| Actual results of previous fiscal year (ending in March 2001) |
17,471 |
664 |
423 |
31 |
2. Non-consolidated performance forecast of the March 2002 closing
(in 100 millions of yen;%)
|
Net sales |
Operating income |
Pre-tax earnings before extraordinary items |
Net income |
Expected results announced previously(A)
(announced on November 13, 2001 |
7,000 |
40 |
(20) |
(580) |
| Revised expected results(B) |
6,700 |
(80) |
(130) |
(890) |
| Increase / (decrease)(B-A) |
(300) |
(120) |
(110) |
(310) |
| Rate of increase / (decrease)(%) |
(4.2) |
- |
- |
- |
| Actual results of previous fiscal year (ending in March 2001) |
7,815 |
206 |
181 |
40 |
3.Reason of Performance Forecast Revision
(Consolidated Performance)
Net Sales declined due to the decrease of product shipment mainly in the field of petrochemical products, functional products and plastic-based products as well as the drop of the price.
The followings caused the decrease of Earnings from Operation and Recurring Profit;
| 1. |
Our products' price decreased more than the raw materials' cost and quantities shrank in the field of petrochemicals. |
| 2. |
Coke products in the Carbon and Agrochemicals segment suffered from sluggish domestic and overseas demand. |
| 3. |
Revision of pharmaceutical regulated price held down our product demand. |
(Revised Operating Income by Segment is as attached.)
We forecast the increase of extraordinary losses up by  39,000
million such as;
| 1. |
Write-down of investment securities mainly in the banking industry based on the year-end market will be 17,000 million. |
| 2. |
Special severance expenses in connection with early retirement incentive to accelerate the restructuring will be 18,000 million. |
| 3. |
We plan to make a reserve for business restructuring as well as PCB disposition.
These factors will increase Net Loss by 36,000 million. |
[Operating income by segment for fiscal year 2001]
(in 100 millions of yen)
|
Revised |
Previously announced |
Increase / (decrease) |
| Petrochemicals |
(50) |
45 |
(95) |
| Carbon and Agrochemicals |
75 |
105 |
(30) |
| Information and Electronics |
0 |
5 |
(5) |
| Pharmaceuticals |
255 |
285 |
(30) |
| Specialty Chemicals |
25 |
55 |
(30) |
| Functional Materials |
110 |
135 |
(25) |
| Others |
(95) |
(100) |
5 |
| Total |
320 |
530 |
(210) |
(Non-consolidated performance)
Numbers of Net sales, Operating Income, Recurring Profit and Net Loss will be worsened mostly based on the reasoned described above by 30,000, 12,000, 11,000 and 31,000 million respectively. Increase of extraordinary losses caused the increase of Net Losses.
(Reference only)
Forecast of March 2003 fiscal year.
Forecast cannot be fixed at this moment because of the difficulty in foreseeing the cost of naphtha currently hiking its price and petrochemical products market. It is, however, forecast the recovery of both top and bottom lines since;
| 1. |
Fixed cost and unprofitable businesses steadily decrease due to the restructuring |
| 2. |
Products from the newly constructed facility will contribute |
| 3. |
Mitsubishi Pharmaceutical Corporation will be wholly consolidated compared with half-year consolidation in March 2002 |
| 4. |
Extraordinary losses decrease |
| 5. |
The above will absorb the impact of pharmaceutical regulated price down and contribute the better performance. |
(Consolidated performance forecast for March 2003 fiscal year
(in 100 millions of yen)
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Forecast for fiscal year 2002 |
Expected results for fiscal year 2001 |
Increase /(decrease) |
| Net
sales |
19,000 |
18,000 |
1,000 |
| Operating
income |
720 |
320 |
400 |
| Pre-tax
earnings before
extraordinary
items |
550 |
30 |
520 |
| Net
income (loss) |
110 |
(450) |
560 |
(Non-consolidated performance forecast for March 2003 fiscal year
(in 100 millions of yen)
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Forecast for fiscal year 2002 |
Expected results for fiscal year 2001 |
Increase /(decrease) |
| Net
sales |
6,000 |
6,700 |
(700) |
| Operating
income |
180 |
(80) |
260 |
| Pre-tax
earnings before
extraordinary
items |
100 |
(130) |
230 |
| Net
income (loss) |
80 |
(890) |
970 |
(Operating income by segment for March 2003 fiscal year
(in 100 millions of yen)
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Forecast for fiscal year 2002 |
Expected results for fiscal year 2001 |
Increase /(decrease) |
| Petrochemicals |
100 |
(50) |
150 |
| Carbon
and Agrochemicals |
90 |
75 |
15 |
| Information
and Electronics |
80 |
0 |
80 |
| Pharmaceuticals |
370 |
255 |
115 |
| Specialty
Chemicals |
80 |
25 |
55 |
| Functional
Materials |
130 |
110 |
20 |
| Others |
(130) |
(95) |
(35) |
| Total |
720 |
320 |
400 |
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