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| October 7, 2002 |
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| Notice of Revised Financial Information for Mitsubishi Chemical |
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| Mitsubishi Chemical Corporation |
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(Tokyo) - Mitsubishi Chemical Corporation (4010) today reported that it has revised its consolidated and non-consolidated financial projections for the first half of fiscal year 2003, a period ending on September 30, 2002. A previous financial projection had been announced on May 14, 2002, at the time when FY2002 earnings were reported. Mitsubishi Chemical Corp. has also revised its projected financials for FY2003, a period ending on March 31, 2003.
| 1. Revision of projected consolidated business results for the first half of FY2003 (April 1, 2002 - September 30, 2002) |
| |
Unit |
Net sales |
Operating income |
Pre-tax earnings before
extraordinary items |
Net income
(loss) |
Expected results announced previously (A)
(announced on May 14, 2002) |
In 100
millions
of yen |
9,180 |
230 |
140 |
(40) |
| Revised expected results
(B) |
In 100
millions
of yen |
9,300 |
380 |
290 |
80 |
| Increase/(decrease) (B - A) |
In 100
millions
of yen |
120 |
150 |
150 |
120 |
| Rate of increase/(decrease) |
% |
1.3 |
65.2 |
107.1 |
- |
| Actual results in the
same period of previous year (ending in September 2001) |
In
100
millions
of yen |
8,340 |
120 |
(38) |
(87) |
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2. Revision of projected consolidated business results for FY 2003 (April 1, 2002 - March 31, 2003) |
| |
Unit |
Net
sales |
Operating income |
Pre-tax earnings before
extraordinary
items |
Net income
(loss) |
Expected results announced previously (A)
(announced on May 14, 2002) |
In 100
millions
of yen |
19,000 |
720 |
550 |
150 |
| Revised expected results (B) |
In 100
millions
of yen |
19,000 |
800 |
630 |
170 |
| Increase/(decrease) (B - A) |
In 100
millions
of yen |
0 |
80 |
80 |
20 |
| Rate of increase/(decrease) |
% |
- |
11.1 |
14.5 |
13.3 |
| Actual results of previous
fiscal year
(ending in March
2002) |
In 100
millions
of yen |
17,803 |
348 |
71 |
(452) |
|
3. Revision of projected non-consolidated business results for the first half of FY 2003 (April 1, 2002 - September 30, 2002) |
| |
Unit |
Net sales |
Operating income |
Pre-tax earnings before extraordinary items |
Net income
(loss) |
Expected results announced previously (A)
(announced on May 14, 2002) |
In 100
millions
of yen |
2,975 |
70 |
30 |
(10) |
| Revised expected results (B) |
In 100
millions
of yen |
3,340 |
140 |
120 |
80 |
| Increase/(decrease) (B - A) |
In 100
millions
of yen |
365 |
70 |
90 |
90 |
| Rate
of increase/(decrease) |
% |
12.3 |
100.0 |
300.0 |
- |
| Actual results in the same period of previous year (ending in September 2001) |
In 100
millions
of yen |
3,440 |
(73) |
(96) |
(545) |
|
4. Revision of projected non-consolidated business results for FY 2003 (April 1, 2002 - March 31, 2003) |
| |
Unit |
Net
sales |
Operating income |
Pre-tax earnings before
extraordinary
items |
Net income
(loss) |
Expected results announced
previously (A)
(announced on
May 14, 2002) |
In 100
millions
of yen |
5,970 |
180 |
100 |
90 |
| Revised expected results (B) |
In 100
millions
of yen |
6,460 |
220 |
170 |
150 |
| Increase/(decrease) (B - A) |
In 100
millions
of yen |
490 |
40 |
70 |
60 |
| Rate of increase/(decrease) |
% |
8.2 |
22.2 |
70.0 |
66.7 |
| Actual results of previous fiscal year (ending in March 2002) |
In 100
millions
of yen |
6,693 |
(78) |
(130) |
(888) |
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Factors behind the earnings revisions
Consolidated forecasts
Sales for the interim period are expected to rise, reflecting higher unit pricing for
petrochemical products due to higher prices for naphtha, the raw material for them. Significant improvement in operating income is expected thanks to progress in business restructuring in the petrochemicals segment, more favorable pricing particularly in overseas markets, an upturn in demand for specialty chemicals-segment information-technology products, and restructuring of unprofitable businesses. These factors are expected to drive positive growth in pre-tax earnings before extraordinary items, while the previous forecast-which called for net losses-has been revised and now calls for positive net income. Full-term sales are seen at the same level of the previous forecast. The operating income forecast calls for lower growth in 2H than the previous forecast, reflecting global petrochemical pricing and the sale of the specialty chemicals segment's agrochemicals business; but the full-term operating income forecast still calls for positive growth. Pre-tax earnings before extraordinary items and net income are now seen higher than the previous forecast.
Non-consolidated forecasts
Interim sales should rise YoY, partially reflecting higher naphtha pricing over original forecasts. Operating
income growth is expected for the interim, reflecting progress in business restructuring in the petrochemicals segment, a recovery in earnings
for the specialty chemicals segment's information technology products, and the fact that some costs expected in 1H were pushed back until 2H. Pre-tax earnings
before extraordinary items are likewise expected to grow, while the previous forecast-which called for net losses-has been revised; this
forecast calls for positive net income.
Full-term forecasts call for sales growth. Operating income is expected to decline in 2H on the sale of the agrochemicals business, and the transfer of activated carbon and pharmaceutical intermediates operations to consolidated subsidiaries, but full-term forecasts still call for positive operating income growth. Full-term pre-tax earnings before extraordinary items and net income forecasts call for higher growth compared to previous forecasts.
Reference: New management structure based on major business segments
Beginning this fiscal year, company businesses with common strategies have been reorganized into the following five segments to fully leverage the capabilities of Group management and maximize profits: |
| Petrochemicals: |
Basic
materials, conventional
chemicals such
as monomers
and polymers |
| Specialty chemicals: |
High-value-added chemical products
used in information technology, telecommunications, energy, environment, and lifestyle sectors; major businesses are fine chemicals, specialty polymers, specialty materials and carbon products |
| Functional Products: |
Materials solutions for use in products designed to meet the needs of customers. |
| Healthcare: |
Pharmaceuticals, new-drug development, clinical trials, and diagnostic products. |
| Services: |
Mitsubishi Chemical Group shared services |
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| Important: |
The forecasts contained in this report are based on information available at and assumptions made on the time of its publication involving uncertainties that could affect future business results. Actual performance may differ greatly from these forecasts due to unforeseen factors or events that have not yet occurred. |
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| For
further information,
please contact |
| Public
Relations &
Investor Relations
Dept., |
| Mitsubishi Chemical Corporation |
| Tel:+ [81] 3-3283-6274 |
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