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Comparison of Half-Year Financial Results to Previous Forecast

Date
04 Nov 2010
Following approval of the cumulative second quarter results at a meeting of the Board of Directors on 4 November, the NSG Group has today released the Company’s consolidated financial results for the half-year to 30 September 2010 (1 April 2010 to 30 September 2010).

Regulatory requirements require the Group to amend the forecast if the cumulative profit forecast for the first two quarters is more than 30 per cent different to the actual results as approved by the board. As the cumulative second quarter net income previously forecast of ¥ 1,000 million is relatively small compared to the size of the Group, it was always likely that the actual net income would be more than 30 per cent different to that forecast. The actual net income is indeed more than 30 per cent different to the cumulative second quarter forecast, and, as a result, an amendment to that forecast is now required to comply with forecasting regulations.

The results for the half-year to 30 September 2010 differ from the previous forecast, issued on 5 August 2010, as set out below.

 

1.  Comparison of actual results to previous forecast results

 

(Unit: JPY million, %)

 

Net Sales

Operating Income

Ordinary Income

Net Income

Net income per share

Previous forecast (A)
published on 5 August 2010

300,000

9,000

6,000

1,000

¥(0.58)

Actual results (B)

293,689

10,473

6,453

15

¥(1.31)

Change(B-A)

(6,311)

1,473

453

(985)

-

Change (%)

(2.1)%

16.3%

7.5%

(98.5)%

-

Previous year half year result (FY2010)

292,989

(16,222)

(24,743)

(26,248)

¥(41.00)

 

2. Reason for the change

The increase in operating income arose from the early receipt of insurance proceeds in North America in Quarter 2, which had previously been expected in the second half of FY2011. The net income result is different to the previous forecast as a result of actual taxation and minority interest values being different to those previously predicted.

The forecast for the full year is unchanged.