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November 7, 2011
 
Consolidated Financial Results for the First Half of FY2011
(Based on Japanese GAAP)
 

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Naoto Matsuoka) is pleased to announce the results of its operations for the first half of FY2011 (April to September) as follows:

Outline of Consolidated Financial Results for the First Half of FY2011
 
[Overview]
 

The steel industry found itself operating in an uncertain environment during the first half of FY2011. Precipitating factors included anxieties over European fiscal and financial systems, the historically high valuation of the yen, disruptions in car manufacturer supply chains caused by the Great East Japan Earthquake, and declining construction demand. Domestic construction-related business was sluggish in the first half as a result of this tough operating environment. While car-manufacturing levels were on the rebound as supply chains were restored, our auto-related business ended up lagging the previous fiscal year's performance, as did export transactions as a result of the yen's unprecedented strength.

Consolidated FY2011 first-half sales, gross profits, operating income, and ordinary income all trailed the previous fiscal year's performance figures for the same period. Net income of ¥7.2 billion was down ¥4.1 billion compared to the same period during the previous fiscal year.

   
[Key items in the consolidated income statement]
  Regarding the key items in the consolidated income statement for the first half of FY2011, sales of ¥1,223.4 billion were ¥7.4 billion below (0.6%) those of the same period the year before. Gross profit of ¥54.5 billion was lower by ¥3.9 billion (6.7%). Operating income of ¥12.9 billion was down ¥4.5 billion (26%), and ordinary income of ¥13.9 billion was ¥6.1 billion (30.3%) less compared to last year.

Net income after deduction of tax (¥5 billion) and other expenses was ¥7.2 billion, down ¥4.1 billion (36.6%) compared to the same period the previous year.
 
(Unit: ¥ million)
Item First half of FY2011
(Apr. to Sep.)
Reference
First half of FY2010
Sales
1,223,427
1,230,812
Gross profit
54,511
58,438
Operating income
12,873
17,387
Ordinary income
13,937
20,004
Net income
7,163
11,298
 
   
[Main items in the consolidated balance sheet]
 

The company's consolidated total assets were ¥1,024.3 billion at the end of FY2011's first half, down ¥20.9 billion compared to the end of the previous fiscal year as a result of declines in investment securities and accounts receivable. Consolidated interest-bearing debt increased ¥7.6 billion to ¥342.9 billion. Due to declines in net unrealized gains on securities and foreign currency translation adjustments, total net assets excluding minority interests came to ¥250.8 billion—down ¥17.2 billion compared to the end of the previous fiscal year.

   
Outlook for Consolidated Performance for the Entire Fiscal Year
  Regarding demand during the latter half of FY2011, there are concerns that the export situation will worsen due to a combination of various factors. These factors include the slumping U.S. and European economies against the backdrop of the European debt crisis, the projected deceleration of newly emerging economies due to a slowdown in exports to the United States and Europe and interest rate hikes being employed as anti-inflation measures, the floods in Thailand, excess steel production capacity in Asia, and the strong yen. As for domestic demand, although public-sector investments will rise thanks to recovery and rebuilding efforts, the situation does not allow for optimism. Taking these most recent conditions into account, Metal One anticipates that its consolidated net income for FY2011 will exceed ¥20 billion. The company will therefore exert efforts to more closely approach the third Mid-term Consolidated Management Plan's ¥26 billion target.
   
   
   
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