Announcement Regarding Revision of Non-consolidated Results Forecast for Fiscal Year 2002
We have revised our non-consolidated results forecast for the fiscal year ended March 31, 2002 (hereinafter referred to as “Fiscal Year 2002”), which was made public at our announcement of interim financial statements on October 26, 2001 as follows:
1. Revisions to the Non-consolidated Results Forecast for Fiscal Year 2002
| Sales | Ordinary Income /(loss) | Net Income /(loss) | |
|---|---|---|---|
| Formerly announced forecast (A) | - | (3,500) | (9,900) |
| Revised forecast (B) | - | 2,600 | (31,900) |
| Difference (B-A) | - | 6,100 | (22,000) |
| Percentage change (%) | - | - | - |
| (For reference) Results for the previous fiscal year (ended March 31, 2001) | - | 7,904 | 4,808 |
2. Reasons for Revision
(1) An increase in non-consolidated ordinary income is mainly due to the depreciation of yen toward the end of Fiscal Year 2002, compared to the end of September 2001; exchange gain of 7,800 million yen (4,500 million yen after tax) is expected to be recognized as non-operating income regarding the U.S. dollar denominated loan receivables from our overseas subsidiaries and others for the second half.
(2) A decrease in net income is mainly due to the following two reasons
1. Loss on valuation of investment securities of 38,500 million yen (22,300 million yen after tax) is expected to be recognized for a wholly-owned subsidiary, SBIS Corporation Pte Ltd (Headquarter: Singapore; Representative: Masayoshi Son; hereinafter referred to as “SBIS”). This results from the loss on valuation of SBIS’s holding in Asia Global Crossing Ltd.
2. Allowance for bad debt of 4,800 million yen (2,800 million yen after tax) is expected to be recognized for a part of loan receivables from our overseas subsidiary.
3. Regarding the year-end dividend
We will pay 7 yen per share as the year-end dividend for Fiscal Year 2002 as scheduled.
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