January 31, 2012
Kirin Revises Consolidated Earnings Forecasts for the Fiscal Year 2011
Tokyo, January 31, 2012—Kirin Holdings Company, Limited ("Kirin") has revised its consolidated earnings forecast for the fiscal year 2011 (previously announced on November 4, 2011) and its non-consolidated earnings results forecast for the the fiscal year 2011 (previously announced on February 10, 2011), in consideration of its recent business performance and other factors, as follows:
1. Revision of full-year consolidated earnings forecasts for the fiscal year 2011 (January 1, 2011 to December 31, 2011)
Consolidated
Unit: million Japanese yen
| Sales | Operating income | Ordinary income | Net income | Net income per share (¥) | |
| Previously announced forecast (A) | 2,110,000 | 144,000 | 138,000 | 27,000 | 28.07 |
| New forecast (B) | 2,072,000 | 143,000 | 137,000 | 7,000 | 7.28 |
| Change (B-A) | (38,000) | (1,000) | (1,000) | (20,000) | — |
| Change (%) | (1.8) | (0.7) | (0.7) | (74.1) | — |
| (Reference)Actual results for the previous fiscal year(fiscal year 2010) | 2,177,802 | 151,612 | 140,969 | 11,394 | 11.95 |
Non-consolidated
Unit: million Japanese yen
| Sales | Operating income | Ordinary income | Net income | Net income per share (¥) | |
| Previously announced forecast (A) | 128,000 | 101,000 | 98,000 | 101,000 | 104.99 |
| New forecast (B) | 128,000 | 101,000 | 97,000 | 41,000 | 42.63 |
| Change (B-A) | — | — | (1,000) | (60,000) | — |
| Change (%) | — | — | (1.0) | (59.4) | — |
| (Reference)Actual results for the previous fiscal year(fiscal year 2010) | 79,968 | 51,608 | 44,881 | 47,099 | 49.38 |
2. Reasons for the revision
Kirin is generally on target to meet the revised figures for consolidated sales, consolidated operating income and consolidated ordinary income, which were contained in the revised earnings forecast announced on November 4, 2011, although the results are expected to be slightly lower.
Furthermore, in part as a consequence of recording an additional ¥10,000 million for a loss on impairment of fixed assets (including ¥6,600 million for its Australian subsidiary) and ¥1,800 million for a loss on devaluation of investment securities during the fourth quarter of the period ending December 31, 2011, and also as a result of an increase in other special expense items, Kirin has included these losses in the full-year earnings forecast, and has revised the forecast for consolidated net income.
Recording a loss on devaluation of investment securities resulted in a reversal of deferred tax assets.
Note, however, that most of the reversed deferred tax assets relate to shares of subsidiaries and affiliates that arose at the time of the shift to a pure holding company structure, and given that they are eliminated on consolidation, their impact on consolidated earnings will be immaterial.
3. Other
There is no change in the forecast year-end dividend for fiscal year 2011.