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Release: January 31, 2013

Listing Code: 5333
Stock Exchange Listings: Tokyo and Nagoya
Representative: Taro Kato (Mr.)
Contact: Susumu Sakabe (Mr.)
Director & Senior Vice President
(TEL: +81-52-872-7230)

Notice Regarding Revisions of Business Forecasts

NGK INSULATORS, LTD. does hereby advise that it has revised the business forecasts for fiscal 2012 announced on October 31, 2012 in light of recent performance trends.

1. Revisions to Business Forecasts

Forecast  consolidated financial results for fiscal 2012 (April 1, 2012 to March 31, 2013)

  Net sales Operating income Ordinary income Net income
Net income
(loss) per
Previous forecast (A) Millions of yen Millions of yen Millions of yen Millions of yen Yen
255,000 23,000 24,000 16,000 49.00
Revised forecast (B) 245,000 18,000 19,000 10,000 30.63
Change (B - A) (10,000) (5,000) (5,000) (6,000) -
Percentage-change (%) (3.9) (21.7) (20.8) (37.5) -
For Reference: Results from previous year
(fiscal 2011)
248,948 26,504 29,120 (35,351) (108.27)
Note: Results from the previous year reflect changes in accounting policies that have been retroactively applied.

2. Reasons for revisions

Net Sales will fall below the previous projections in each segment. The major reason for the downward revision in forecast results is a significant decline in the sale of automotive ceramic products within our Ceramics Products Business resulting from the sluggish auto market in Europe as well as a rapid decline in truck sales in North America. As regards our Electronics Business, sales demand for ceramic products for semiconductor manufacturing equipment, which was expected to recover in the second half of the fiscal year, also remains stagnant. Further, a decline in sales revenues for our Power Business is also forecast as a result of decreasing demand for insulators in China.

In terms of profits, operating income and ordinary income are projected to be lower than previous forecasts due to a decline in profitability resulting from lower revenues. Net income is projected to be much lower than previous forecasts, due to the addition of an impairment loss on the fixed assets of our insulator production companies in China during the third quarter.

Business forecasts are based on information available at the time of the release, but are subject to many uncertainties. Actual results therefore may vary from forecasts due to changes in business conditions and other factors. Your understanding is appreciated.


Consolidated Results - Segment Information
(After Elimination of Inter-Segment Transactions)

(Billions of yen)

  FY 2011
ended March 31, 2012
FY 2012
ending March 31, 2013
Previous Forecast Revised Forecast
Total Consolidated Sales 248.9 255.0 245.0
Consolidated Op. Income 26.5 23.0 18.0
Op. Income Ratio 11% 9% 7%
Power Business Consolidated Sales 56.7 56.0 55.0
Consolidated Op. Income (11.8) (5.0) (6.0)
Op. Income Ratio - - -
Ceramic Products Business Consolidated Sales 134.1 145.0 140.0
Consolidated Op. Income 33.3 27.0 24.0
Op. Income Ratio 25% 19% 17%
Electronics Business Consolidated Sales 58.2 54.0 50.0
Consolidated Op. Income 4.9 1.0 0.0
Op. Income Ratio 8% 2% 0%

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