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Promoting Our Medium-Term Management Plan—BBBO2017:Progress of BBBO2017

In our medium-term management plan “Be the Best, Be the One 2017 (BBBO2017),” we have been promoting managerial reforms and growth strategies, enhancing “individual capability” and “organizational capability,” and securing financial soundness based on the theme of making Groupwide efforts in overcoming issues and outlining a path toward the realization of “What We Aim to Be in 2019, Our Centennial Year,” in light of changes in the environments that surround our businesses as well as managerial issues that manifested in large-scale impairment losses in fiscal 2014.

Overview of BBBO2017

Overview of BBBO2017

Annual Results for FY2015

Non-mineral resources businesses made a steady showing overall in fiscal 2015, but performance deteriorated in our mineral resources businesses and tubular products business due to falling mineral resources prices, and several businesses including upstream resource-related ones saw impairment losses of approximately ¥195.1 billion. Consequently, consolidated net income came to ¥74.5 billion yen vis-à-vis our target of ¥230.0 billion.

Breakdown of Impairment Losses in FY2015

Cash Flows in FY2015

In fiscal 2015, we recovered approximately ¥230.0 billion in funds owing to asset replacement including the business reorganization of our automotive financing business in Indonesia and disposal of our renewable energy power generation business. In addition, cash was generated due to a decrease in working capital. As a result, post-dividend free cash flow for fiscal 2015 reached a positive figure of ¥451.9 billion.