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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

(1) Consolidated

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.

(2) Non-consolidated

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.


  • Kirin Holdings Inquiry Form: http://www.kirinholdings.co.jp/english/customer/
  • Kirin Holdings Web Site: http://www.kirinholdings.co.jp/english/

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