We expect that both sales and income will increase under our consolidated operating plan for the fiscal year ending March 2013.
We project a 323.2 billion yen gain due to a favorable sales mix resulting from a year-on-year sales increase, a 9.3 billion yen gain from our three internal companies, and a 10.4 billion yen foreign exchange gain, which will boost net sales to reach a record high of 1,860.0 billion yen.
Operating income is projected to total 67.0 billion yen, up 23.0 billion yen year on year. This uptick is due to increased sales volumes and reduced material costs that will offset increases in SG&A and R&D expenses. This will be examined in greater detail later on.
Ordinary income is expected to increase 25.7 billion yen to total 63.0 billion yen while income before income taxes and minority interests will total 60.0 billion yen, up 7.1 billion yen year on year due to an extraordinary gain from the sale of the Subaru Building posted last fiscal year.
Net income will amount to 48.0 billion yen, up 9.5 billion yen year on year due to tax expenses related to our overseas subsidiaries, etc.