Revision announcement
13 Février 2009 - 8:00AM
UK Regulatory
TIDMTAK
RNS Number : 2715N
Takefuji Corporation
13 February 2009
Announcement of Revisions to Operating Results Forecasts, Dividends Forecast and
Reduction of Directors' Compensation
Based on the recent trend of business results, Takefuji Corporation announces
revisions to its full-year operating results forecasts for the fiscal year
ending March 2009 (from April 1, 2008 to March 31, 2009), which were published
on November 6, 2008, and fourth quarter dividends forecasts, which were
published on May 23, 2008, as below.
Along with this revision, we also announce the reduction of directors'
compensation.
Details
1. Revisions to operating results forecasts
(1) Revisions to operating results forecasts for FY2008
(from April 1, 2008 to March 31, 2009)
+--------------------+-------+-------+-------+-------+-----------+-----------+------------+
| (Consolidated) | | |
+----------------------------+---------------+--------------------------------------------+
| | Operating | Operating | Ordinary | Net | Net |
| | Revenues | Income | Income | Income | Income |
| | | | | | per share |
+--------------------+---------------+---------------+-----------+-----------+------------+
| Previous forecast | Million yen | Million yen | Million | Million | yen |
| (A) | 190,900 | 17,500 | yen | yen | 21.96 |
| (announced on | | | 13,500 | 3,000 | |
| November 6, 2008) | | | | | |
+--------------------+---------------+---------------+-----------+-----------+------------+
| Current forecast | 185,700 | -218,100 | -222,700 | -264,100 | -1,938.50 |
| (B) | | | | | |
+--------------------+---------------+---------------+-----------+-----------+------------+
| Change (B-A) | -5,200 | -235,600 | -236,200 | -267,100 | |
+--------------------+---------------+---------------+-----------+-----------+------------+
|Rate of change (%) | -2.7 | - | - | - | |
+--------------------+---------------+---------------+-----------+-----------+------------+
| (Reference) The | 270,479 | 44,781 | 42,285 | 14,105 | 100.63 |
| previous fiscal | | | | | |
| year ended | | | | | |
| March 2008 | | | | | |
+--------------------+-------+-------+-------+-------+-----------+-----------+------------+
+--------------------+-------+-------+-------+-------+-----------+-----------+------------+
| (Non-consolidated) | | |
+----------------------------+---------------+--------------------------------------------+
| | Operating | Operating | Ordinary | Net | Net |
| | Revenues | Income | Income | Income | Income |
| | | | | | per share |
+--------------------+---------------+---------------+-----------+-----------+------------+
| Previous forecast | Million yen | Million yen | Million | Million | yen |
| (A) | 190,000 | 16,400 | yen | yen | 15.37 |
| (announced on | | | 12,400 | 2,100 | |
| November 6, 2008) | | | | | |
+--------------------+---------------+---------------+-----------+-----------+------------+
| Current forecast | 185,000 | -218,900 | -223,600 | -264,800 | -1,943.64 |
| (B) | | | | | |
+--------------------+---------------+---------------+-----------+-----------+------------+
| Change (B-A) | -5,000 | -235,300 | -236,000 | -266,900 | |
+--------------------+---------------+---------------+-----------+-----------+------------+
|Rate of change (%) | -2.6 | - | - | - | |
+--------------------+---------------+---------------+-----------+-----------+------------+
| (Reference) The | 269,452 | 43,741 | 40,666 | 13,064 | 93.20 |
| previous fiscal | | | | | |
| year ended | | | | | |
| March 2008 | | | | | |
+--------------------+-------+-------+-------+-------+-----------+-----------+------------+
(2) Main reasons of operating results forecasts revisions
As for operating revenues, interest income on direct cash loans are expected to
decrease along with the decrease in direct cash loans to customers and lowering
of interest rate. Operating expenses are expected to increase significantly due
to factors including a large amount increase of allowance for losses for refund
of interest received from customers and early write-off of non-performing loans.
These measures were conducted prior to Medium-Term Business Plan, with an
objective of stably securing profit after full enforcement of Money Lending
Business Law, considering the severe business environment where refund claims
are at high level.
In a severe business environment, we will further advance management efficiency
by readjusting organization and system, as well as addressing improvement of
financial structure, in order to bolster revenue base.
2. Revisions to the fourth quarter dividends forecasts
(1) Revisions to dividends forecasts
+--------------------+---------------+---------------+---------------+
| | Dividends per share |
+--------------------+-----------------------------------------------+
| Effect Date | Second | Fourth | Full Year |
| | Quarter | Quarter | |
+--------------------+---------------+---------------+---------------+
| Previous forecast | yen | yen | yen |
| (announced on | 30.00 | 30.00 | 60.00 |
| May 23, 2008) | | | |
+--------------------+---------------+---------------+---------------+
| Current forecast | - | 20.00 | 50.00 |
+--------------------+---------------+---------------+---------------+
| Actual results | 30.00 | - | - |
+--------------------+---------------+---------------+---------------+
| (Reference) The | 90.00 | 90.00 | 180.00 |
| previous fiscal | | | |
| year ended | | | |
| March 2008 | | | |
+--------------------+---------------+---------------+---------------+
(2) Main reasons of dividends forecasts revisions
We will revise the fourth quarter dividends forecast from 30 yen as previously
announced to 20 yen because the full year operating results are expected to
significantly decrease as described in section 1.
We give the first priority to return of profit to shareholders and consider that
shareholders' return through continuing long-term stable profit distribution as
the principle. Therefore, we work to maintain capital policy focusing on profit
distribution even though the business environment is severe.
3. Reduction of directors' compensation
We take the revisions of operating results forecasts and dividends forecasts and
will reduce the full-time directors' and executive officers' monthly
compensation by 10 to 30 % for the time being from March 2009, in order to
clarify management responsibility.
We also would like to announce that, considering recent various factors,
full-time corporate auditors offered partial reduction of their compensation as
voluntary return.
Note
The above forecasts and figures in the statements are based on beliefs in light
of information currently available as of the date of this announcement. Final
business results may differ from the forecasts above as a result of various
factors and future events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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