Fiscal Year 2012 First Half Results and Full ... - Toto Ltd. · TOTO This notice has been...

Fiscal Year 2012

First Half Results and Full Year Plan

October 31, 2012

TOTO

This notice has been translated from the original notice in Japanese.

In the event of any discrepancy, the original in Japanese shall prevail.

2

1．Financial Results for First half of FY2012

2．FY2012 Full Year Financial Plan

Contents

3．Topics of FY2012

1) Domestic Housing Equipment Business

2) Overseas Housing Equipment Business

3) New Domain Business

4) Promotion of the TOTO V-Plan 2017

The Company’s income and profit increased.

Sales increased in both Domestic and Overseas Housing Equipment businesses.

The Company also achieved cost reductions exceeding the targets.

[Domestic Housing Equipment Business]

- Thanks to an increase in the demand for home renovation as well as strong sales in public

facility remodeling, sales in the Remodeling business increased by 4% compared to last year.

- New Housing Sales increased by 2% compared to last year due to recovery in new housing

demand.

[Overseas Housing Equipment Business]

- The Company achieved increased income and profit despite a slight downturn in the global

economy.

- Thanks partly to a gradual market recovery, sales in the United States increased by 8%

compared to last year (*on a local currency basis).

- Despite signs of an economic downturn, sales in China increased by 12% (*) compared to last

year as a result of our business expansion into inland areas.

[New Domain Business]

- In the Environmental Construction Materials business, sales increased by 5% compared to last

year thanks to strong sales for house manufacturers.

- In the Ceramics business, the Company posted decreased income and profit as a result of

continued global market adjustments in IT industries. 3

2Q, FY2012 Results

4

Increased in sales and profit

■Financial results

2Q, FY11 YoY Difference

Results Plan Results (%)

+8.1

(+4%)

+0.2

(+4%)

+0.6

(+9%)

+1.0

-0.2-1.1

4.13.5

Net Sales 220.0

6.36.1

211.9 220.0

6.0

-1.0

2Q, FY12

6.2Recurring Profit

Operating Profit

6.8

Net Profit

Extraordinary Loss

5.5

3.0

-0.9

2Q, FY2012 Results

5

0

2

4

6

8

＜Operating Profit＞

Domestic H.E. 5.4 6.3

(Remodeling) 4.5 5.3

(New Housing) 0.9 1.0

Overseas H.E. 3.3 3.4

New Domain -1.3 -2.0

Others -1.3 -1.3

174.0 180.4

30.7 33.0

7.0 6.4

0

50

100

150

200

250

2Q,FY11 2Q,FY12

Others

New Domain

Overseas H.E.

Domestic H.E.

220.0

New Housing

56.6

(+7%)

( )= YoY difference

(+4%)

New Domain

New Housing

57.9

(+2%)

Remodeling

122.4

(+4%)

211.9

2Q,FY11 2Q,FY12

6.3 6.1

(+4%)

(-7%)

Remodeling

117.4

Increased in sales and profit

as domestic (new housing + remodeling) business and overseas business achieved growth

※Y billion, rounded down

■Sales and profit by business segment

2Q, FY2012 Results

2Q,FY11

Sales Sales YoY Operating YoY

(%) Profit (Y billion)

Restroom Products Total 68.4 71.1 +4% 7.0 -0.9

Fittings 39.0 41.0 +5%

Bathrooms 37.1 35.6 -4%

Modular Kitchens/Basins 18.9 19.0 +1%

Bath/Kitchen Products Total 95.0 95.6 +1% -1.3 +0.4

Others Totatl 15.4 18.0 +17% 0.7 +1.5

Total(Before adjustment) 178.9 184.8 +3% 6.3 +0.9

Domestic H.E. Total 174.0 180.4 +4% 6.3 +0.9

2Q,FY12

*2

*1: Revised from April as there were correction in announced results

*2: Internal sales or sales transferred between different segments

6

■Sales per products in domestic housing equipment


*1

*1

*1

2Q, FY2012 Results

In Local Currency In Japanese Yen($ million, rounded down) (JPY billion)

Americas 2Q,FY11 2Q,FY12 YoY 2Q,FY11 2Q,FY12 YoY

Net Sales 96.5 104.8 +8% 7.79 8.31 +7%

Operating Profit -2.0 0.1 - -0.16 0.01 -

(Exchange rate JPY/US$) 80.7 79.3

(Billion Chineseyuan, rounded down) (JPY billion)

China 2Q,FY11 2Q,FY12 YoY 2Q,FY11 2Q,FY12 YoY

Net Sales 1.25 1.40 +12% 15.63 17.56 +12%

Operating Profit 0.28 0.27 -1% 3.44 3.43 -0%

(Exchange rate JPY/RMB) 12.5 12.6

($ million, rounded down) (JPY billion)

Asian & Oceanian Region 2Q,FY11 2Q,FY12 YoY 2Q,FY11 2Q,FY12 YoY

Net Sales 75.2 75.1 -0% 6.07 5.96 -2%



(€ million, rounded down) (JPY billion)

Europe 2Q,FY11 2Q,FY12 YoY 2Q,FY11 2Q,FY12 YoY

Net Sales 10.6 12.0 +12% 1.24 1.18 -5%

Operating Profit -3.5 -3.1 - -0.41 -0.31 -

(Exchange rate JPY/Euro) 116.8 98.7

(JPY billion)

2Q,FY11 2Q,FY12

Result Result YoY

30.75 33.02 +7%

3.34 3.43 +3%

TOTAL

7

■Sales and profit per region in Overseas housing equipment

Increased in sales and profit as

Americas and China business achieved robust growth

2Q, FY2012 Results

8

■Cause of increase/decrease of operating profit

Positive Usual Cost Reduction +1.9

Factors V Plan Cost Reduction +2.1

Increase in Remodeling Sales +1.8

Increase in New Housing Sales +0.4

Increase in Overseas Sales +0.1

Negative Increase in material price

Factors V Plan investment -1.7

Increase in sales activities

Increase in labor cost -0.8

Respond to the expansion of volume zone market -0.8

Others -1.1

Total

2Q,FY12

Result

-0.5

+0.2

Cost Reduction

-1.2

+4.0


2Q, FY2012 Results

9



Contents






The Company plans to achieve increased income and profit.

10

[Revision in Performance Forecast]

- Taking into consideration the risk of falling demand in the Overseas Housing Equipment

business, the Company has revised its sales forecast downward.

- Thanks to sales from new products and the promotion of cost reductions, there is no

revision in the Company’s profit plan.

[Domestic Housing Equipment Business]

- The Company plans to increase Remodeling sales by 4% through enhanced remodeling

strategies using showrooms.

[Overseas Housing Equipment Business]

- The Company plans to increase sales in all regions, including Americas, China, Europe,

and Asia-Oceania.

- The Company plans to continue observing the changing business conditions,

especially the signs of economic downturns in China and elsewhere in Asia.

[New Domain Business]

- In both the Environmental Construction Materials and Ceramics businesses,

the Company plans to focus its efforts on high-priority areas.

FY2012 Annual Plan Overview

FY11 YoY

Results Former Plan Revised Plan (%)

+18.3

(+4%)

+2.2

(+12%)

+2.5

(+13%)Recurring Profit

Net Profit

Extraordinary Loss -4.5

13.0

Operating Profit

22.022.019.5

9.2

Net Sales 471.0

21.018.7

475.0

21.0

452.6

FY12

-3.9 -4.5

13.0+3.7

(+40%)

-0.7

11

■Financial Plan


FY2012 Plan

375.4 386.5 388.2

62.6 71.5 67.6

14.416.8 15.0

0

100

200

300

400

500

Others

New Domain

Overseas H.E.

Domestic H.E.

0

4

8

12

16

20

24

Domestic H.E. 17.2 18.0 20.0

(Remodeling) 14.2 14.9 16.6

(New Housing) 2.9 3.0 3.3

Overseas D.E. 7.0 8.4 7.4

New Domain -2.9 -2.6 -3.6

Others -2.5 -2.8 -2.8

452.6 475.0

New Housing

126.9

(+14%)

New Housing

127.5

(±0%)

Remodeling

258.9

(+4%)

Others 0.1

New Domain New Domain

New Housing

129.2

(+2%)

Remodeling

258.9

(+4%)

471.0

FY11 Result

FY12 Revised

Plan

18.7 21.0 21.0

830 thousands 800 thousands (-4%) 860 thousands (+3%) …New housing starts (Jan-Dec)

810 thousands 810 thousands (-1%) 850 thousands (+5%) …New housing starts on delivery base

(+3%)

(+16%)

Remodeling

248.4

FY11

Results

FY12

Former Plan

FY12

Revised Plan

＜Operating Profit＞

(+3%)

(+8%)

New Domain

15.0

12

Revised domestic new housing target upside by revising housing starts forecast,

Revised Overseas target downside due to Asian economic slowdown

■Sales and profit by business segment

※Y billion, rounded down ( )= YoY difference

Others 0.2

Others 0.2 (+4%)

(+5%) (+4%)

FY12 Former

Plan

FY2012 Plan

FY11

Sales Sales YoY Operating YoY

(%) Profit (Y billion)

Restroom Products Total 146.1 148.8 +2% 16.5 -0.6

Fittings 86.4 89.4 +3%

Bathrooms 74.1 73.9 -0%

Modular Kitchens/Basins 39.9 41.5 +4%

Bath/Kitchen Products Total 200.5 204.8 +2% 1.4 +2.8

Others Totatl 39.2 43.6 +11% 2.1 +0.6

Total(Before adjustment) 385.9 397.2 +3% 20.0 +2.8

Domestic H.E. Total 375.4 388.2 +3% 20.0 +2.8

FY12

13

■Sales per products in domestic housing equipment


*2

*1: Revised from April as there were correction in announced results

*2: Internal sales or sales transferred between different segments

*1

*1

*1

FY2012 Plan

14

Increase in sales and profit though we see slowdown in

Chinese real estate market and some Asian economy

■Sales and profit per region in Overseas housing equipment In Local Currency In Japanese Yen


Americas FY11 FY12 FY11 FY12

Results Plan YoY Results Plan YoY

Net Sales 191.9 207.6 +8% 14.91 16.40 +10%

Operating Profit -8.3 3.8 - -0.64 0.30 -


(Billion Chineseyuan, rounded down) (JPY billion)

China FY11 FY12 FY11 FY12


Net Sales 2.74 2.91 +6% 33.77 35.80 +6%


(Exchange rate JPY/RMB) 12.3 12.3


Asian & Oceanian Region FY11 FY12 FY11 FY12


Net Sales 153.8 163.3 +6% 11.95 12.90 +8%



(€ million, rounded down) (JPY billion)

Europe FY11 FY12 FY11 FY12


Net Sales 19.4 26.3 +35% 1.95 2.50 +28%

Operating Profit -7.8 -6.3 - -0.78 -0.60 -

(Exchange rate JPY/Euro) 100.7 95.0

(JPY billion)

FY11 FY12

Results Plan YoY

62.60 67.60 +8%

7.02 7.40 +5%

TOTAL

FY2012 Plan

15

■Cause of increase/decrease of operating profit


Positive Usual Cost Reduction + 4.3 + 4.0

Factors V Plan Cost Reduction + 4.1 + 3.6

Increase in Remodeling Sales + 3.7 + 3.6

Increase in New housing sales + 0.7 +0.2

Increase in Overseas Sales + 0.3 + 1.4

Negative Increase in material prices -1.2 -1.8

Factors V Plan investments (Initial cost for new plat etc) -2.5 -2.6

Strengthening investment sales -2.1 -2.1

Increase in labor cost -1.8 -1.8

Respond to the expansion of volume zone market -1.7 -1.4

Others -1.6 -0.9

TOTAL +2.2 +2.2

FY12Plan

(Former)

+ 7.6+ 8.4Cost Reduction

FY12Plan

(Revised)

FY2012 Plan

16

Annual dividend is 12.0 yen as originally planed

■Dividend

FY2011

Results

FY2012

Plan

1H Y5.0 Y6.0

2H Y5.0 Y6.0

Full Year Y10.0 Y12.0

FY2012 Plan

17



Contents






18

• Opening of the TDY Tokyo Collaboration Showroom: November 3 (Sat.), 2012

■ Running of TDY* Collaboration Showrooms


TDY General Reception (conceptual drawing)

Raise remodeling customer satisfaction through three-company collaboration-based space

proposals provided based on the TDY alliance platform that has been built over the past decade

*TDY Alliance:

In February 2002, TOTO, DAIKEN, and YKK AP entered

into a business alliance for product planning/ development

and a marketing support framework. Together, we aim to

present pleasant living spaces by giving customers better-

than-expected satisfaction based on our enhanced

remodeling space proposal abilities. February 2012 marked

the 10th anniversary of this alliance.

Kitchen Studio (conceptual drawing)

• Opening of the TY Fukuoka Collaboration Showroom (July 2012)

First collaboration showroom in Kyushu.

Collaborating with DAIKEN’s showroom and

Seibu Gas company’s adjacent showroom to

increase the number of visitors

TDY Collaboration Space Display

7th and 8th floors of JR Minami Shinjuku

Building

Display space: Approx. 1,120 tsubo (3,700 m2)

TD collaboration display space: Approx. 60 tsubo (198 m2)

TOTO: Approx. 500 tsubo (1,650 m2)

DAIKEN: Approx. 180 tsubo (594 m2)

YKK AP: Approx. 250 tsubo (625 m2)

The largest display space in Japan for each of

these companies

TDY’s flagship showroom launched in Tokyo to advertise products for the TDY alliance

Increase in the number of visitors

by approx. 120% over last year

19

Usage-based design proposals for

public facilities

Enhancing design proposals for public facilities through the Technical Center

Detailed design proposals in special seminars and annual magazines for special facilities,

such as hospitals, nursing care facilities and schools

Enhancement of design proposals for

professional designers and planners

• Relocation of the TOTO Technical Center Opened on November 3, 2012

Enhancement of displays of toilets for public facilities, including

commercial facilities, schools and hospitals, as well as displays

that enable visitors to experience our technologies; extension of

the meeting hall for design proposal presentations (maximum

capacity 150); wide-ranging guidance for professional designers

and planners visiting the Technical Center, in conjunction with

the TDY Collaboration Showroom, an annex to the Center

• For hospitals and nursing care facilities

Display at the International Home Care and Rehabilitation

Exhibition (HCR): September 2012

Reference exhibit: bedside flush

toilet (conceptual drawing)

A large turnout of visitors from hospitals and

nursing care facilities (perspective drawing)

• For schools

School Toilet Research Group

Since 1997, this group has been conducting

surveys on the overall environment and

conditions of school toilets, and publishing annual

reports. Its report on school toilets published after

the 2011 Tohoku Earthquake attracted the

attention of many interested parties.


20

SAZANA fully remodeled in August 2012, including the platforming of bathroom floor design

The GG faucet series for kitchens and bathrooms released in July 2012

SAZANA

New SAZANA released in August 2012 GG faucet series released in July 2012

SAZANA basic design

Hokkarari floor Vacuum-insulated

bathtub (complies with

JIS high-heat insulation

standards)

Aerated showerhead

GG faucets

Bathrooms designed to

be easy to use, beautiful

in appearance as well as

comfortable. New

designs for bathtubs,

such as the Cradle

Bathtub, designed to

provide cradle-like

comfort.

Kitchen faucets Bathroom faucets

All kitchen faucets are equipped with the eco-single function and all

bathroom showerheads are equipped with the aerated shower function.

Built-in features

Eco-single function Aerated showerhead

Hot water

Hot/cold

mixing Cold water

1) Domestic Housing Equipment Business: New Products

21

Beijing

Wuhan Chongqing

Xian

Guangzhou

Qingdao

Hangzhou

Shenzhen

Ningbo

Zhengzhou

Nanjing

Displays at a large exhibition

Flagship showrooms continue to be opened in inland areas in response to growing demand;

improvement in brand recognition and design proposals answering local needs

Kitchen & Bath China 2012

Enhanced marketing in inland regions

Showrooms opened in inland regions following last year’s opening of

showrooms in Zhengzhou, Xian and Chongqing; showrooms scheduled

to be opened in inland regions and cities in the northeastern region

• Shanghai: May 23 to 26, 2012 Advertising technologies and design with the new Neorest and other

space design proposals

Recent business

climate in China

Increase in the size of the venue as well

as the number of participating

companies

2012: Number of visitors: 120,000

Number of companies: 1,126

Continuing to exhibit

standardized products,

including a lineup of

luxury products and

space proposals

Open Wuhan Flagship Showroom (Aug 2012)

2) Overseas Housing Equipment Business: China

• As a result of the downturn in the real-estate market, sales during the second half-year period are likely to fall

short of the goal in the initial plan

• No serious effects from recent political issues

• Business conditions for the next fiscal year and beyond will fluctuate and there is a need to pay close attention

to business trends

22

Europe Business Americas Business

TOTO will continue to advertise TOTO’s technologies, increase sales of new products

in the Americas and further expand our marketing network in Europe.

Kitchen & Bath Show 2012

• One-gallon toilets

• Business Climate • Chicago: April 24 to 26, 2012

The new Neorest and other one-gallon toilets attracted great

attention in the United States, where strict water use regulations are

enforced.

TOTO is developing toilets

that consume 1 gallon

(approx. 3.8 liters) of water

per flush. One-gallon toilets

have been launched in the

U.S. in anticipation of

stricter regulations than the

current 6.0-liter rule.

Displays at the ISH (International Sanitary

and Heating)

• Frankfurt, Germany: March 12 to 16, 2013

• The world’s largest exhibition, where new products and

technologies are advertised worldwide. We will participate in the

exhibition for the third time in order to widely advertise TOTO’s

presence.

Last year’s exhibition (March 2011)

Number of visitors: 204,000; Number of companies: 2,355

Building marketing channels mainly in Germany, France and the

United Kingdom and promoting the exhibition of TOTO products in

dealers’ showrooms

2) Overseas Housing Equipment Business: Americas and Europe

23

Business Climates

• Vietnam

• India

Topics: VIETBUILD HCM 2012

• Taiwan

Aiming to enhance marketing networks and increase the number of local showrooms,

despite temporary stagnation in some areas

• The economy is stagnating.

• Increase in the number of dealers’

showrooms

More than 70 showrooms in India

• TOTO will display its products in

ACE (Mumbai and Delhi), India’s

largest exhibition, for the third

consecutive year.

• TOTO’s business in Taiwan has been brisk, with sales continuing to

exceed last year’s levels.

• Sales of sanitary ware, TOTO’s major products in Taiwan, continue

to be strong.

• Despite a high economic growth rate, sales are temporarily stagnant

due to the government’s fiscal tightening policies to cope with

soaring inflation.

• Delays in production prevent sales from growing in some areas.

• Enhancing the marketing network in order to attract disparate

customers

In the exhibition in Vietnam, in addition to the new Neorest and new

Washlet products, TOTO also displayed water-saving toilets and

faucets. TOTO’s water-saving products attracted great attention and

TOTO received inquiries from many customers.

• Middle East • Sales are stagnating due to project delays in some areas.

• There has been no significant increase in the number of customers,

and retail sales are also weak due to a decrease in the number of new

project contracts and unstable market conditions.

ACE in 2011

• Ho Chi Minh City: July 2012 (7th participation)

2) Overseas Housing Equipment Business: Asia-Oceania

24

Ceramics Business

TOTO will continue its drive to put its new-domain businesses on a firm, profitable footing

Fuel Cell Batteries TOTO will promote the manufacture and development of ceramic power generation cells (SOFC) and power

generation modules, products based on the Company’s unique technologies related to the power generation

module (the core part of the fuel cell battery). We aim to commercialize these products at the earliest opportunity.

• A basic transaction contract concluded with

Casalgrande Padana, a major Italian tile

manufacturer, including agreements on the licensing

and use of Hydrotect.

• The third European Hydrotect Network meeting held

with the participation of seven major European

companies, including Alcoa, a major aluminum

material company. Participants had lively discussions

about how to improve brand recognition of Hydrotect.

Although a phase of business adjustment is

continuing in the semiconductor market, sales are

likely to recover in the fourth quarter of this year.

TOTO will continue to improve the profitability of

individual products in order to prepare for a

market recovery.

Environmental Construction Materials Business

In September 2012, Casalgrande Padana displayed

its products and made a presentation in Cersaie, the

world’s largest tile exhibition

Enhancing collaboration with overseas licensees and domestic house manufacturers in

order to promote the sales of Hydrocera products and coatings

• In July 2012, TOTO displayed its

original AD method, electrostatic

zippers and structural materials at

SEMICON West, North America’s

largest exhibition.

-40

-20

0

20

40

60

80

100

120

(100 million yen)

Net sales

Operating

income

91.3

–15.5

FY2011 actual FY2012 forecast

96.0

–15.0

-40-20

020406080

100120

53.3

–13.9

54.0

–21.0

module

3) New Domain Businesses

Net sales

Operating

income

(100 million yen)

FY2011 actual FY2012 forecast

25

Business Reorganization

New office building: Shiodome Building

Period: June 2013 (scheduled)

Offices to be integrated: Toranomon Office,

Sakurashinmachi Office, etc.

Objectives:

1. Enhancement of communication

2. Improvement of work efficiency

3. Development of a strong infrastructure

• Tokyo office relocation and integration

• Construction of a multi-purpose facility building

on the Kokura No. 1 Plant premises

Name: New Multi-purpose Facility Building (working title)

Facilities: TOTO History Museum, Kitakyushu showroom & training center

Objectives:

1. To advertise TOTO’s brand products in the place where the company

was initially established

2. To make environmental contributions as a corporate citizen of

Kitakyushu City, an environmental city for the future

3. To maintain harmonious relationships with stakeholders

Construction period: Construction scheduled to be started in the fall of 2013

and completed in the second half of FY2014

• Spinning off of a faucet product company

• Merger of TOTO Enpla and TOTO Platec

Name: TOTO Platechno Ltd.

Period: April 2013 (scheduled)

Companies to be merged: TOTO Enpla and TOTO Platec

Objectives: Enhancement of the competitiveness of the entire TOTO Group

through the efficient and effective use of business resources

• Spinning off of a sanitary ware company

4) Promotion of TOTO V Plan 2017

Promoting business reorganization in order to achieve speedy and efficient operations

and to pass on manufacturing skills

Name: TOTO Aqua Techno Ltd. (newly established company)


Divisions demerged: Manufacturing div. at the Kokura No. 2 Plant and Oita Plant

Objectives:

1. Clarification of the roles and responsibilities of the headquarters’ functions

and manufacturing functions

2. Improvement of work efficiency, product quality and cost competitiveness

Name: TOTO Sanitechno Ltd.


Division demerged: Kokura Plant Sanitary Ware Manufacturing Division

(Demerger of all sanitary ware manufacturing divisions completed by this

demerger, which follows the demerger of the Shiga and Nakatsu plants)

Objectives: Improvement of product quality and cost competitiveness

through exchange of personnel and technologies

26

V Plan Examples

Global development of core

technologies created in Japan

(global standard technologies)

Designs to meet local needs

(Localization of product

planning and development)

Released in

August 2012

• Platforming of bathroom unit floors

Marketing innovation Manufacturing innovation Manufacturing innovation

SPRINO for

detached houses

New SAZANA for detached houses

New Hirogaru WF

for condominiums

For condominiums

and new houses

Released in August 2012 Volume zone

Platforming started in 2013

• Toilet sanitizing technology

Approx. 50% reduction

in the use of large-sized parts

4) Promotion of TOTO V Plan 2017

The toilet sanitizing function will be made available not only in Japan

but in the global market as soon as possible

Platforming of bathroom unit floors

Released in

September 2012

Released in

February 2012

27

Selected as a member of the Dow Jones Sustainability Index (DJSI World) for two consecutive years

TOTO is developing Green Challenge initiatives in Japan and overseas

as a driving force to promote TOTO V Plan 2017

Bilateral Credit (Vietnam)

TOTO has been selected as a member of the

highest-ranking World Index for two consecutive

years, and as a member of the Asia Pacific Index

for four consecutive years.

* Proposed for METI’s Global Warming Prevention Promotion Project (second call);

TOTO was commissioned to conduct the survey.

Following its project in Dalian, China, TOTO has started a

feasibility survey* in Vietnam in order to develop strategies

to use carbon credits by promoting the use of water-saving

showers and other products.

From approximately 2,500 companies worldwide, 340 (of which

20 were Japanese companies) were chosen this year as members

of the World Index. A total amount of approx. 7 billion dollars of

financial products are managed based on this index.

Participation in an Eco-products Exhibition

Theme: Water and Heat Saving

One year and a half after the 2011 Tohoku

Earthquake, TOTO is continuing its efforts to

raise water-saving awareness and to establish

water-saving practices in daily life.

Advertising our water and heat saving

products will increase customers’

environmental awareness and stimulate their

interest in remodeling kitchens and

bathrooms.

December 13 to 15, 2012 at Tokyo Bigsite

Aerated showerhead

4) Promotion of TOTO V Plan 2017: Green Challenge

Conceptual Diagram Showing CO2 Reductions by Bilateral Credit Mechanism

Japan

• Mitsubishi UFJ Morgan Stanley Securities • TOTO • Kitakyushu City • Asian Saving Water Council

Water-saving home facilities

Carbon credits

Vietnam

CO2

reductions

Purpose of the current survey:

Measurement and corroboration

of CO2 reductions

This presentation material contains forward-looking statements based on

assumptions, estimates and plans as of October 31, 2012.

Actual performance may differ materially from these forward-looking statements

due to risks and undermined factors arising from changes in the world economy,

competition and foreign currency exchange rates.

Fiscal Year 2012 First Half Results and Full ... - Toto Ltd. · TOTO This notice has been...

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