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VISIONWe at the Showa Denko Group will provide products and services that are useful and safe and exceed our
customers’ expectations, thereby enhancing the value of the Group, giving satisfaction to our shareholders, and contributing to the sound growth of international society as a responsible corporate citizen.
Unique Chemical Company with Individualized Products;Unique Chemical Company with Individualized Products;Aiming to Fulfill Corporate Social ResponsibilityAiming to Fulfill Corporate Social Responsibility
This presentation, containing performance forecast and business/product development programs, has been prepared based on information available at this moment. The Company cannot guarantee that these programs will be implemented or the performance forecast will be accurate. Please note that actual results may differ materially from the forecast or plans due to a variety of factors, including changes in the market conditions. Development of businesses and products may be delayed or not materialized due to a variety of factors, including market acceptance and the introduction of new products by competitors.
Passion ProjectLaying groundwork for long-term sustainable growth
December 11, 2007
Showa Denko K.K.
Passion ProjectLaying groundwork for long-term sustainable growth
December 11, 2007
Showa Denko K.K.
IndexIndexIndex
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
Passion Project implementation and results in 2007 41 Exceeding financial goals 52 Continued increases in operating income 63 Continued reductions in interest-bearing debt 74 Progress in business portfolio strategy 85 Major steps taken in 2007 96 Main new products launched in 2007 107 Summary of achievements in 2007 11
PARTPARTⅡⅡ Growth StrategyGrowth Strategy
HD HD industry trends in 2007 13Leading the shift to high-capacity PMR media 14HDD market continues to grow 15SDK share increasing as PMR-shift leader (1) 16SDK share increasing as PMR-shift leader (2) 17SDK is the leader in PMR technology 18Accelerating development for higher capacity 19
Semiconductor-processing materialsBuilding unique business models 20
Creating “new growth driver” businessesCommercial production of ultrabright LED chips 21Ultrabright LED market starting up quickly (1) 22Ultrabright LED market starting up quickly (2) 23Ultrabright LED chip capacity expansion 24Carbon nanofiber VGCFTM 25
PARTPARTⅢⅢ Base Business StrategyBase Business Strategy
Graphite electrodesHigh profit and competitive position 27
Rare earth magnetic alloysIndividualized business model 28Advanced technologies 29
AluminumStructural reform continues 30
Closing RemarksClosing Remarks
Aiming to realize our corporate “image” in 2010 32Reducing greenhouse gas emissions 33
Sales and operating income by segment 34
2
PARTⅠ Summary of Second Year AchievementsPARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
3
1. Going to exceed financial goals for the second year of Passion Project
2.Strengthening portfolio through capacity expansion and establishment of new sites
3.Accelerating growth strategy through development of new products/technologies
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
4
HD: Established PMR-media production setup; Profit increasing in and after 2Q
Substantially increasing ultrabright LED chip production capacity
Operating income: ¥74 billion; Interest-bearing debt at year-end: ¥410 billion
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
Up in all segmentsUp in all segments¥870 billion¥870 billion¥1,000 billion¥1,000 billionNet salesNet sales
1.7 times1.7 times1.4 times1.4 timesD/E ratioD/E ratio
¥435 billion¥435 billion¥410 billion¥410 billionInterest-bearing debtInterest-bearing debtSubstantially exceeding
goalsSubstantially exceeding
goals
Petrochemicals/Aluminum sales up due to higher feedstock costs, resulting in lower profit ratio
Petrochemicals/Aluminum sales up due to higher feedstock costs, resulting in lower profit ratio
8.4 %8.4 %7.4 %7.4 %Profit ratio (operating income basis)Profit ratio (operating income basis)
Up in Petrochemicals and Inorganics; Aluminum will not reach goal
Up in Petrochemicals and Inorganics; Aluminum will not reach goal¥73 billion¥73 billion¥74 billion¥74 billionOperating incomeOperating income
NoteNoteGoals for 2007Goals for 2007Expected results in 2007
Expected results in 2007
5
Going to exceed all goals, except for profit ratioGoing to exceed all goals, except for profit ratio
2007 forecast was revised on August 7th.
73.0
57.2
68.7
100.0
79.0
52.1
31.3
19.2
38.5
0
10
20
30
40
50
60
70
80
90
100
110
2001 2002 2003 2004 2005 2006 2007 2008 2010
74.074.0
6
Project PassionProject Passion
73.0
85.0
2007 Goal under Project ¥73 billionExpected results ¥74 billion2007 Goal under Project ¥73 billionExpected results ¥74 billion
Operating income exceeding the goalOperating income exceeding the goal
Down ¥6 billion due to changes
in depreciation
system
Down ¥6 billion due to changes
in depreciation
system
(billion yen)
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
448.8 400.0
435.0
433.2
527.4
622.4581.1
502.4
1.0
2.2
1.41.61.8
4.5
3.9
2.8
3.2
350
400
450
500
550
600
650
2001 2002 2003 2004 2005 2006 2007 2008 2010
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
interest-bearing debt D/Eratio
(billion yen)(times)
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
Interest-bearing debt D/E ratio
2007 Goal under Project ¥435 billion 1.6 timesExpected results ¥410 billion 1.4 times
7
Substantially exceeding the goal, reflecting Substantially exceeding the goal, reflecting improved financial strengthimproved financial strength
Project PassionProject Passion
410.0410.0
1.41.4
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
8
Rare earth magnetic alloysRare earth magnetic alloysHDHDUltrabright LEDsUltrabright LEDs
AlloysAlloysHighHigh--purity foils for capacitorspurity foils for capacitorsHighHigh--performance componentsperformance componentsHeat exchangersHeat exchangersAluminum cansAluminum cans
Aluminum Aluminum and otherand other
CeramicsCeramics
Graphite electrodesGraphite electrodesFine carbonsFine carbonsInorganicsInorganics
Compound Compound semiconductorssemiconductors
SemiconductorSemiconductor--processing processing materialsmaterials
CapacitorsCapacitorsElectronicsElectronics
Base chemicalsBase chemicalsFine chemicalsFine chemicals
AmmoniaAmmoniaLife scienceLife scienceChemicalsChemicals
Specialty polymersSpecialty polymersNew specialty polymersNew specialty polymers
Plastic Plastic productsproducts
OlefinsOlefinsOrganic chemicalsOrganic chemicalsPetroPetro--
chemicalschemicals
Cash cowCash cowGrowth driversGrowth driversNew growth driversNew growth drivers
Base businessesBase businessesGrowth businessesGrowth businesses
Development and commercializationDevelopment and commercializationof new productsof new products Business expansionBusiness expansion Structural reformStructural reform
Strengthening portfolio in line with Passion ProjectStrengthening portfolio in line with Passion Project
- Sold Shares in Heisei Polymer
- Sold the moisture removal sheet business
- Dissolved Showa Aluminum Alloy
- Withdrew from the commodity foils business
- Absorbed Showa Financing
Strengthened Strengthened ““growth drivergrowth driver”” and base businessesand base businessesCapital investments in 2007: Capital investments in 2007: ¥¥80.380.3 billionbillion
9
Focusing on largeFocusing on large--diameter products: One each plant in Japan and U.S.; diameter products: One each plant in Japan and U.S.; Combined capacity increased from 15,000 tons to 25,000 tons/yearCombined capacity increased from 15,000 tons to 25,000 tons/yearGraphite electrodesGraphite electrodes
Expanded capacity for Expanded capacity for LCDLCD--processing abrasivesprocessing abrasivesCeramicsCeramicsStrengthened presence in China (Turning into a consolidated subsStrengthened presence in China (Turning into a consolidated subsidiary idiary and expanding production capacity)and expanding production capacity)Heat exchangers for carsHeat exchangers for cars
Decided to install modern cracking furnaces at Oita Complex in 2Decided to install modern cracking furnaces at Oita Complex in 2010010OlefinsOlefins
Increased allyl alcohol productionIncreased allyl alcohol production from 50,000 tons to 56,000 tons/yearfrom 50,000 tons to 56,000 tons/yearOrganic chemicalsOrganic chemicals
Second plant in ChinaSecond plant in China completed completed →→ 8,000 tons/year capacity8,000 tons/year capacityRare earth magnetic alloysRare earth magnetic alloys
HDHD
Aluminum cylinders for laser printers: StartAluminum cylinders for laser printers: Start--up of a new plant in Oitaup of a new plant in OitaHighHigh--performance aluminum performance aluminum componentscomponents
HighHigh--purity ammonia capacity expansion in Taiwan; New specialty gas purity ammonia capacity expansion in Taiwan; New specialty gas storage facility in South Koreastorage facility in South Korea
SemiconductorSemiconductor--processing processing materialsmaterials
Commercial production of PMRCommercial production of PMR--mediamedia with worldwith world’’s highest capacitys highest capacity334GB/P (3.5334GB/P (3.5--inch mediainch media))・・160GB/P (2.5160GB/P (2.5--inch mediainch media))80GB/P (1.8980GB/P (1.89--inch mediainch media))
StartStart--up of a new plant in Singapore; Capacity expansion to 22 millionup of a new plant in Singapore; Capacity expansion to 22 milliondisks/month by the end of 2007disks/month by the end of 2007
Major steps and expansionsMajor steps and expansionsBusiness unitsBusiness units
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
VGCFVGCFTMTM: Production capacity reached 100 tons/year: Production capacity reached 100 tons/yearVGCFVGCFTMTM--SS: Started shipments: Started shipmentsFine carbonsFine carbons
Started shipments of Karenz Started shipments of Karenz MOIMOITMTMEGEG for photofor photo--curing of resinscuring of resinsFine chemicalsFine chemicals
Started shipments of Started shipments of TPNaTPNaTMTM waterwater--soluble stabilized vitamin E soluble stabilized vitamin E Life scienceLife science
Developed phosphorousDeveloped phosphorous--based flamebased flame--retardant and resins for lowretardant and resins for low--odor odor thermalthermal--insulation paintsinsulation paintsSpecialty polymersSpecialty polymers
Established Hybrid PPDEstablished Hybrid PPDTMTM process for nitrideprocess for nitride--based semiconductorsbased semiconductorsGalliumGallium--nitride blue LED chip capacity: 200 million units/monthnitride blue LED chip capacity: 200 million units/monthAlGaInP LED chip capacity: 200 million units/monthAlGaInP LED chip capacity: 200 million units/month
Ultrabright Ultrabright LEDLEDss
Developed new heatDeveloped new heat--resistant transparent sheets and films for displaysresistant transparent sheets and films for displaysOther new businessesOther new businesses
Major steps and expansionsMajor steps and expansionsBusiness unitsBusiness units
10
Creating Creating ““new growth drivernew growth driver”” businessesbusinesses
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
Results of successful business portfolio strategy
1.Further strengthening of “growth driver”businesses
2.Progress in the development of “new growth driver” businesses
3.Substantial improvement in financial strength
11
PARTPARTⅠⅠ Summary of Second Year AchievementsSummary of Second Year Achievements
PARTPARTⅡⅡ Growth StrategyGrowth Strategy
12
11..Quick commercialization of PMR media and growingQuick commercialization of PMR media and growingdemand for highdemand for high--capacity mediacapacity media
22. Continued growth of demand for HDDs, centering on. Continued growth of demand for HDDs, centering onconsumer electronics and notebook PC applicationsconsumer electronics and notebook PC applications
33..Further progress in consolidation of the industryFurther progress in consolidation of the industry
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
13
Establishment of optimum production setup with technological advantages:
Key to success in media business
Establishment of optimum production setup with Establishment of optimum production setup with technological advantages: technological advantages:
Key to success in media businessKey to success in media business
0
5
1 0
1 5
2 0
2 5
2 0 0 6
1 Q
2 0 0 6
2 Q
2 0 0 6
3 Q
2 0 0 6
4 Q
2 0 0 7
1 Q
2 0 0 7
2 Q
2 0 0 7
3 Q
2 0 0 7
4 Q
L o n g i t u d i n a l
P M R
Breakdown of shipments: Longitudinal vs. PMR(Million disks/month)
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
14
(Forecast)
PMR media account for 80% of SDKPMR media account for 80% of SDK’’s shipments in 4Q s shipments in 4Q ‘‘0707
80%80%
Completion of the shift
Completion of the shift
Shift to PMR began in full scale
Shift to PMR began in full scale
215 230 244 258 260 262 269
26 28 28 29 30 3177101
131164 200
274
6376
99
123151
179
211
30
238
0
100
200
300
400
500
600
700
800
900
2005 2006 2007 2008 2009 2010 2011
Brisk demand to continueBrisk demand to continue
HDD demand forecast
(Million units)
2005-08Growth rate: 15% per year
SDK leading the market, centering on growing consumer SDK leading the market, centering on growing consumer electronics and notebook PC applicationselectronics and notebook PC applications
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
15
(Data : TRENDFOCUS)
2008-11Growth rate: 11% per year CE
22%/yearCECE
22%22%/year/year
Notebook PC24%/year
Notebook Notebook PCPC24%24%/year/year
Server3%/yearServerServer
3%3%/year/year
Desktop PC
4%/year
Desktop Desktop PCPC
4%4%/year/year
(2005-11 Average growth rate)
Strengthening presence amid reorganization of the industryStrengthening presence amid reorganization of the industry
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
16
Total shipments【3Q 2006】
SDKSDK19.4%
KomagKomag1199..33%%
Fuji ElectricFuji Electric1100.7%.7%
HOYAHOYA77..99%%
FujitsuFujitsu3.3.33%%
SeagateSeagate2277..99%%
HGSTHGST111.5%1.5%
SDK 23.4%
Fuji ElectricFuji Electric88..00%%
HOYAHOYA44..44%%
FujitsuFujitsu3.3.44%%
HGSTHGST1155..99%%
SeagateSeagate3131..88%%
KomagKomag1133.1%.1%
(Data : TRENDFOCUS)
【3Q 2007】Total shipments
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
17
SDKSDK30.6%
KomagKomag1100..88%%
Fuji ElectricFuji Electric77..44%%
HOYAHOYA44..11%%
FujitsuFujitsu00..88%%
SeagateSeagate3131..55%%
HGSTHGST1414..88%%
KomagKomag1100..00%%
Fuji ElectricFuji Electric88..66%%
FujitsuFujitsu88..22%%
HGSTHGST22..77%%
SeagateSeagate2929..88%%
SDKSDK40.8%
(Data : TRENDFOCUS)
Shipments for CE applications【3Q 2006】 【3Q 2007】
Shipments for CE applications
Gained the dominant share in the growing CE marketGained the dominant share in the growing CE market
World leader in production of third-generation PMR media【World’s first and largest-capacity media】
1.89-inch: 80 GB/P (Commercial production started in April.)2.5-inch: 160 GB/P (Commercial production started in April.)3.5-inch: 334 GB/P (Commercial production started in June.)
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
Established the leadership position in development andEstablished the leadership position in development andcommercialization of PMR mediacommercialization of PMR media
18
Optimized setup to increase PMR media productionOptimized setup to increase PMR media productionExpanding total capacity to 22 million disks/monthExpanding total capacity to 22 million disks/month by the end ofby the end of 20072007
→→ Accelerating expansionAccelerating expansion to reach 24 million disks/month by the end of 2008to reach 24 million disks/month by the end of 2008
PMR-related cost increase has passed its peak→ Profit improving since 3Q 2007・”Shift to PMR” completed at all existing production lines ・Increased depreciation expenses due to the installation of new lines are compensated by the
rise in shipment volumes of HD media.・Established a ruthenium recycling system → Improving cost performance
PARTPARTⅡⅡ Growth Strategy: HD Media BusinessGrowth Strategy: HD Media Business
The trend toward higher The trend toward higher capacity is accelerating. capacity is accelerating. (100%/year growth in 2007)(100%/year growth in 2007)
Further improving the PMR Further improving the PMR technology to enhance technology to enhance capacity capacity
Also taking the lead in the Also taking the lead in the development of discrete development of discrete media, a nextmedia, a next--generation generation technologytechnology
19
2004 2005 2006 2007(Estimated by SDK)
2008 2009 2010
Recording density(Gbpsi)
PMR mediaPMR media
Longitudinal Longitudinal recording recording
mediamedia
10
100
1000
2011 2012
Discrete media
New applications for three major productsNH3: Nitride-film forming; Cl2: Etching; N2O: Oxide-film forming
→ Expanding business in Asia as “strategic products”
Developing new high-performance gasesHigh-purity etching gases(C4F6、HBr)Next-generation CVD film-forming materials
PARTPARTⅡⅡ Growth Strategy: SemiconductorGrowth Strategy: Semiconductor--Processing Materials BusinessProcessing Materials Business
Semiconductor Semiconductor processingprocessing
LCD processingLCD processing
LEDLED processingprocessing
N2ON2O
SF6SF6 NF3NF3C2F6C2F6C4F6C4F6 ・・・・・・
HBrHBrPETaPETa
C4F8C4F8C3F8C3F8
BCl3BCl3
Solar cell processingSolar cell processing
CF4CF4
Cl2Cl2
NH3NH3
20
NH3 capacity expansion in TaiwanNH3 capacity expansion in Taiwan
Starting up as a “new growth driver” business
PARTPARTⅡⅡ Growth Strategy: LED BusinessGrowth Strategy: LED Business
21
Substantially expanding production capacity to meet growing demand for TV/PC LCD backlighting applications
Ultrabright AlInGaP LED chipsCapacity to be expanded to 200 million units/month by the end of 2008Highest quality and best cost performance
based on proprietary technology
Gallium-nitride-based blue LED chipsCapacity to be expanded to 200 million
units/month by the middle of 2008Completed a four-inch line
based on proprietary Hybrid PPD technology
PARTPARTⅡⅡ Growth Strategy: LED BusinessGrowth Strategy: LED Business
22
0
1000
2000
3000
4000
5000
6000
7000
2006 2007 2008 2009 2010
Demand is expected to grow more than 16%/year on the average for use in displays, automotive parts and illumination.
(¥100 million)
Forecast of world’s ultrabright LED package market
(Estimate by SDK)
PARTPARTⅡⅡ Growth Strategy: LED BusinessGrowth Strategy: LED Business
23
Backlighting for large displaysBacklighting for large displaysBacklighting for large displays
Road lampRoad lampRoad lamp
New applications
Automotive partsAutomotive Automotive partsparts
Substantially expanding ultrabright LED chip production capacity
PARTPARTⅡⅡ Growth Strategy: LED BusinessGrowth Strategy: LED Business
0
50
100
150
200
250
300
350
400
450
End of 2006 End of 2007 End of 2008
AlGaInP
GaN
Creating a new large-scale “growth driver” business
(Million units/month)
24
Sales target in 2008: ¥15 billionSales target in 2008: Sales target in 2008: ¥¥15 billion15 billion
SDK’s ultrabright LED chip production capacity
Growing demand for lithium-ion battery (LIB) application→ Capacity expanded to 100 tons/year
LIB market will continue its high growth.New demand for use in anode
PARTPARTⅡⅡ Growth Strategy: Carbon Nanofiber BusinessGrowth Strategy: Carbon Nanofiber Business
25
Volume production technology and cost advantages
Sales target in Sales target in 20102010: : ¥¥15 billion15 billion
Accelerating development of composites with resins, metals and ceramics
PARTPARTⅢⅢ Base Business StrategyBase Business Strategy
26
PARTPARTⅢⅢ Base Business StrategyBase Business Strategy
Completed capacity expansion for 30- and 32-inch electrodes15,000 t/y → 25,000 t/y
Growing demand for use in large electric steelmaking furnacesThe largest share (40%) in the world market
Electric steel production Electric steel production expected to grow furtherexpected to grow further
Stable high profitStable high profit
27
Large-diameter electrode (30” or more) market forecast(t)(SDK ‘s estimate)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2004 2005 2006 2007 2008 2009 2010
U.S.
EuropeAsia
AsiaGrowth rate: 55%/y
E. & U.S.Growth rate: 5%/y
Supplying large-diameter electrodes from Japan and U.S.
(Raw materials)
(Customers)
Magnet Production
SDK’s businessSeparation,
Ores purification & smelting
Casting of alloysCasting of alloysCasting of alloys
(Approx. 80% of ores located in China)
Operation sites in China to secure raw materials
Demand for rare earth magnets rapidly growing for
use in automotive parts; especially in Hybrid cars
(motors, generators, electric power steering devices, etc.)
PARTPARTⅢⅢ Base Business StrategyBase Business Strategy
18%
37%11%
34%
Automotive parts
Audio & communication equipment VCM for HDD
MRI
(Various applications)
28
( Nd, Dy, Tb )
PARTPARTⅢⅢ Base Business StrategyBase Business Strategy
Demand for high-performance rare earth magnets is growing, centering on such automotive parts applications as motors and electric power steering devices.SDK’s total rare earth magnetic alloy production capacity: 8,000 tons/year (Chichibu Plant in Japan and two plants in China: Baotou and Ganzhou)
SDK provides high-quality rare earth magnetic alloys based on its proprietary quick-cooling technology.
Ganzhou Plant Ganzhou Plant
Baotou PlantBaotou Plant
29
Aiming to substantially expand sales Aiming to substantially expand sales volume and increase total production volume and increase total production capacity to 10,000 tons/year by 2010capacity to 10,000 tons/year by 2010
【2007 overview】Results improving because of progress in
structural reform; Will not reach goals for2007 under the Passion Project owing to the negative factors below:(Negative factors) - Soaring aluminum ingot prices
(Considerably affecting the aluminum cans business)
- Low profitability in the heat exchangers business
(Steps taken) - Expansion of high-added-value product lines- Price increases- Cost reductions
【Steps to be taken in 2008】Up profitability of heat exchangers -Raise productivity of new models; Expansion in China & Europe
Expansion of high-value businesses -Aluminum cylinders for laser printers: Strengthen position furtherHigh-purity aluminum foils: Use new furnace to increase competitivenessShotic: Develop new applications for medium-sized forgings
Full use of new casting furnace in Oyama-Reduce costs, improve quality and reduce environmental loadPromotion of price increases
30
Closing RemarksClosing Remarks
31
32
Fulfilling social responsibilityFulfilling social responsibility
Overwhelming Overwhelming superiority in cost superiority in cost
performanceperformance
Products with Products with unrivalled qualityunrivalled quality
Win-win relationship with customers
Individualized Individualized products & products &
servicesservices
Fusion
Creative business Creative business modelsmodels
Materials
Technologies Know-how
2000
2200
2400
2600
2800
3000
1990 (Base year) 2009 2010 2012
Target
(kt‐CO2)
Will achieve greenhouse gas emission reduction goals in and after 2009, in line with the Kyoto Protocol
Forecast of SDK Group’s CO2 emissions
33
The performance forecast and plans are based on the information available and risk factors recognized on the date of announcement. Please note that actual results may differ materially from the forecast or plans owing to a variety of factors, including changes in the market conditions and exchange rates.
ReferenceReference
34
* Performance forecast for 2007 was revised on August 7, 2007.** The Passion Project was announced on November 29, 2005.*** Total operating income for 2008 after the planned changes in depreciation systems will be ¥79.0 billion. (Unit: billion yen)
68.7
(3.9)
6.5
16.1
28.6
5.1
16.4
O.I.
914.5
260.1
74.3
165.5
79.2
335.4
Sales
2006Actual results
62.0
(5.0)
11.0
11.0
24.0
6.0
15.0
O.I.
800.0
245.0
67.0
161.0
74.0
253.0
Sales
2006Passion plan**
85.0940.0
74.01,000.0
73.0870.0
57.2811.9Total
(7.0)(5.5)(6.0)(5.7)HQ costs
17.0268.0
9.5260.0
14.0250.0
8.3240.9Aluminum
and other
12.070.0
19.580.0
11.068.0
8.361.9
Inorganics
37.0241.0
25.0200.0
30.0200.0
19.7133.9
Electronics
8.084.0
6.580.0
7.078.0
4.774.0
Chemicals
18.0277.0
19.0380.0
17.0274.0
21.8301.2Petro-
chemicals
O.I.SalesO.I.SalesO.I.SalesO.I.Sales
2008Passion plan**
2007Forecast
2007Passion plan**
2005Actual results
***
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