Edgar Filing: HONDA MOTOR CO LTD

Form 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF October 2013

COMMISSION FILE NUMBER: 1-07628

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(Name of registrant)

HONDA MOTOR CO., LTD.

(Translation of registrant’s name into English)

1-1, Minami-Aoyama 2-chome, Minato-ku, Tokyo 107-8556, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Contents

Exhibit 1:

On October 21, 2013, Wuyang-Honda Motors (Guangzhou) Co., Ltd., a motorcycle production and sales joint venture company of Honda in China, held a ceremony to commemorate the start of construction of a new plant which is scheduled to start operation from the end of 2014, with an annual production capacity of 500,000 units.

Exhibit 2:

On October 30, 2013, Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal second quarter ended September 30, 2013.

Exhibit 3:

Honda Motor Co., Ltd. revised its forecasts for consolidated and unconsolidated financial results of the fiscal year ending March 31, 2014 that were announced on April 26, 2013.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(HONDA MOTOR CO., LTD.)

/s/ Kohei Takeuchi

Kohei Takeuchi

Operating Officer and Director

Chief Financial Officer

Honda Motor Co., Ltd.

Date: November 15, 2013

Wuyang-Honda Motors (Guangzhou) Co., Ltd. Begins Construction of a New Plant

After opening the new plant, overall annual motorcycle production capacity of Wuyang-Honda Motors (Guangzhou) Co., Ltd. will be increased from the current 1,000,000 units to 1,500,000 units.

October 30, 2013

HONDA MOTOR CO., LTD. REPORTS

CONSOLIDATED FINANCIAL RESULTS

FOR THE FISCAL SECOND QUARTER ENDED SEPTEMBER 30, 2013

Tokyo, October 30, 2013 — Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal second quarter ended September 30, 2013.

Second Quarter Results

Honda’s consolidated net income attributable to Honda Motor Co., Ltd. for the fiscal second quarter ended September 30, 2013 totaled JPY 120.3 billion (USD 1,231 million), an increase of 46.4% from the same period last year. Basic net income attributable to Honda Motor Co., Ltd. per common share for the quarter amounted to JPY 66.79 (USD 0.68), an increase of JPY 21.16 (USD 0.22) from JPY 45.63 for the corresponding period last year. One Honda American Depository Share represents one common share.

Consolidated net sales and other operating revenue (herein referred to as “revenue”) for the quarter amounted to JPY 2,890.2 billion (USD 29,567 million), an increase of 27.3% from the same period last year, due primarily to increased revenue in automobile and motorcycle business operations, as well as favorable foreign currency translation effects.

Consolidated operating income for the quarter amounted to JPY 171.4 billion (USD 1,754 million), an increase of 70.0% from the same period last year, due primarily to an increase in sales volume and model mix and favorable foreign currency effects, despite increased SG&A expenses.

Consolidated income before income taxes and equity in income of affiliates for the quarter totaled JPY 165.5 billion (USD 1,694 million), an increase of 55.8% from the same period last year.

Equity in income of affiliates amounted to JPY 31.6 billion (USD 324 million) for the quarter, an increase of 15.2% from the corresponding period last year.

- 1 -

Business Segment

Motorcycle Business

For the three months ended September 30, 2012 and 2013


	Unit (Thousands)
	Honda Group Unit Sales								Consolidated Unit Sales
	Three months ended Sep. 30, 2012		Three months ended Sep. 30, 2013		Change		%		Three months ended Sep. 30, 2012		Three months ended Sep. 30, 2013		Change		%
Motorcycle business		3,806		4,216		410		10.8		2,304		2,585		281		12.2
Japan		57		63		6		10.5		57		63		6		10.5
North America		60		68		8		13.3		60		68		8		13.3
Europe		38		38		0		0.0		38		38		0		0.0
Asia		3,162		3,536		374		11.8		1,660		1,905		245		14.8
Other Regions		489		511		22		4.5		489		511		22		4.5

Notes:

Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates accounted for under the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated net sales to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries.

2.	Honda Group Unit Sales and Consolidated Unit Sales of Motorcycle business for the three months ended September 30, 2012 is revised.

With respect to Honda’s sales for the fiscal second quarter by business segment, in motorcycle business operations, revenue from sales to external customers increased 35.0%, to JPY 418.0 billion (USD 4,277 million) from the same period last year, due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating income totaled JPY 45.5 billion (USD 466 million), an increase of 79.3% from the same period last year, due primarily to an increase in sales volume and model mix and favorable foreign currency effects, despite increased SG&A and R&D expenses.

Automobile Business

For the three months ended September 30, 2012 and 2013


	Unit (Thousands)
	Honda Group Unit Sales								Consolidated Unit Sales
	Three months ended Sep. 30, 2012		Three months ended Sep. 30, 2013		Change		%		Three months ended Sep. 30, 2012		Three months ended Sep. 30, 2013		Change		%
Automobile business		996		1,047		51		5.1		816		869		53		6.5
Japan		169		180		11		6.5		168		178		10		6.0
North America		404		447		43		10.6		404		447		43		10.6
Europe		44		40		- 4		- 9.1		44		40		- 4		- 9.1
Asia		301		309		8		2.7		122		133		11		9.0
Other Regions		78		71		- 7		- 9.0		78		71		- 7		- 9.0

Note: Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates accounted for under the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated net sales to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. Certain sales of automobiles that are financed with residual value type auto loans by our Japanese finance subsidiaries are accounted for as operating leases in conformity with U.S. generally accepted accounting principles and are not included in consolidated net sales to the external customers in our automobile business. As a result, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our automobile business.

In automobile business operations, revenue from sales to external customers increased 26.2%, to JPY 2,229.0 billion (USD 22,803 million) from the same period last year due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating income totaled JPY 80.1 billion (USD 820 million), an increase of 115.8% from the same period last year, due primarily to an increase in sales volume and model mix and favorable foreign currency effects, despite increased SG&A expenses.

- 2 -

Financial Services Business

Revenue from customers in the financial services business increased 30.4%, to JPY 170.0 billion (USD 1,739 million) from the same period last year due mainly to an increase in revenue from operating leases and favorable foreign currency translation effects. Operating income increased 21.7% to JPY 46.5 billion (USD 477 million) from the same period last year due mainly to favorable foreign currency effects.

Power Product and Other Businesses

For the three months ended September 30, 2012 and 2013


	Unit (Thousands)
	Honda Group Unit Sales/ Consolidated Unit Sales
	Three months ended Sep. 30, 2012		Three months ended Sep. 30, 2013		Change		%
Power product business		1,288		1,295		7		0.5
Japan		88		93		5		5.7
North America		436		504		68		15.6
Europe		150		156		6		4.0
Asia		462		426		- 36		- 7.8
Other Regions		152		116		- 36		- 23.7

Note: Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates accounted for under the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated net sales to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. In power product business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales for the three months ended September 30, 2012 and for the three months ended September 30, 2013, since no affiliate accounted for under the equity method was involved in the sale of Honda power products.

Revenue from sales to external customers in power product and other businesses increased 12.6%, to JPY 73.1 billion (USD 748 million) from the same period last year, due mainly to favorable foreign currency translation effects. Honda reported an operating loss of JPY 0.8 billion (USD 8 million), a decrease of JPY 0.8 billion (USD 9 million) from the same period last year due mainly to increased SG&A expenses in other businesses.

- 3 -

Geographical Information

With respect to Honda’s sales for the fiscal second quarter by geographic segment, in Japan, revenue from domestic and export sales amounted to JPY 1,014.4 billion (USD 10,378 million), an increase of 9.7% from the same period last year due mainly to increased revenue in automobile and motorcycle business operations. Operating income totaled JPY 49.2 billion (USD 504 million), an increase of 64.0% from the same period last year, due mainly to an increase in sales volume and model mix and favorable foreign currency effects, despite increased SG&A and R&D expenses.

In North America, revenue increased by 39.5%, to JPY 1,471.9 billion (USD 15,058 million) from the same period last year due mainly to increased revenue in automobile business operations and favorable foreign currency translation effects. Operating income totaled JPY 46.0 billion (USD 471 million), an increase of 72.1% from the same period last year due mainly to an increase in sales volume and model mix and favorable foreign currency effects, despite increased SG&A expenses.

In Europe, revenue increased by 20.7%, to JPY 174.4 billion (USD 1,785 million) from the same period last year due to favorable foreign currency translation effects, despite decreased revenue in automobile business operations. Honda reported an operating loss of JPY 13.5 billion (USD 139 million), a decline of JPY 4.8 billion (USD 50 million) from the same period last year due mainly to a decrease in sales volume and model mix, despite decreased SG&A expenses and favorable foreign currency effects.

In Asia, revenue increased by 28.6%, to JPY 693.8 billion (USD 7,098 million) from the same period last year mainly due to increased revenue in motorcycle business operations and favorable foreign currency translation effects. Operating income increased by 64.9%, to JPY 60.0 billion (USD 614 million) from the same period last year due mainly to an increase in sales volume and model mix as well as favorable foreign currency effects, despite increased SG&A expenses.

In Other regions, which includes South America, the Middle East, Africa and Oceania, revenue increased by 22.1%, to JPY 280.4 billion (USD 2,869 million) from the same period last year mainly due to increased revenue in motorcycle business operations and favorable foreign currency translation effects. Operating income totaled JPY 18.6 billion (USD 191 million), an increase of 76.9% from the same period last year mainly due to an increase in sales volume and model mix, despite increased SG&A expenses.

Explanatory note:

United States dollar amounts have been translated from yen solely for the convenience of the reader at the rate of JPY 97.75=USD 1, the mean of the telegraphic transfer selling exchange rate and the telegraphic transfer buying exchange rate prevailing on the Tokyo foreign exchange market on September 30, 2013.

- 4 -

First Half Year Results

Honda’s consolidated net income attributable to Honda Motor Co., Ltd. for the fiscal half year ended September 30, 2013 totaled JPY 242.8 billion, an increase of 13.5% from the same period last year. Basic net income attributable to Honda Motor Co., Ltd. per common share for the fiscal first half year amounted to JPY 134.75, an increase of JPY 16.04 from JPY 118.71 for the same period last year.

Consolidated net sales and other operating revenue for the fiscal half year amounted to JPY 5,724.3 billion, an increase of 21.6% from the same period last year, due primarily to increased revenue in automobile and motorcycle business operations as well as favorable foreign currency translation effects.

Consolidated operating income for the fiscal first half year amounted to JPY 356.4 billion, an increase of 28.7% from the same period last year, due primarily to favorable foreign currency effects, despite increased SG&A and R&D expenses.

Consolidated income before income taxes and equity in income of affiliates for the fiscal first half year totaled JPY 337.6 billion, an increase of 12.2% from the same period last year.

Equity in income of affiliates amounted to JPY 63.4 billion for the fiscal first half year, an increase of 31.6% from the same period last year.

- 5 -

Business Segment

Motorcycle Business

For the six months ended September 30, 2012 and 2013


	Unit (Thousands)
	Honda Group Unit Sales								Consolidated Unit Sales
	Six months ended Sep. 30, 2012		Six months ended Sep. 30, 2013		Change		%		Six months ended Sep. 30, 2012		Six months ended Sep. 30, 2013		Change		%
Motorcycle business		7,717		8,270		553		7.2		4,670		4,956		286		6.1
Japan		116		117		1		0.9		116		117		1		0.9
North America		119		130		11		9.2		119		130		11		9.2
Europe		98		90		- 8		- 8.2		98		90		- 8		- 8.2
Asia		6,447		7,015		568		8.8		3,400		3,701		301		8.9
Other Regions		937		918		- 19		- 2.0		937		918		- 19		- 2.0

Notes:

2.	Honda Group Unit Sales and Consolidated Unit Sales of Motorcycle business for the six months ended September 30, 2012 is revised.

With respect to Honda’s sales for the fiscal first half year by business segment, in motorcycle business operations, revenue from sales to external customers increased 24.2%, to JPY 814.9 billion from the same period last year, due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating income totaled JPY 88.1 billion, an increase of 41.7% from the same period last year, due primarily to an increase in sales volume and model mix and favorable foreign currency effects, despite increased SG&A and R&D expenses.

Automobile Business

For the six months ended September 30, 2012 and 2013


	Unit (Thousands)
	Honda Group Unit Sales								Consolidated Unit Sales
	Six months ended Sep. 30, 2012		Six months ended Sep. 30, 2013		Change		%		Six months ended Sep. 30, 2012		Six months ended Sep. 30, 2013		Change		%
Automobile business		1,995		2,046		51		2.6		1,665		1,727		62		3.7
Japan		354		320		- 34		- 9.6		351		317		- 34		- 9.7
North America		854		906		52		6.1		854		906		52		6.1
Europe		83		80		- 3		- 3.6		83		80		- 3		- 3.6
Asia		563		594		31		5.5		236		278		42		17.8
Other Regions		141		146		5		3.5		141		146		5		3.5

In automobile business operations, revenue from sales to external customers increased 21.0%, to JPY 4,425.5 billion from the same period last year due mainly to favorable foreign currency translation effects. Operating income totaled JPY 176.5 billion, an increase of 28.1% from the same period last year, due primarily to favorable foreign currency effects, despite a decrease in sales volume and model mix as well as increased SG&A expenses.

- 6 -

Financial Services Business

Revenue from customers in the financial services business increased 28.2%, to JPY 335.4 billion from the same period last year due mainly to increase in revenue from operating leases and favorable foreign currency translation effects. Operating income increased 15.3% to JPY 91.2 billion from the same period last year due mainly to favorable foreign currency effects, despite an increase in SG&A expenses.

Power Product and Other Businesses

For the six months ended September 30, 2012 and 2013


	Unit (Thousands)
	Honda Group Unit Sales/Consolidated Unit Sales
	Six months ended Sep. 30, 2012		Six months ended Sep. 30, 2013		Change		%
Power product business		2,913		2,884		- 29		- 1.0
Japan		170		156		- 14		- 8.2
North America		1,194		1,332		138		11.6
Europe		386		393		7		1.8
Asia		883		790		- 93		- 10.5
Other Regions		280		213		- 67		- 23.9

Note: Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates accounted for under the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated net sales to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. In power product business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales for the six months ended September 30, 2012 and for the six months ended September 30, 2013, since no affiliate accounted for under the equity method was involved in the sale of Honda power products.

Revenue from sales to external customers in power product and other businesses increased 12.0%, to JPY 148.3 billion from the same period last year, due mainly to favorable foreign currency translation effects. Operating income totaled JPY 0.5 billion, an increase of JPY 2.7 billion from the same period last year, due mainly to decreased SG&A expenses and favorable foreign currency effects, despite a decrease in sales volume and model mix in power product business operations.

- 7 -

Geographical Information

With respect to Honda’s sales for the fiscal first half year by geographic segment, in Japan, revenue from domestic and export sales amounted to JPY 1,990.3 billion, an increase of 3.0% from the same period last year due mainly to increased revenue in automobile and motorcycle business operations. Operating income totaled JPY 111.4 billion, an increase of 22.5% from the same period last year due mainly to favorable foreign currency effects, despite increased R&D expenses and SG&A expenses.

In North America, revenue increased by 31.0%, to JPY 2,973.2 billion from the same period last year due mainly to increased revenue in automobile business operations and financial services business, as well as favorable foreign currency translation effects. Operating income totaled JPY 117.8 billion, an increase of 8.2% from the same period last year due mainly to an increase in sales volume and model mix, and favorable foreign currency effects, despite increased SG&A expenses.

In Europe, revenue increased by 19.8%, to JPY 350.4 billion from the same period last year mainly due to favorable foreign currency translation effects, despite decreased revenue in motorcycle and automobile business operations. Honda reported an operating loss of JPY 23.3 billion, a decline of JPY 6.9 billion from the same period last year mainly due to a decrease in sales volume and model mix, despite decreased SG&A expenses and favorable foreign currency effects.

In Asia, revenue increased by 33.1%, to JPY 1,400.6 billion from the same period last year mainly due to increased revenue in automobile and motorcycle business operations as well as favorable foreign currency translation effects. Operating income increased by 66.9%, to JPY 113.7 billion from the same period last year due mainly to an increase in sales volume and model mix as well as favorable foreign currency effects, despite increased SG&A expenses.

In Other regions, which includes South America, the Middle East, Africa and Oceania, revenue increased by 15.8%, to JPY 521.1 billion from the same period last year mainly due to increased revenue in automobile and motorcycle business operations as well as favorable foreign currency translation effects. Operating income totaled JPY 24.0 billion, an increase of 5.5% from the same period last year mainly due to an increase in sales volume and model mix, despite increased SG&A expenses.

- 8 -

Consolidated Statements of Balance Sheets for the Fiscal First Half Ended September 30, 2013

Total assets increased by JPY 872.8 billion, to JPY 14,508.1 billion from March 31, 2013, mainly due to increases in Finance subsidiaries’ long-term receivables and Property, plant and equipment, property on operating leases as well as foreign currency translation effects, despite a decrease in cash and cash equivalents. Total liabilities increased by JPY 425.0 billion, to JPY 8,854.9 billion from March 31, 2013, mainly due to an increase in long-term debt and foreign currency translation effects. Total equity increased by JPY 447.8 billion, to JPY 5,653.2 billion from March 31, 2013 due mainly to additional net income and foreign currency translation effects.

- 9 -

Consolidated Statements of Cash Flow for the Fiscal First Half Ended September 30, 2013

Consolidated cash and cash equivalents on September 30, 2013 decreased by JPY 73.8 billion from March 31, 2013, to JPY 1,132.2 billion. The reasons for the increases or decreases for each cash flow activity, when compared with the same period of the previous fiscal year, are as follows:

Cash flow from operating activities

Net cash provided by operating activities amounted to JPY 671.5 billion for the fiscal first half ended September 30, 2013. Cash inflows from operating activities increased by JPY 348.2 billion compared with the same period of the previous fiscal year due mainly to an increase in cash received from customers as a result of increased unit sales of automobiles, despite increased payments for parts and raw materials.

Cash flow from investing activities

Net cash used in investing activities amounted to JPY 989.4 billion. Cash outflows from investing activities increased by JPY 438.3 billion compared with the same period of the previous fiscal year, due mainly to an increase in acquisitions of finance subsidiaries-receivables and purchases of operating lease assets, despite an increase in collections of finance subsidiaries-receivables.

Cash flow from financing activities

Net cash provided by financing activities amounted to JPY 209.6 billion. Cash inflows from financing activities increased by JPY 200.4 billion compared with the same period of the previous fiscal year, due mainly to an increase in proceeds from debt, despite increase in cash outflow due to an increase in dividends paid.

- 10 -

Forecasts for the Fiscal Year Ending March 31, 2014

In regard to the forecasts of the financial results for the fiscal year ending March 31, 2014, Honda projects consolidated results to be as shown below:

Fiscal year ending March 31, 2014


	Yen (billions)		Changes from FY 2013
Net sales and other operating revenue		12,100.0		+ 22.5	%
Operating income		780.0		+ 43.2	%
Income before income taxes and equity in income of affiliates		765.0		+ 56.5	%
Net income attributable to Honda Motor Co., Ltd.		580.0		+ 58.0	%

	Yen
Basic net income attributable to Honda Motor Co., Ltd. per common share		321.81

Note: The forecasts are based on the assumption that the average exchange rates for the Japanese yen to the U.S. dollar and the Euro will be JPY 97 and JPY 127, respectively, for the full year ending March 31, 2014.

The reasons for the increases or decreases in the forecasts of the operating income, and income before income taxes and equity in income of affiliates for the fiscal year ending March 31, 2014 from the previous year are as follows.


	Yen (billions)
Revenue, model mix, etc.		143.6
Cost reduction, the effect of raw material cost fluctuations, etc.		20.0
SG&A expenses		- 129.0
R&D expenses		- 47.5
Currency effect		248.0

Operating income compared with fiscal year 2013		235.1

Fair value of derivative instruments		72.0
Others		- 31.1

Income before income taxes and equity in income of affiliates compared with fiscal year 2013		276.1

- 11 -

Dividend per Share of Common Stock

The Board of Directors of Honda Motor Co., Ltd., at its meeting held on October 30, 2013, resolved to make the quarterly dividend JPY 20 per share of common stock, the record date of which is September 30, 2013. The total expected annual dividend per share of common stock for the fiscal year ending March 31, 2014, is JPY 80 per share.

This announcement contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on management’s assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that Honda’s actual results could differ materially from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in Honda’s principal markets and foreign exchange rates between the Japanese yen and the U.S. dollar, the Euro and other major currencies, as well as other factors detailed from time to time.

- 12 -

Other Information

1. Accounting policies specifically applied for quarterly consolidated financial statements

(a) Income taxes

Honda computes interim income tax expense (benefit) by multiplying reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income before income taxes and equity in income of affiliates for the fiscal three months ended September 30, 2013. If a reliable estimate cannot be made, Honda utilizes the actual year-to-date effective tax rate.

2. Changes in accounting policy

(a) Adoption of New Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This amendment requires reporting entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component, and to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income.

Honda adopted ASU 2013-02, effective April 1, 2013. This adoption has no impact on the Honda’s financial position or results of operations.

(b) Changing in Fiscal Year-end of a Subsidiary

Effective April 1, 2013, a subsidiary of the Company changed its fiscal year-end from December 31 to March 31. As a result, the Company eliminated the previously existing three month differences between the reporting periods of the Company and the subsidiary in the consolidated financial statements. The elimination of the lag period represents a change in accounting principle and has been reported by retrospective application. The impacts on the retained earnings and noncontrolling interests as of April 1, 2012 are JPY 6,023 million and JPY 1,658 million, respectively. Honda believes the effect of the retrospective application is not material to the Company’s consolidated financial statements as of and for the three months and the six months ended September 30, 2012, and therefore the Company’s consolidated financial statements have not been retrospectively adjusted, except for the adjustment to retained earnings and noncontrolling interests as of April 1, 2012.

- 13 -

Consolidated Financial Summary

For the three months and six months ended September 30, 2012 and 2013

Financial Highlights

Yen (millions)

Three months
ended
Sep. 30, 2012
Unaudited

Three months
ended
Sep. 30, 2013
Unaudited

Six months
ended
Sep. 30, 2012
unaudited

Six months
ended
Sep. 30, 2013
Unaudited

Net sales and other operating revenue

2,271,286

2,890,221

4,707,195

5,724,316

Operating income

100,867

171,451

276,880

356,414

Income before income taxes and equity in income of affiliates

106,260

165,587

301,040

337,622

Net income attributable to Honda Motor Co., Ltd.

82,233

120,368

213,956

242,867

Yen

Basic net income attributable to Honda Motor Co., Ltd per common share

45.63

66.79

118.71

134.75

U.S. Dollar (millions)

Three months
ended
Sep. 30, 2012
Unaudited

Six months
ended
Sep. 30, 2012
Unaudited

Net sales and other operating revenue

29,567

58,561

Operating income

1,754

3,646

Income before income taxes and equity in income of affiliates

1,694

3,454

Net income attributable to Honda Motor Co., Ltd.

1,231

2,485

U.S. Dollar

Basic net income attributable to Honda Motor Co., Ltd per common share

0.68

1.38

- 14 -

[1] Consolidated Balance Sheets


	Yen (millions)
	Mar. 31, 2013 audited		Sep. 30, 2013 unaudited
Assets
Current assets:
Cash and cash equivalents		1,206,128		1,132,283
Trade accounts and notes receivable		1,005,981		941,229
Finance subsidiaries-receivables, net		1,243,002		1,393,245
Inventories		1,215,421		1,216,975
Deferred income taxes		234,075		230,522
Other current assets		418,446		409,929

Total current assets		5,323,053		5,324,183

Finance subsidiaries-receivables, net		2,788,135		3,147,146

Investments and advances:
Investments in and advances to affiliates		459,110		568,181
Other, including marketable equity securities		209,680		262,669

Total investments and advances		668,790		830,850


Property on operating leases:
Vehicles		2,243,424		2,461,216
Less accumulated depreciation		400,292		425,431

Net property on operating leases		1,843,132		2,035,785


Property, plant and equipment, at cost:
Land		515,661		508,733
Buildings		1,686,638		1,767,957
Machinery and equipment		3,832,090		4,110,591
Construction in progress		288,073		302,516

		6,322,462		6,689,797
Less accumulated depreciation and amortization		3,922,932		4,129,063

Net property, plant and equipment		2,399,530		2,560,734

Other assets		612,717		609,496

Total assets		13,635,357		14,508,194

- 15 -

[1] Consolidated Balance Sheets – continued


	Yen (millions)
	Mar. 31, 2013 audited			Sep. 30, 2013 unaudited
Liabilities and Equity
Current liabilities:
Short-term debt		1,238,297			1,456,324
Current portion of long-term debt		945,046			915,504
Trade payables:
Notes		31,354			24,790
Accounts		956,660			934,347
Accrued expenses		593,570			556,681
Income taxes payable		48,454			36,778
Other current liabilities		275,623			291,470

Total current liabilities		4,089,004			4,215,894

Long-term debt, excluding current portion		2,710,845			3,020,453
Other liabilities		1,630,085			1,618,611

Total liabilities		8,429,934			8,854,958

Equity:
Honda Motor Co., Ltd. shareholders’ equity:
Common stock, authorized 7,086,000,000 shares; issued 1,811,428,430 shares on Mar. 31, 2013 and 1,811,428,430 shares on Sep. 30, 2013		86,067			86,067
Capital surplus		171,117			171,117
Legal reserves		47,583			48,998
Retained earnings		6,001,649			6,172,811
Accumulated other comprehensive income (loss), net		(1,236,792	)		(976,052	)
Treasury stock, at cost 9,131,140 shares on Mar. 31, 2013 and 9,133,532 shares on Sep. 30, 2013		(26,124	)		(26,134	)

Total Honda Motor Co., Ltd. shareholders’ equity		5,043,500			5,476,807

Noncontrolling interests		161,923			176,429

Total equity		5,205,423			5,653,236

Commitments and contingent liabilities

Total liabilities and equity		13,635,357			14,508,194

- 16 -

[2] Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income

For the three months ended September 30, 2012 and 2013


	Yen (millions)
	Three months ended Sep. 30, 2012 unaudited			Three months ended Sep. 30, 2013 unaudited
Net sales and other operating revenue		2,271,286			2,890,221
Operating costs and expenses:
Cost of sales		1,702,835			2,150,812
Selling, general and administrative		327,472			416,863
Research and development		140,112			151,095

		2,170,419			2,718,770

Operating income		100,867			171,451

Other income (expenses):
Interest income		6,661			5,928
Interest expense		(3,115	)		(2,838	)
Other, net		1,847			(8,954	)

		5,393			(5,864	)

Income before income taxes and equity in income of affiliates		106,260			165,587

Income tax expense:
Current		37,915			59,142
Deferred		6,898			10,288

		44,813			69,430

Income before equity in income of affiliates		61,447			96,157
Equity in income of affiliates		27,497			31,686

Net income		88,944			127,843
Less: Net income attributable to noncontrolling interests		6,711			7,475

Net income attributable to Honda Motor Co., Ltd.		82,233			120,368


	Yen
Basic net income attributable to Honda Motor Co., Ltd. per common share		45.63			66.79

- 17 -

Consolidated Statements of Comprehensive Income

For the three months ended September 30, 2012 and 2013


	Yen (millions)
	Three months ended Sep. 30, 2012 unaudited			Three months ended Sep. 30, 2013 unaudited
Net income		88,944			127,843
Other comprehensive income (loss), net of tax:
Adjustments from foreign currency translation		(101,851	)		(23,796	)
Unrealized gains (losses) on available-for-sale securities, net		(2,420	)		9,756
Unrealized gains (losses) on derivative instruments,		210			(241	)
Pension and other postretirement benefits adjustments		1,903			78,709

Other comprehensive income (loss), net of tax		(102,158	)		64,428

Comprehensive income (loss)		(13,214	)		192,271
Less: Comprehensive income attributable to noncontrolling interests		4,911			4,164

Comprehensive income (loss) attributable to Honda Motor Co., Ltd.		(18,125	)		188,107

- 18 -

Consolidated Statements of Income

For the six months ended September 30, 2012 and 2013


	Yen (millions)
	Six months ended Sep. 30, 2012 unaudited			Six months ended Sep. 30, 2013 unaudited
Net sales and other operating revenue		4,707,195			5,724,316
Operating costs and expenses:
Cost of sales		3,494,049			4,275,221
Selling, general and administrative		670,155			799,924
Research and development		266,111			292,757

		4,430,315			5,367,902

Operating income		276,880			356,414

Other income (expenses):
Interest income		14,360			11,920
Interest expense		(6,131	)		(5,812	)
Other, net		15,931			(24,900	)

		24,160			(18,792	)

Income before income taxes and equity in income of affiliates		301,040			337,622

Income tax expense:
Current		73,786			103,008
Deferred		48,860			37,261

		122,646			140,269

Income before equity in income of affiliates		178,394			197,353
Equity in income of affiliates		48,229			63,453

Net income		226,623			260,806
Less: Net income attributable to noncontrolling interests		12,667			17,939

Net income attributable to Honda Motor Co., Ltd.		213,956			242,867


	Yen
Basic net income attributable to Honda Motor Co., Ltd. per common share		118.71			134.75

- 19 -

Consolidated Statements of Comprehensive Income

For the six months ended September 30, 2012 and 2013


	Yen (millions)
	Six months ended Sep. 30, 2012 unaudited			Six months ended Sep. 30, 2013 unaudited
Net income		226,623			260,806
Other comprehensive income (loss), net of tax:
Adjustments from foreign currency translation		(152,299	)		165,750
Unrealized gains (losses) on available-for-sale securities, net		(12,228	)		18,450
Unrealized gains (losses) on derivative instruments,		349			346
Pension and other postretirement benefits adjustments		4,266			81,394

Other comprehensive income (loss), net of tax		(159,912	)		265,940

Comprehensive income (loss)		66,711			526,746
Less: Comprehensive income attributable to noncontrolling interests		10,824			23,139

Comprehensive income (loss) attributable to Honda Motor Co., Ltd.		55,887			503,607

- 20 -

[3] Consolidated Statements of Cash Flows


	Yen (millions)
	Six months ended Sep. 30, 2012 unaudited			Six months ended Sep. 30, 2013 unaudited
Cash flows from operating activities:
Net income		226,623			260,806
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation excluding property on operating leases		155,614			216,736
Depreciation of property on operating leases		118,213			164,334
Deferred income taxes		48,860			37,261
Equity in income of affiliates		(48,229	)		(63,453	)
Dividends from affiliates		31,365			8,060
Provision for credit and lease residual losses on finance subsidiaries-receivables		2,664			10,341
Impairment loss on property on operating leases		2,208			1,322
Loss (gain) on derivative instruments, net		(24,656	)		(39,142	)
Decrease (increase) in assets:
Trade accounts and notes receivable		(8,278	)		99,663
Inventories		(91,728	)		39,676
Other current assets		53,338			22,522
Other assets		(18,574	)		(7,883	)
Increase (decrease) in liabilities:
Trade accounts and notes payable		(120,313	)		(1,393	)
Accrued expenses		24,494			(16,923	)
Income taxes payable		5,407			(15,829	)
Other current liabilities		(387	)		27,696
Other liabilities		1,290			(6,138	)
Other, net		(34,640	)		(66,154	)

Net cash provided by operating activities		323,271			671,502

Cash flows from investing activities:
Increase in investments and advances		(10,928	)		(23,411	)
Decrease in investments and advances		9,572			25,214
Payments for purchases of available-for-sale securities		—			(27,590	)
Proceeds from sales of available-for-sale securities		—			4,085
Payments for purchases of held-to-maturity securities		(1,118	)		(58	)
Proceeds from redemptions of held-to-maturity securities		6,435			1,753
Capital expenditures		(282,332	)		(355,990	)
Proceeds from sales of property, plant and equipment		19,932			14,588
Proceeds from insurance recoveries for damaged property, plant and equipment		2,917			6,800
Acquisitions of finance subsidiaries-receivables		(992,380	)		(1,582,865	)
Collections of finance subsidiaries-receivables		908,938			1,219,326
Purchases of operating lease assets		(416,447	)		(582,206	)
Proceeds from sales of operating lease assets		204,356			310,900

Net cash used in investing activities		(551,055	)		(989,454	)

- 21 -

[3] Consolidated Statements of Cash Flows – continued


	Yen (millions)
	Six months ended Sep. 30, 2012 unaudited			Six months ended Sep. 30, 2013 unaudited
Cash flows from financing activities:
Proceeds from short-term debt		3,374,385			4,307,274
Repayment of short-term debt		(3,355,219	)		(4,133,849	)
Proceeds from long-term debt		592,080			821,199
Repayment of long-term debt		(520,564	)		(688,583	)
Dividends paid		(61,278	)		(70,289	)
Dividends paid to noncontrolling interests		(5,060	)		(8,467	)
Sales (purchases) of treasury stock, net		(2	)		(10	)
Other, net		(15,078	)		(17,581	)

Net cash provided by (used in) financing activities		9,264			209,694

Effect of exchange rate changes on cash and cash equivalents		(47,284	)		34,413

Net change in cash and cash equivalents		(265,804	)		(73,845	)

Cash and cash equivalents at beginning of the year		1,247,113			1,206,128

Cash and cash equivalents at end of the period		981,309			1,132,283

- 22 -

[4] Assumptions for Going Concern

None

[5] Significant changes in Honda Motor Co., Ltd. shareholders’ equity

None

- 23 -

[6] Segment Information

Honda has four reportable segments: Motorcycle business, Automobile business, Financial services business and Power product & other businesses, which are based on Honda’s organizational structure and characteristics of products and services. Operating segments are defined as components of Honda’s about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies used for these reportable segments are consistent with the accounting policies used in Honda’s consolidated financial statements.

Principal products and services, and functions of each segment are as follows:


Segment	Principal products and services	Functions
Motorcycle business	Motorcycles, all-terrain vehicles (ATVs) and relevant parts	Research & Development, Manufacturing, Sales and related services

Automobile business	Automobiles and relevant parts	Research & Development, Manufacturing Sales and related services

Financial services business	Financial, insurance services	Retail loan and lease related to Honda products, and Others

Power product & Other businesses	Power products and relevant parts, and others	Research & Development, Manufacturing Sales and related services, and Others

1. Segment information based on products and services

(A) As of and for the three months ended September 30, 2012


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product & Other Businesses			Segment Total		Reconciling Items			Consolidated
Net sales and other operating revenue:
External customers		309,714		1,766,213		130,400		64,959			2,271,286		—			2,271,286
Intersegment		—		3,582		2,770		2,330			8,682		(8,682	)		—

Total		309,714		1,769,795		133,170		67,289			2,279,968		(8,682	)		2,271,286

Segment income (loss)		25,400		37,137		38,277		53			100,867		—			100,867

As of and for the three months ended September 30, 2013

	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product & Other Businesses			Segment Total		Reconciling Items			Consolidated
Net sales and other operating revenue:
External customers		418,089		2,229,004		170,016		73,112			2,890,221		—			2,890,221
Intersegment		—		4,186		2,567		2,839			9,592		(9,592	)		—

Total		418,089		2,233,190		172,583		75,951			2,899,813		(9,592	)		2,890,221

Segment income (loss)		45,542		80,153		46,585		(829	)		171,451		—			171,451

- 24 -

(B) As of and for the six months ended September 30, 2012


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product & Other Businesses			Segment Total		Reconciling Items			Consolidated
Net sales and other operating revenue:
External customers		656,364		3,656,723		261,679		132,429			4,707,195		—			4,707,195
Intersegment		—		7,832		5,517		4,818			18,167		(18,167	)		—

Total		656,364		3,664,555		267,196		137,247			4,725,362		(18,167	)		4,707,195

Segment income (loss)		62,202		137,798		79,114		(2,234	)		276,880		—			276,880

Assets		904,173		4,952,109		5,577,763		284,572			11,718,617		(264,190	)		11,454,427
Depreciation and amortization		17,701		133,051		118,872		4,203			273,827		—			273,827
Capital expenditures		26,653		230,473		417,058		6,780			680,964		—			680,964
As of and for the six months ended September 30, 2013

	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product & Other Businesses			Segment Total		Reconciling Items			Consolidated
Net sales and other operating revenue:
External customers		814,959		4,425,595		335,412		148,350			5,724,316		—			5,724,316
Intersegment		—		8,590		5,159		5,557			19,306		(19,306	)		—

Total		814,959		4,434,185		340,571		153,907			5,743,622		(19,306	)		5,724,316

Segment income (loss)		88,124		176,530		91,228		532			356,414		—			356,414

Assets		1,220,606		5,906,273		7,404,632		334,588			14,866,099		(357,905	)		14,508,194
Depreciation and amortization		22,110		188,703		165,122		5,135			381,070		—			381,070
Capital expenditures		26,147		294,398		584,140		6,632			911,317		—			911,317

Explanatory notes:

1.	Intersegment sales and revenues are generally made at values that approximate arm’s-length prices.

Unallocated corporate assets, included in reconciling items, amounted to JPY 228,945 million as of September 30, 2012 and JPY 300,860 million as of September 30, 2013 respectively, which consist primarily of cash and cash equivalents, available-for-sale securities and held-to-maturity securities held by the Company. Reconciling items also include elimination of intersegment transactions.

3.	Depreciation and amortization of Financial Services Business include JPY 118,213 million for the six months ended September 30, 2012 and JPY 164,334 million for the six months ended September 30, 2013, respectively, of depreciation of property on operating leases.

4.	Capital expenditure of Financial Services Business includes JPY 416,447 million for the six months ended September 30, 2012 and JPY582,206 million for the six months ended September 30, 2013 respectively, of purchase of operating lease assets.

5.	The amounts of Assets and Depreciation and amortization for the six months ended September 30, 2012 have been corrected from the amounts previously disclosed.

- 25 -

In addition to the disclosure required by U.S. GAAP, Honda provides the following supplemental information in order to provide financial statements users with useful information:

2. Supplemental geographical information based on the location of the Company and its subsidiaries

(A) As of and for the three months ended September 30, 2012


	Yen (millions)
	Japan		North America		Europe			Asia		Other Regions		Total		Reconciling Items			Consolidated
Net sales and other operating revenue:
External customers		487,603		991,793		125,461			442,879		223,550		2,271,286		—			2,271,286
Transfers between geographic areas		437,483		62,969		19,110			96,582		6,122		622,266		(622,266	)		—

Total		925,086		1,054,762		144,571			539,461		229,672		2,893,552		(622,266	)		2,271,286

Operating income (loss)		30,047		26,749		(8,725	)		36,404		10,542		95,017		5,850			100,867

As of and for the three months ended September 30, 2013

Yen (millions)

Japan

North
America

Europe

Asia

Other
Regions

Total

Reconciling
Items

Consolidated

Net sales and other operating revenue:

External customers

505,002

1,384,716

154,810

568,889

276,804

2,890,221

—

2,890,221

Transfers between geographic areas

509,468

87,197

19,665

124,989

3,645

744,964

(744,964

)

—

Total

1,014,470

1,471,913

174,475

693,878

280,449

3,635,185

(744,964

)

2,890,221

Operating income (loss)

49,281

46,029

(13,574

)

60,020

18,651

160,407

11,044

171,451

- 26 -

(B) As of and for the six months ended September 30, 2012


	Yen (millions)
	Japan		North America		Europe			Asia		Other Regions		Total		Reconciling Items			Consolidated
Net sales and other operating revenue:
External customers		999,565		2,147,345		247,479			873,541		439,265		4,707,195		—			4,707,195
Transfers between geographic areas		932,179		122,128		44,971			178,730		10,749		1,288,757		(1,288,757	)		—

Total		1,931,744		2,269,473		292,450			1,052,271		450,014		5,995,952		(1,288,757	)		4,707,195

Operating income (loss)		91,025		108,966		(16,359	)		68,154		22,819		274,605		2,275			276,880

Assets		3,106,694		6,136,429		481,588			1,170,618		615,405		11,510,734		(56,307	)		11,454,427
Long-lived assets		1,085,389		2,000,980		106,766			301,710		127,950		3,622,795		—			3,622,795

As of and for the six months ended September 30, 2013

Yen (millions)

Japan

North
America

Europe

Asia

Other
Regions

Total

Reconciling
Items

Consolidated

Net sales and other operating revenue:

External customers

938,540

2,790,218

313,679

1,167,258

514,621

5,724,316

—

5,724,316

Transfers between geographic areas

1,051,814

183,003

36,778

233,363

6,547

1,511,505

(1,511,505

)

—

Total

1,990,354

2,973,221

350,457

1,400,621

521,168

7,235,821

(1,511,505

)

5,724,316

Operating income (loss)

111,468

117,887

(23,314

)

113,775

24,066

343,882

12,532

356,414

Assets

3,234,347

8,239,650

619,640

1,751,665

747,168

14,592,470

(84,276

)

14,508,194

Long-lived assets

1,210,069

2,735,896

128,953

489,710

154,364

4,718,992

—

4,718,992

Explanatory notes:

1.	Major countries or regions in each geographic area:


North America		United States, Canada, Mexico
Europe		United Kingdom, Germany, France, Belgium, Russia
Asia		Thailand, Indonesia, China, India, Vietnam
Other Regions		Brazil, Australia

2.	Sales and revenues between geographic areas are generally made at values that approximate arm’s-length prices.

4.	The amounts of Assets for the six months ended September 30, 2012 have been corrected from the amounts previously disclosed.

- 27 -

[7] Other

1. Impairment loss on investments in affiliates

For the six months ended September 30, 2012, Honda recognized impairment loss of JPY 6,525 million, net of tax, on certain investments in affiliates which have quoted market values because of other-than-temporary decline in fair value below their carrying values. The fair values of the investments were based on quoted market price. The impairment loss is included in equity in income of affiliates in the accompanying consolidated statement of income. For the three months ended September 30, 2012, for the six months ended September 30, 2013 and for the three months ended September 30, 2013, Honda did not recognize any significant impairment losses.

2. Immaterial corrections of the prior year’s Consolidated Statements of Cash Flows

Adjustments have been made to correct previous immaterial understatements in both depreciation excluding property on operating leases, which is included in cash flows from operating activities, and payments of other debt, which is included in other, net in cash flows from financing activities, in the consolidated statements of cash flows for the six months ended September 30, 2012. These adjustments increased previously reported net cash provided by operating activities and increased previously reported net cash used in financing activities by JPY 13,464 million for the six months ended September 30, 2012.

- 28 -

[Translation]

October 30, 2013


To:		Shareholders of Honda Motor Co., Ltd.
From:		Honda Motor Co., Ltd.
		1-1, Minami-Aoyama 2-chome,
		Minato-ku, Tokyo, 107-8556
		Takanobu Ito
		President and Representative Director

Notice Concerning Revision of Forecasts for

Consolidated and Unconsolidated Financial Results of the Fiscal Year Ending March 31, 2014

Honda Motor Co., Ltd. (the “Company”) revised its forecasts for consolidated and unconsolidated financial results of the fiscal year ending March 31, 2014 that were announced on April 26, 2013.

Particulars

Revision of Forecasts for Consolidated Financial Results of the Fiscal Year Ending March 31, 2014


	(Millions of Yen, except Basic net income attributable to Honda Motor Co., Ltd. per common share)
	Net sales and other operating revenue		Operating income		Income before income taxes and equity in income of affiliates		Net income attributable to Honda Motor Co., Ltd.		Basic net income attributable to Honda Motor Co., Ltd. per common share (Yen)
Forecast previously announced on April 26, 2013 (A)		12,100,000		780,000		780,000		580,000		321.81
Forecast revised on October 30, 2013 (B)		12,100,000		780,000		765,000		580,000		321.81
Change (B-A)		—		—		- 15,000		—		—
Percentage change (%)		—		—		- 1.9		—		—
(Reference) Results of the fiscal year ended March 31, 2013		9,877,947		544,810		488,891		367,149		203.71

Reason for Revision of Forecasts

Due mainly to losses on the valuation of derivative instruments, the Company has downwardly revised its forecasts for the income before income taxes and equity in income of affiliates of the fiscal year ending March 31, 2014 which was announced on April 26, 2013. However, due mainly to changes in the business environment surrounding the Company in some Asian countries, the Company expects an increase in equity income of affiliates, and thus the Company has not revised its forecasts for the net income attributable to Honda Motor Co., Ltd. of the fiscal year ending March 31, 2014 which was announced on April 26, 2013.

Revision of Forecasts for Unconsolidated Financial Results of the Fiscal Year Ending March 31, 2014


	(Millions of Yen, except Net income per common share)
	Net sales		Operating income		Ordinary income		Net income		Net income per common share (Yen)
Forecast previously announced on April 26, 2013 (A)		3,630,000		170,000		360,000		260,000		144.26
Forecast revised on October 30, 2013 (B)		3,580,000		150,000		375,000		280,000		155.36
Change (B-A)		- 50,000		- 20,000		15,000		20,000		—
Percentage change (%)		- 1.4		- 11.8		4.2		7.7		—
(Reference) Results of the fiscal year ended March 31, 2013		3,244,070		103,932		193,825		154,714		85.84

Reason for Revision of Forecasts

Due mainly to decreased export unit sales caused by changes in the business environment surrounding the Company, the Company has downwardly revised its forecast for unconsolidated net sales and operating income of the fiscal year ending March 31, 2014 which was announced on April 26, 2013. However, due mainly to the increase in dividend income from affiliated companies, the Company has upwardly revised its forecast for ordinary income and net income of the fiscal year ending March 31, 2014 which was announced on April 26, 2013.

*	For more details, please refer to the Company’s investor relations website (URL http://world.honda.com/investors/).

These forecasts for consolidated and unconsolidated financial results of the Company are based on management’s assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that the actual results of the Company could differ materially from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in the principal markets of the Company, its consolidated subsidiaries and its affiliates accounted for by the equity-method, and foreign exchange rates between the Japanese yen and the U.S. dollar, the Euro and other major currencies, as well as other factors detailed from time to time.

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Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents