Mitsui O.S.K. Lines, Ltd. Announces Differences between the Financial Outlook and Financial Results for 1st half of FY2012 and Revision of FY2012 Outlook

October 31, 2012

TOKYO - Mitsui O.S.K. Lines, Ltd. (the Company; President: Koichi Muto) today announced differences in its consolidated business outlook for the first half of FY2012 (April 1, to September 30, 2012), issued on October 1, 2012, and the financial results announced today. The Company also announced a revision of its consolidated business outlook for FY2012 ending March 31, 2013, issued on July 31, 2012, as follows:

• Differences in the consolidated business outlook for the first half of FY2012 (April 1, to September 30, 2012) and the financial results

  (April 1, to September 30, 2012)

  	Revenue	Operating Income	Ordinary Income	Net Income	Net Income per share
  Previous outlook (A)	¥mil. 755,000	¥mil. -3,500	¥mil. -8,500	¥mil. -13,500	¥ -11.29
  Financial results (B)	756,968	-2,379	-6,793	-13,082	-10.94
  Change (B)-(A)	1,968	1,120	1,706	417
  Change (%)	0.3	-	-	-
  (Ref) 1st half of FY2011 (ended in March 2012) results	717,345	-10,054	-12,100	-16,463	-13.77

  Reasons for differences
  Performance of each of business segment including consolidated subsidiaries surpassed previously announced estimates.

• Revisions to the consolidated business outlook for FY2012 (April 1 ,2012 to March 31, 2013)

  	Revenue	Operating Income	Ordinary Income	Net Income	Net Income per share
  Previous outlook (A)	¥mil. 1,550,000	¥mil. 16,000	¥mil. 10,000	¥mil. 3,000	¥ 2.51
  Revised outlook (B)	1,500,000	-13,000	-22,000	-24,000	-20.07
  Change (B)-(A)	-50,000	-29,000	-32,000	-27,000
  Change (%)	-3.2	-	-	-
  (Ref) FY2011 (ended in March 2012) results	1,435,220	-24,459	-24,320	-26,009	-21.76

  Reasons for revision of outlook
  The Company previously announced a downward revision of its consolidated business outlook for FY2012 because it anticipates a significant deterioration of profits due to loss on the write-down of investment securities as a result of a decline in stock market prices, in addition to other factors such as a delay in the recovery of crude oil tanker, product tanker, and dry bulker markets, and a weakening pace of freight rate improvement in the containership market, compared to the business climate assumed at the time the outlook was previously announced.