<Consolidated Financial Results for the First Quarter Ended June 30, 2013>
Implementation of the Medium-Term Management Plan
The implementation of the Medium-Term Management Plan we announced on May 14, 2013 is as follows.
Exit closed innovation and aggressively utilize alliances
We have implemented the second third party allotment capital increase from Qualcomm Incorporated according to the agreement concerning the development of MEMS display, and signed an agreement with China Electronics Corporation for the LCD panel production project to establish 8.5 generation LCD panel and module plant in China.
Reducing fixed costs by reforming cost structure
There was a 50.2 billion yen decrease in fixed costs as planned, with reduction in labor cost and depreciation cost.
Improving financial position
For stable funding, we have secured an agreement for the renewal of the syndicated loan of 360 billion yen, and for an additional borrowing facility of 150 billion yen to prepare for the redemption of convertible bonds.
