Business Report on 3Q of FY2004 by stopit1299

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									Business Report on 3Q of FY2004


        Yoshiyuki Takitani
             Managing Director
            & General Manager
       Corporate Communication Dept.

   Sekisui Chemical Co., Ltd.
            31 January 2005




                                       2
Outline of Income & Loss for 3Q of FY2004
                                                                                     (100Mil.yen)
                           FY2004                       FY2003                   Changes
                                    Annual                        Annual
                     1Q-3Q           Plan
                                                  1Q-3Q           Actual
                                                                             1Q-3Q        Annual

    Sales             6,332         8,500          5,995          8,149        337          351
(Progress Rate)        (74%)                        (74%)
 Operating
  Income                 268           360              142          231       126          129
 Recurring
  Income                 298           380              159          275       139          105
Net Income               194           230                80         150       114            80


                                                                                                      3




3Q of FY2004
Sales & Operating Income per Company
                                                                                     (100Mil.yen)
                   FY2004 3Q Actual FY2003 3Q Actual                            Changes
                     Sales        Ope. Income     Sales        Ope. Income   Sales      Ope. Income

  Housing            1,112              51 1,057                      34       55              17
   UIEP *1             523              32   470                       7       53              25
    HPP *2             503              40   451                      30       52              10
   Others              122              -8   141                      -9      -19               1
 Eliminated or
 not attributed        -59               0   -70                      -2       11               3
     Total           2,201             115 2,049                      60      152              56
  *1:   Urban Infrastructure & Environmental Products
  *2: High Performance Plastics
                                                                                                      4
Progress Situation of FY2004 Plan
   Summary on 3Q of FY 2004
   1.Increased Sales and Big Increase in Income
   2.Favorable Order Intake in Housing
   3.There is a prospect for achieving the 2004 Plan
         Housing
                 Sales Expansion by appealing “Environment, LCC (Life Cycle Cost)
                 and Zero Utility Cost”

         Urban Infrastructure & Environmental Products
                 Price Increase etc. of PVC Pipe & Fitting and Rain Gutters

         High Performance Plastics
                 Favorable expansion in the automotive field

                                                                                             5




Progress Situation of FY2004 Plan
Plan of Sales and Operating Income per Company
                                                                          (100Mil.yen)
                            Sales for FY2004             Operating Income for FY2004
                    FH                  SH     Annual    FH               SH    Annual
                   Actual   3Q Act.    Plan    Plan     Actual 3Q Act.   Plan    Plan

 Housing           2,108 1,112 2,192 4,300                79       51     81       160
  UIEP               942       523 1,058 2,000            22       32     58        80
   HPP               965       503      985 1,950         70       40     80       150
  Others             262       122      238      500     -18       -8 -12          -30
Eliminated or
not attributed      -146       -59     -104    -250        -2       0       2            -
   Total           4,131 2,201 4,369 8,500               152     115 208           360

                                                                                             6
  Progress Situation of FY2004 Plan
  Housing Company (1)
    Predominant Competitiveness by appealing: “Environment, LCC (Life Cycle Cost) and Zero Utility Cost”



           Trend of Sales                                             Trend of Operating Income

                                               4,300                                                      160
                      4,109

    4,000                                                    150                                          30
(100Mil.yen)          1,033                   1,080    (100Mil.yen)
                                                                                103
    3,000                                                                                                 51
                      1,057                   1,112          100                19
    2,000                                                                       34
                                                                                                          79
                                                               50
    1,000             2,019                   2,108                             50

           0                                                     0
                    FY2003                 FY2004                           FY2003                 FY2004
                       FH          3Q      4Q                                     FH        3Q       4Q

                                                                                                                 7




  Progress Situation of FY2004 Plan
  Housing Company (2)
       Trend of Housing Orders Received                     ・Intensive appeal of “Environment, LCC and
                                                            Zero Utility Cost”
                                                                          Tiled Wall with PY: 134%
  1,500
                                                                          Solar Generation with PY: 118 %
 (100Mil.yen)
                                                            •Increase in the ratio of high-priced models
                          Order Backlog
                          with PY: 109%                                Favorable start of “Grand To You” sales
  1,000
                                                                         Steady Sales of (3-Storied) DESIO

                                           1,578            •Increase in apartments houses with tiled wall
                      1,450
                                                                          Apartments with PY: 106%
                                                                           Tiled Wall Ratio (Incl.)=74%
    500                              944
                864

                  Orders Rcvd. with                                   Increase in Ordered Structures
                  PY: 109%                                            Increase in unit price of Structures
       0                                                     •Enhancing Profitability of Refurbishing
                                                             Business and Its Continued Expansion
                FY2003 3Q           FY2004 3Q
                  Housing Orders Received                                  Amount of Order Received.
                  Orders in hand at the term-end                               with PY: 108 %
                                                                                                                 8
    Development of Housing Business
    1.Sales, Production and Construction of Detached            Potential Demand for Reconstruction
              Privately-owned Houses                              The Source:”Land Statistical Survey Report” by Bureau of
                                                                  Statistics, Ministry of Internal Affairs and Communication
        370 k. units p.a. in whole Japan
                                                                                               Number of constructed
    2.Future Trend of The Market                                         370k.units/year          units of Detached
                                                                                               Privately-owned houses
     ~Customers’ demand is becoming visible.~                   10.7 mil. units
      ・Safety・Security・Anti-quake                               Number of the detached houses with insufficient
                                                               earthquake resistance built before the new seismic
         ・Health・Comfort・Cozy Living                             safety standard had been introduced in 1981.
         ・Energy Saving

    3.Housing Supply in Japan                                                We are aiming at
     Traditional Local Industry                                               This Market.
         – Local middle- and small-sized builders
                                                                      Utilizing the Advantage of our
     Prefab Manufacturers covering whole Japan                          Unit Construction System

        In-plant Production Rate of only our Company :   80%


                                                                                                                               9




    Development of Housing Business
     4. Advantages of Our Company                                “Grand To You”(Launched in Oct.)
                                                                               “2 X 6”(Outer Air-circuit)
              Unit Construction Method                                         Unit Construction System
     In-plant construction & Quality control of each Unit                                          By 2 X 6 System:
                                                                                                 ・ Improved Heat Insulation
 ・Secured quality to the designed performance                                                    ・ Improved Anti-quake
                                                                                                   property & Anti-strong-
             Anti-           Anti-Strong                                                           wind property
          Earthquake            Wind                                                             ・ Improved Sound Insulation
                             Thermal         Energy
          Air-tightness                                                                            In-plant Construction
                            Insulation       Saving
                                                                                                   eliminated the demerit
                                                                                                   of the 2 X 6 System.
 ・Short Construction Period
  =>Advantage for rebuilding a house                                       Advanced Comfort of Living
                                                                  Healthy and Comfortable Air-Environment

 <Circa 2000 ~ >                                                                    Structured Body with
                                                                                    High Air-tightness &
・Zero-Utility-Cost                                                                  High Heat-insulation 
 Structured Body with High Air-tightness & High Heat-                Unit of Air-circuit
insulation + Solar Energy + Total Electrification                     Ventilation and                Air-conditioning
                                                                     Dehumidification                 in total rooms
・LCC                                                                      System
Tiled outer walls are constructed in a plant => Low Cost
                                                                                                                               10
   Progress Situation of FY2004 Plan
   UIEP Company (1)
                   Favorable Progress of     The Second Price Increase Penetrated.
                   Core Business             Price Increase of Rain Gutters( from January
                                             onward)

        Trend of Sales                               Trend of Operating Income

                         1,923              2,000
                                                          100
                                                     (100Mil.yen)                                80
       2,000
(100Mil.yen)
                           558               535            80
       1,500                                                                                     26
                                                            60             33
                           470               523
       1,000                                                40                                   32
                                                                           35
         500               895               942            20                                   22
                                                              0           7
               0                                                         -9
                                                           -20         FY2003               FY2004
                        FY2003              FY2004
                          FH      3Q       4Q                             FH          3Q     4Q
                                                                                                                 11




   Progress Situation of FY2004 Plan
   UIEP Company (2)
                                                                                                  (100Mil.yen)
1)Reinforcing Profitability of Core                                                          3Q of FY2004
  Business                                                                Divisions         Ope..
                                                                                           Income
                                                                                                      Changes
           The 2nd Price Increase of PVC Products                                                     from PY
           Penetrated (in October 2004)                                 Environ. & Civil
                                                                        Engineering
           Price Increase of Rain Gutters from             Growth & Aqua System
                                                                                            -10
           January 2005                                      New        Wood                             -1
2)Reinforcing the Foundation of                                         New Business
                                                                        Water Supply &
  Consistently-Profitable Business                         Core Bus. Drainage Sys.          39          +24
           Plant Materials:Favorable progress for                       Bldg. Materials
           Semi-conductor Industry                                      Plant material
                                                                        Reinforced Pipe
3)Expansion of the Growth & New                             Steady      FFU                  7          +3
                                                          Profitability Roofing Mat.
  Businesses                                                            Home-Techno
           Speeding-up the Overseas Operation of
           Pipe-line Refreshing Business                 Strategic Investment               -5           -0
4)Accelerating the Development of                        TOTAL                              32          +25
  China Business
           Sekisui Qingdao Plastics Co., Ltd. became
           our subsidiary in December.
                                                                                                                 12
   Progress Situation of FY2004 Plan
   HPP Company(1)
                                                           Favorable Progress in PVB Film
               Favorable Expansion in Automotive Field                   &
                                                                Functional Materials


        Trend of Sales                                    Trend of Operating Income
                                         1,950                                               150

     2,000             1,818                              150
(100Mil.yen)                                      (100Mil.yen)              123
                                         482                                                 39
     1,500             468
                                                          100               37
                                         503                                                 40
                       451
     1,000                                                                  30
                                                            50
        500            898               965                                56               70

           0                                                 0
                    FY2003             FY2004                          FY2003             FY2004
                          FH     3Q     4Q                             FH         3Q    4Q
                                                                                                                13




   Progress Situation of FY2004 Plan
   HPP Company(2)
          Selection and Expansion of the Business Portfolio
1.Further
1.Further Expansion in Automotive
     Material Field                                              Trend of Sales per Group
   Leveled-
2. Leveled-off situation in IT Material                                           503
     Field                            500                        451
                                                                                                   Film
3. Increasing Price of Products     (100Mil.yen)                                         Others    Precision
                                                                              106
  Completely                          400                        103                               Life-Tech.


    Packaging Tape from Aug.                                                             Grp. Ⅳ    Pkg. Tape
                                                  300                         162                  Function
    Household Articles from Oct.                                 149                               Mat.
                                                                                         Grp. Ⅲ
    Containers for Physical-Distribution from     200                             41               Sign Sys.
    Oct.                                                         39                                Adhesive
                                                                                         Grp. II
4. Satisfactory Start of China Plants             100            159          173                  Fine Chem.
                                                                                                   Chem.
    Interlayer Film (Suzhou) Plant started                                                         Specialty
    from October 2004.                                                                   Grp.Ⅰ     Ind. Tape
                                                      0                                            Medical
    Vacuum Blood Collection Tube (Beijing)                    3Q     3Q                            Interlayer
    Plant started from May 2004.                            FY2003 FY2004
                                                                                                   Film


                                                                                                                14
Details of Business for 3Q of FY2004


                     Naofumi Negishi

                 Director & General Manager
    Corporate Finance, Accounting & Planning Department




Details of Business for 3Q of FY2004
 Number of Consolidated Companies
                                            *Ref. to the Earnings Report P. 1

                  End Dec. 2004 End Mar. 2004            Remarks
                                                 +2 Newly consolidated,
  Consolidated                                   -9 Unified
   Companies          138           134
                                                 +11 Separated
                                                 Sekisui house does not disclose its
  Companies in                                   quarterly business. Therefore only
  Equity Method         9               9        the income of FH is included in
                                                 the account.


 Amount influenced by the change of consolidated companies
                                                                  (100Mil.yen)
                                              Young Bo Chemical (Korea) 17
             Sales                 +25        (Consolidated since 2Q FY2003)

       Operating Income             0

                                                                                       16
 Details of Business for 3Q of FY2004
                         Loss
  Outline of Income & *Ref. to the Earnings Report P. 6                          (100Mil.yen)
                                    1Q-3Q FY2004            1Q-3Q FY204            Changes
    Sales                                    6,332                  5,995                337
    Gross Sales Income                       1,887                  1,755                132
     Sales Income Rate                         29.8%                   29.3%              0.5%
      Sales and Gen. & Admin.                   1,620                   1,613                7
    Expenses
    Operating Income                              268                      142             126
      Income/Loss from                                45                    44               1
    Investment in Equity Method
      Other Non-operating                          -15                     -27              12
    Income/Loss
    Recurring Income                              298                      159             139
      Extra-ordinary Income                        25                        -              25
      Extra-ordinary Loss                          38                       33               5
    Income before Tax                             286                      127             159
     Corporate Income Tax etc.                     92                       47              45
    Net Income                                    194                       80             114
                                                                                                      17




 Sales & Operating Income for 3Q of FY2004
                                             *Ref. to the Earnings Report P.10       (100Mil.yen)
                           3Q FY2004                                1Q-3Q FY2004
                                    Ope.                                          Ope.
                 Sales   Changes            Changes        Sales    Changes               Changes
                                   Income                                        Income

 Housing         1,112       55       51       17          3,220       144         130        46
  UIEP            523        53       32       25          1,465       100          54        57
   HPP            503        52       40       10          1,468       118         111        24
  Others          122       -19        -8        1          384         -34        -26           -1
Eliminated or
not attributed     -59       11         0        3         -204            8         -1          -1
   Total         2,201     152       115       56          6,332       337         268      126


                                                                                                      18
Sales and Operating Income in Total Company
                                                                                                                 (100Mil.yen)
                               3Q FY2004                               3Q FY2003                              Changes
                             Sales              Ope.              Sales               Ope.              Sales         Ope.
                                             Income                                   Income                          Income
Total Company                 2,201               115                 2,049                  60               152         56

                              Analysis on Operating Income(with PY)
           75
          (100Mil.yen)
                              56
                                                       52
           50


           25
                                                                                  7
                                                                                                         -3
             0
                             Total              Sales Factor              Fixe d Cost               CR, Raw
                                                                                                  Mate rials etc.
          -25

                                          3Q Fy2004 ← 3Q FY2003
                                                                                                                                19




Sales & Operating Income per Company                                                                             (100Mil.yen)

                                         3Q FY2004                        3Q FY2003                             Changes
        Housing
                                        Sales      Ope.                Sales               Ope.          Sales         Ope.
                                                   Income                                  Income                     Income
     Housing Business                      918              50              885               37                34        14
    Living Environment                     194                1             172                -3               22          4
         Business
     (Fami S included)                   (133)              (1)           (118)              (-3)             (15)        (4)
         Total                           1,112              51            1,057                34                56       17
                               Analysis on Operating Income(with PY)
                      20                                                 Living
                     (100Mil.yen)                                     Environment
                                   17                                Sales Increase
                                                              9                           Living
                     10                                 8
                                                                       Housing         Environment

                                                                                                    2
                                                                              3       -5
                         0
                                     Total             Increase in           Fixed Cost        CR, Components
                                                        Structures                                  etc.

                    -10

                                          3Q FY2004 ← 3Q FY2003                                                                 20
Sales & Operating Income per Company                                                      (100Mil.yen)
                      3Q FY2004                      3Q FY2003                        Changes
                   Sales          Ope.           Sales           Ope.            Sales           Ope.
                                  Income                         Income                         Income
  UIEP                   523            32             470                7               53            25

                 Analysis on Operating Income(with PY)
      30
    (100Mil.ye n)25                     25

      20

      10                                                     7
                                                                                     -7
         0
                 Total            Sale s Factor         Fixe d Cost              CR,
     -10                                                                      RawMate rials


                         3Q FY2004 ← 3Q FY2003
                                                                                                             21




Sales & Operating Income per Company                                                      (100Mil.yen)
                           3Q FY2004                   3Q FY2003                     Changes
                         Sales         Ope.          Sales        Ope.          Sales           Ope.
                                      Income                     Income                        Income
      HPP                   503            40          451           30               52           10
                   Analysis on Operating Income(with PY)
       15
     (100Mil.yen)
                10               10
       10


             5                                                   3

                                                -2                              -1
             0
                 Total         Sales           Forex         Fixed        CR, Raw
                               Factor                        Cost         Mate rials
         -5
                            3Q FY2004 ← 3Q FY2003
                                                                                                             22
     Details of Business for 3Q of FY2004
           Non-operating & Extraordinary Income/Loss
                                                                     *Ref. to the Earnings Report P.6     (100Mil.yen)
                                                             FY2004               FY2003                Changes
                                                             1Q-3Q                1Q-3Q
            Income under Equity Method                                   45                  44                    1
            Financial Income                                             -9                 -12                    3
            Miscellaneous Income &                                       -5                 -15                  10
             Expenses etc.
           Total of Non-operating                                        31                  17                  14
           Income/Loss
           <Extraordinary Income>
            Variable Income in Equity                                    21                    -                 21
           Method
            Income from Business Transfer                                 4                    -                   4
           <Extraordinary Loss>
            Structural Improvement                                       12                  13                   -1
           Expenses
            Loss on sales & removal of                                   26                  20                    5
             fixed assets
           Total of Extraordinary
                                                                        -13                 -33                  20
           Income/Loss
*As Sekisui House does not disclose its quarterly account, the income in Equity Method for the 1st half term only is included.
                                                                                                                            23




     Details of Business for 3Q of FY2004
       Total Assets                  *Ref. to the Earnings Report P.4

                                                                                                    (100Mil.yen)
                                       End Dec. 2004              End Mar. 2004               End Dec. 2003


              Total Assets                         7,624                       7,488                      7,686

                   Sales                           6,332                       8,149                      5,995

          Turnover Rate of
            Total Assets
                                             1.12 times              1.09 times                    1.05 times




                                                                                                                           24
Details of Business for 3Q of FY2004
  Inventories                    *Ref. to the Earnings Report P.4
                                                              (100Mil.yen)

                                 End Dec. 2004 End Mar. 2004        Changes


                Land for sale               94                88              6

    Housing            Other
                                           317            274                43
                 Inventories
                   Products                298            297                 1

    Others             Other
                                           170            150                20
                 Inventories
               Total                       880            809                71


                                                                                  25




Details of Business for 3Q of FY2004
  Interest Bearing Liabilities *Ref. to the Earnings Report P.5
                                                              (100Mil.yen)
                                End Dec. 2004 End Mar. 2004    Changes
       Short-term Loan                   357           401            -44
              CP                          50            50              0
      Bond redeemable                       1             1             0
         in one year
              Bond                       250           251             -1
       Long-term Loan                    691           827           -136
              Total                     1,350         1,531          -182


                                                                                  26
Details of Business for 3Q of FY2004
  Consolidated Cash Flow         *Ref. to the Earnings Report P.8
                                                                              (100Mil.yen)
                                                                FY2004          FY2003
                                                                1Q-3Q           1Q-3Q
  Cash Flow from Sales Activities                                    269                287
  Cash Flow from Investment Activities                                -12              -131
  Cash Flow from Financial Activities                                -236              -123
  Increment in Cash & Cash Equivalent                                    22              25
  Term-End Balance of Cash & Cash Equivalent                         247                210
  Free Cash Flow
  =Sales Activity CF+Investment Activity CF - Dividend paid.
                                                                     210                124


                                                                                                  27




Income Plan for Full Year of 2004
                                                                                 (100Mil.yen)
                                           Plan for             Result of
                                                                                 Changes
                                           FY2004               FY2003

            Sales                                     8,500          8,149              351
       Operating
        Income
                                                          360            231            129
       Recurring
        Income
                                                          380            275            105

      Net Income                                          230            150                 80


                                                                                                  28
                                                                              29




Some of the displayed data such as prospects, plans and forecasts, that are
not past results, have been worked out on the inference of our
management with reference to currently available information. Therefore,
please keep it in mind that the actual results of our business could become
largely different from our plans and forecasts etc. depending on changes
in various material factors.
                                                       Housing Company Results and Plan
         1. Main data in Housing business
                                                               Financial year 2004                                Financial year 2003                       2002
                                                  FH Actual       3Q Actual    SH Plan      Annual Plan     FH        3Q Actual      SH          Annual     Annual
          Sales (in 100 Million yen)                 2,108   1,112   2,192                       4,300       2,019 1,057     2,090   4,109 3,999
           Housing                                   1,741     918   1,781                       3,522       1,663     885   1,719   3,382 3,338
                  (Houses)                         (1,682)   (892) (1,713)                     (3,395)     (1,614) (852) (1,657) (3,271) (3,233)
CONSOL




                  (Land)                              (59)    (26)    (68)                       (127)        (49)    (33)    (62)   (111) (105)
           Living environment                          367     194     411                         778         357     172     371     727     661
                  (Refurbishing)                     (244)   (133)   (277)                       (521)       (245) (118)     (252)   (497) (442)
                  (Interior-Exterior)                 (31)    (16)    (31)                        (62)        (21)    (10)    (25)    (46)    (40)
                  (Real estate)                       (92)    (45)   (103)                       (195)        (91)    (44)    (94)   (184) (179)
          1. Number of houses sold(unit)             8,060   3,900   8,700                     16,760        7,650 3,800     8,460 16,110 15,840
           Detached houses                           6,200   3,370   6,280                     12,480        6,080 3,390     6,190 12,270 12,250
                  (Heim)                           (4,540) (2,510) (4,580)                     (9,120)     (4,330) (2,420) (4,420) (8,750) (8,780)
                  (Two-U)                          (1,660)   (860) (1,700)                     (3,360)     (1,750) (970) (1,770) (3,520) (3,470)
           Apartment                                 1,860     530   2,420                       4,280       1,570     410   2,270   3,840 3,590
          2. Main data                                                                                     
OTHERS




           Price <Sales subsidiaries: Detached
          Ho.>/unit (Mil.yen)
                                                        27.5          28.2        27.6            27.6       27.4          27.5          27.1      27.3        27.3
           Price <Sales subsidiaries: Detached
          Ho.>/Tsubo(3.3m2) (10thou yen)
                                                          67            67            67            67           65          66           66           65        64
           Floor space (m2)                              137          138             137          137        140         138             137       138        142
           Exhibition places(Unit:Structure)             477          476         -                480        509         487         -             487        531
           Sales staff(no. of person)                  2,605        2,548         -              2,600      2,588       2,513         -           2,490      2,565
           Replacement ratio(%)                           40           41             40            40         39          38             40         40         40
           Introduction sales ratio(%)                    31           29             31            31         30          30             29         30         30




         2. Housing order intake                                                                                                                 (Millions of Yen)

                                          Financial year 2004                               Financial year 2003                      Financial year 2002
                                                                      Annual
                              FH Actual    3Q Actual    SH Plan        Plan           FH      3Q Actual     SH        Annual         FH          SH         Annual
Backlogs at beginning          161,900 167,500         167,500          -        148,500 156,600 156,600        -       -         151,727 148,000
  Growth rate                   9%       7%     7%       -      -2%      6%      6%     -       -7%     2%      -
New orders                     201,333 94,388 209,367 410,700 196,118 86,376 198,692 394,810 181,677 186,649 368,326
  Growth rate                   3%       9%     5%       4%      8%      5%      6%     7%      -3%    -3%     -3%
Sales of houses                195,733 104,118 202,067 397,800 188,018 97,976 193,392 381,410 185,404 186,149 371,553
  Growth rate                   4%       6%     4%       4%      1%     26%      4%     3%     -10%     1%     -5%
Balance at the end             167,500 157,770 174,800   -     156,600 145,000 161,900  -     148,000 148,500   -
  Growth rate                   7%       9%     8%       -       6%     -5%      9%     -        2%    -2%      -
         3. Housing starts                                                                                                                             (1,000units)

                                                                               Financial year 2004                         Financial year 2003              2002
                                                                    FH Actual 3Q Actual SH Plan Annual Plan           FH     3Q Actual     SH     Annual    Annual
Housing starts                                                           618       307        569         1,187        603         304 571 1,174             1,146
Privately-owned houses (included in above)                               206         85       165           371        207           87 166  373               366
Sales by our company                                                       8          4         9            17          8            4   8    16               16
Detached house sales by our co. (=B)                                       6          3         6            12          6            3   6    12               12
Our share in Detached houses (=B/A)                                     3.0%      4.0%       3.8%         3.4%        2.9%        3.9% 3.7% 3.3%             3.4%
         4. Order intake of houses with additional specifications
                                                                               Financial year 2004                         Financial year 2003              2002
                                                                     FH Actual 3Q Actual SH Plan Annual Plan          FH      3Q Actual    SH     Annual    Annual
Solar electric generators installed                                     51%           49%     53%          52%        47%         43%      46%        46%     32%
Special walling tiles (Heim type JX)                                    44%           45%     48%          46%        33%         37%      38%        35%     29%
Totally electrified model                                               78%           81%     79%          79%        73%         74%      76%        74%     65%

								
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