3 Shareholders' Equity / Financial Indicators. 5 Capital Expenditure / Per Employee Data. 6 Financial Statements (Balance Sheet)

Transcription

1 CONTENTS 1 Operating Results 2 Sales as Classified by Items 3 Shareholders' Equity / Financial Indicators 4 Per Share Data 5 Capital Expenditure / Per Employee Data 6 Financial Statements (Balance Sheet) 7 Financial Statements (Statements of Income) 8 Consolidated Financial Statement (Balance Sheet) 9 Consolidated Financial Statement (Statements of Income)

2 Operating Results Net Sales/Growth Rate for Sales (%) 3, 1 Ordinary lncome/ Rate of Growth Ordinary lncome 3,4 (%) 24 Net Income/ Rate of Growth in Net Income 3, (%) 28, 9 3, 22 2, , 8 3, 2, , 7 2,8 18 2, ,6 2, , 12 2, 5 2, , 4 1 1,8 8 16, 3 1,8 8 1,6 6 14, 2 1,6 6 1, ,4 4 1, 2 1, 1, 2 1, 8, 6, , , '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Sales Net Sales Growth Rate for sales Growth Rate for sales Growth Rate for sales -5 '98/3 '98/9 '99/3 '99/9 '/3 '/9 Ordinary Income Ordinary Income Rate of Growth in Ordinary Income Rate of Growth in Ordinary Income Rate of Growth in Ordinary Income Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Sales( Millions Yen) 19,275 9,838 2,493 1,893 22,465 13,56 Growth Rate for sales (%) Growth Rate for sales (%) Operating Income 2, , ,989 1,636 Rate of Growth for Operating Profits(%) Rate of Growth for Operating Profits(%) Ordinary Income 2, ,981 1,23 2,19 1,761 Rate of Growth in Ordinary Income(%) Rate of Growth in Ordinary Income(%) Net Income , ,24 1,5 Rate of Growth in Net Income(%) Rate of Growth in Net Income(%) Ratio of Gross Profit to Sales(%) Sales Management Cost Ratio(%) Consolidated '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Sales 21,824 22,887 12,347 25,398 15,213 Growth Rate for sales (%) Operating Income 2,325 2,239 1,183 2,43 1,835 Rate of Growth for Operating Profits(%) Ordinary Income 2,861 2,657 1,556 3,28 2,312 Rate of Growth in Ordinary Income(%) Net Income 1,576 1,668 1,339 2,39 1,48 Rate of Growth in Net Income(%) Ratio of Gross Profit to Sales(%) Sales Management Cost Ratio(%) '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Income Net Income Rate of Growth in Net Income Rate of Growth in Net Income Rate of Growth in Net Income -1 Note: Amounts less than one million yen are omitted The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -1-

3 Sales as Classified by Items 8, 7, 6, 5, 4, 3, 1, '98/3 '98/9 '99/3 '99/9 '/3 '/9 Electronic Materials Electrical Insulators Related Products Optic Materials Industrial-Use Structural Materials Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Electronic Materials 7,45 3,576 7,974 4,432 9,378 5,871 Optic Materials 3,477 2,427 4,364 2,483 5,14 3,73 Electrical Insulators 4,39 1,851 3,84 1,88 3,813 1,92 Industrial-Use Structural Materials 2,899 1,237 2, ,26 1,166 Related Products 1, ,559 1,345 1,928 9 Total 19,275 9,838 2,493 1,893 22,465 13,56-2-

4 Shareholders' Equity/Financial Total Liabilities and Net Worth/ Turnover Ratio of Total Liabilities and Net Worth Shareholders' Equity/ Shareholders' Equity to Total Return on Equity/Operating Profit Ratio of Total Liabilities and Net Worth 35, (Turnover) 2.1 (MiIIions Yen) 2, (%) 1. (%) 2 18, , , , , , , ,.9 8, ,.6 6, , ,.3 1. '98/3 '98/9 '99/3 '99/9 '/3 '/9. Total Liabilities and Net Worth Total Liabilities and Net Worth Turnover Ratio of Total Liabilities and Net Worth Turnover Ratio of Total Liabilities and Net Worth '98/3 '98/9 '99/3 '99/9 '/3 '/9. Shareholders' Equity Shareholders' Equity Shareholders' Equity to Total Assets Shareholders' Equity to Total Assets -2 '98/3 '98/9 '99/3 '99/9 '/3 '/9 Return on Equity Operating Profit Ratio of Total Liabilities and Net Worth Operating Profit Ratio of Total Liabilities and Net Worth Return on Equity Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Total Liabilities and Net Worth 22,5 22,623 23,286 25,384 25,93 29,222 Turnover Ratio of Total Liabilities and Net Worth(Turnover) Operating Profit Ratio of Total Liabilities and Net Worth(%) Shareholders' Equity 1,511 1,783 11,387 12,47 14,618 16,96 Shareholders' Equity to Total Assets(%) Return on Equity(%) Number of Shares Outstanding at Term End(1) 17,15 17,15 17,15 17,15 17,86 19,743 Consolidated '98/3 '98/9 '99/3 '99/9 '/3 '/9 Total Liabilities and Net Worth 24,82 25,95 29,478 33,28 Turnover Ratio of Total Liabilities and Net Worth(Turnover) Operating Profit Ratio of Total Liabilities and Net Worth(%) Shareholders' Equity 11,448 12,88 16,928 18,872 Shareholders' Equity to Total Assets(%) Return on Equity(%) Note:Turnover Ratio of Total Liabilities and Net Worth =Net Sales/Total Liabilities and Net Worth(Mid-term Average) Operating Profit Ratio of Total Liabilities and Net Worth = Ordinary Income/Total Liabilities and Net Worth (Mid-term Average)X1 Shareholders' Equity to Total Assets=Shareholders' Equity(Term End)/Total Liabilities and Net Worth(Term End)X1 Return on Equity = Net Incom/Shareholders' Equity(Mid-term Average)X1 The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -3-

5 Per Share Data (Yen) 13. Net Income per Share (Yen) 1. Shareholders' Equity per Share Cash Dividends per Share/Payout Ratio Cash Dividends per Share/Payout Ratio (Yen) 2 (%) '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Income per Share Net Income per Share. '98/3 '98/9 '99/3 '99/9 '/3 '/9 Shareholders' Equity per Share Shareholders' Equity per Share Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Income per Share(Yen) Shareholders' Equity per Share(Yen) Cash Dividends per Share(Yen) Payout Ratio(%) Consolidated '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Income per Share(Yen) Shareholders' Equity per Share(Yen) '98/3 '98/9 '99/3 '99/9 '/3 '/9 Cash Dividends per Share Payout Ratio. -4-

6 Capital Expenditure/Per Employee Data Capital Expenditure 3, 1,4 Depreciation and Amortization Number of Employees/Net Sales per Employee (Thousands Yen) Cash Dividends per Share/Payout Ratio (Persons) 4, 8 2,8 2,6 1, 35, 7 2,4 2, 1, 3, 6 25, 5 1,8 8 1,6 2, 4 1,4 6 1, 15, 3 1, 8 4 1, 6 4 5, 1 '98/3 '98/9 '99/3 '99/9 '/3 '/9 Capital Expenditure Capital Expenditure '98/3 '98/9 '99/3 '99/9 '/3 '/9 Depreciation and Amortization Depreciation and Amortization Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Capital Expenditure 1, ,679 1,744 2, Depreciation and Amortization , , Inventory Turnover Period(Days) Interest Coverage(Times) Number of Employees(including part time employees)(persons) Net Sales per Employee(including part time employees)(thousands Yen) 36,575 17,887 37,26 24,128 39,691 26,746 Labor Productivity(Ttousands Yen) 13,468 13,138 12,766 Labor's Relative Share(%) Consolidated '98/3 '98/9 '99/3 '99/9 '/3 '/9 Capital Expenditure 1,769 1,75 2, Depreciation and Amortization 1,53 1,183 1, Inventory Turnover Period(Days) Interest Coverage(Times) '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Sales per Employee Number of Employees Note: Inventory Turnover Period(Days)=(Average Inventory/Net Sales)X365 Labor Productivity=Value Added/Number of Employees The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -5-

7 Financial Statements Balance Sheets Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Assets Current Assets 13,331 12,875 13,27 14,245 13,167 14,972 Cash and Time Deposits 1,77 1,395 1,215 2,457 1,8 795 Notes Receivable Trade 3,92 1,834 1,65 1,493 1,756 1,927 Accounts Receivable Trade 4,66 6,495 7,53 6,879 6,879 8,42 Inventories 3,73 3,133 3,352 3,376 3,38 2,1 Prepaid Expenses Deferred Tax Assets Other Current Assets ,644 Allowance for Doubtful Receivables Fixed Assets 9,169 9,748 1,79 11,139 12,763 14,25 (Tangible Fixed Assets) 7,485 7,892 8,41 9,176 9,277 9,549 Buildings 2,897 3,22 3,134 3,4 3,82 3,799 Structures Machinery and Equipment 2,339 2,76 2,88 3,3 3,213 3,25 Vehicles and Automotive Equipment Tools Furnitures Fixtures Land 1,5 1,5 1,153 1,717 1,582 1,582 Construction in Progress (Intangible Fixed Assets) (Investments and Other Assets) 1,669 1,841 2,24 1,949 3,472 4,688 Investments in Securities 1,227 1,413 1,536 1,475 2,85 4,52 Stocks of Subsidiaries Contributions Contributions of subsidiaries Long-term loans Long-term Prepaid Expenses Deferred Tax Assets Other Investments Allowance for Doubtful Receivables Total Assets 22,5 22,623 23,286 25,384 25,93 29,222 Liabilities Current Liabilities 11,489 11,458 11,565 13,46 11,5 12,558 Notes Payable Trade 3,499 2,753 3,274 3,415 3,286 3,815 Accounts Payable Trade 956 1,421 1,574 1,492 1,75 2,611 Short-Term Loan Payables 4,293 5,34 4,79 5,548 3,554 3,27 Accounts Payable Other Accrued Income Taxes Expenses Unpaid Deposits Received Employee Savings Deposits Bills Payable for Plant and Equipment Other Current Liabilities Long-Term Liabilities Long-Term Debt Deferred Tax Liabilities Reserve for Retirement Allowances Reserve for Officers' Retirement Bonuses Other Long-Term Liabilities Total Liabilities 11,989 11,839 11,899 13,337 11,312 13,126 Shareholders' Common Stock 2,633 2,633 2,633 2,633 3,673 3,839 Equity Additional Paid-in Capital 1,925 1,925 1,925 1,925 2,965 2,951 Appropriation of Retained Earnings Other Surplus 5,774 5,568 6,171 6,831 7,322 7,986 Voluntary Reserve 4,737 4,85 4,849 5,63 5,628 6,665 Unappropriated Retained Earnings 1, ,322 1,21 1,694 1,321 ( Less Current Retained Earnings ) (87) (57) (1,111) (93) (1,24) (1,5) Net Unrealized holding gains on Securities available for Sales Total Shareholders' Equity 1,511 1,784 11,387 12,47 14,618 16,96 Total Liabilities and Shareholders' Equity 22,5 22,623 23,286 25,384 25,93 29,222 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -6-

8 Financial Statements Statements of Income ' Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Sales 19,275 9,838 2,493 1,893 22,465 13,56 Cost of Sales 15,262 7,92 16,587 8,941 18,344 1,798 Gross Profit 4,13 1,918 3,96 1,952 4,122 2,762 Selling General and Administrative Expenses 1,962 1,23 2,47 1,38 2,133 1,126 Operating Income 2, , ,989 1,636 Non-Operating Income Interest and Dividend Income Other Non-Operating Income Non-Operating Expenses Interest Expenses Other Non-Operating Expenses Ordinary Income 2, ,981 1,23 2,19 1,761 Extraordinary Income Extraordinary Losses Income Before Income Taxes 1, ,982 1,594 2,154 1,75 Corporation Tax. Inhabitant Tax and Business Taxes 1, Provision for Income Taxes ー Deferred Net Income , ,24 1,5 Unappropriated Retained Earnings Brought Forward Prior Year's Tax Effect Adjustment Reversal of Accelerated Depreciation Reserve in Connection with the Application of the Tax Effect Accounting Unappropriated Retained Earnings - 1, ,322-1,21 3 1,694-1,32 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -7-

9 Consolidated Financial Statements Consolidated Balance Sheet Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Assets Current Assets 14,899 14,956 15,67 17,36 Cash and Time Deposits 2,236 1,854 1,648 1,415 Notes and Accounts Receivable Trade 9,24 9,333 9,515 11,31 Inventories 3,431 3,716 3,672 3,765 Deferred Tax Assets Other Current Assets Allowance for Doubtful Receivables Fixed Assets 9,93 1,994 14,412 16,172 (Tangible Fixed Assets) 8,324 8,686 9,927 1,182 Buildings and Structures 3,485 3,761 4,481 4,439 Machinery.Equipment and Automotive Equipment 2,449 2,94 3,312 3,36 Tools Furnitures Fixtures Land 1,275 1,313 1,742 1,742 Construction in Progress (Intangible Fixed Assents) (Investments and Other Assets) 1,561 2,29 4,468 5,973 Investments in Securities 1,288 2,8 4,64 5,679 Long-Term Loans Deferred Tax Assets Other Investments Allowance for Doubtful Receivables Total Assets 24,82 25,95 29,479 33,28 Liabilities Current Liabilities 12,593 12,61 12,186 13,727 Notes and Accounts Payable Trade 4,852 5,356 5,633 6,837 Short-Term Loan Payables 4,838 5,199 3,932 3,498 Accrued Income Taxes Other Current Liabilities 2,146 1,641 1,98 2,638 Long-Term Liabilities Long-Term Debt Deferred Tax Liabilities Reserve for Retirement Allowances Reserve for Director Retirement Allowances Consolidated Adjustments Other Long-Term Liabilities Total Liabilities 13,349 13,63 12,541 14,323 Minority Interest Shareholders' Common Stock 2,633 2,633 3,673 3,839 Equity Additional Paid-in Capital 1,925 1,925 2,965 2,951 Consolidated Surplus 6,891 8,323 1,292 11,464 Net Unrealized holding gains on Securities available for Sales Cumulative Translation Adjustments Total 11,449 12,881 16,93 18,873 Treasury Stock Total Shareholders' Equity 11,448 12,88 16,928 18,873 Total Liabilities.Minority Interest and Shareholders' Equity 24,82 25,95 29,479 33,28 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -8-

10 Consolidated Financial Statements Consolidated Statements of Income ' Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Net Sales 21,824 22,887 25,398 15,213 Cost of Sales 17,3 18,159 2,356 11,916 Gross Profit 4,794 4,728 5,42 3,297 Selling General and Administrative Expenses 2,469 2,489 2,612 1,462 Operating Income 2,325 2,239 2,43 1,835 Non-Operating Income Interest and Dividend Income Other Non-Operating Income Non-Operating Expenses Interest Expenses Other Non-Operating Expenses Ordinary Income 2,861 2,657 3,28 2,312 Extraordinary Income Extraordinary Losses Income Before Income Taxes 2,742 2,647 3,118 2,247 Corporation Tax. Inhabitant Tax and Business Taxes 1, , Provision for Income Taxes ー Deferred Minority Stockholder Income and Expenses Net Income 1,576 1,668 2,39 1,48 Consolidated Statements of Surplus Fiscal Year Ended '98/3 '98/9 '99/3 '99/9 '/3 '/9 Balance of other Retained Earnings Beginning of the Period 5,485 6,891 8,323 1,291 Balance of Increase in other Retained Earnings 3 - Balance of Decrease in other Retained Earnings Cash Dividends Bonuses of Directors and Statutory Auditors Net Income 1,576 1,668 2,39 1,48 Balance of other Retained Earnings 6,891 8,323 1,29 11,463 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -9-