Drake Beam Morin-Japan Announces 2003 Interim Results.Business Editors TOKYO--(BUSINESS WIRE)--Nov. 13, 2003 Drake drake 1. male duck. 2. loliumtemulentum. Beam beam In building construction, a horizontal member spanning an opening and carrying a load. The load may be a wall above the opening (see post-and-beam system) or it may be a floor or roof. Morin-Japan ("DBM-J" or the "Company") (JASDAQ Jasdaq See: Japanese Association of Securities Dealers Automated Quotation System : 4688), Japan's leading outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. ("OPC (1) (OpenGL Performance Characterization) A project group within GPC that manages OpenGL benchmarks. OPC endorses the Viewperf and GLperf benchmarks. Viewperf was created by IBM and OPC provides viewsets for it, which are combinations of tests using specific ") company, today announced the results of its operations for the interim period ended September September: see month. 30, 2003. The results are unaudited and prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Financial Results for the First Half of the Year Ending March 31, 2004
September September Y-o-Y
2003 2002 Change
(YEN million,(YEN million, (%)
except EPS) except EPS)
----------------------------------------------------------------------
Revenue 8,510 4,798 + 77.3
----------------------------------------------------------------------
Operating Profit 1,450 1,594 -9.0
----------------------------------------------------------------------
Ordinary Profit 1,412 1,608 -12.1
----------------------------------------------------------------------
Net Profit 762 903 -15.5
----------------------------------------------------------------------
EPS 108.38 128.31 -15.5
----------------------------------------------------------------------
During the last six months, conditions for Japanese exports improved and capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. increased moderately in parallel with the recovering US economy and the quick conclusion of the Iraqi war. Although restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). helped corporate earnings grow, unemployment rates remain at a high level, and the labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience continues to be challenging. Corporations continue to restrain human resource costs, and restructuring efforts, including headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. reductions, are prevalent prevalent widespread occurrence. . More companies utilizing outplacement services are from diverse industry types. Additionally, the use of outplacement services is expanding among relatively smaller companies. However, improving economic conditions have pushed some outplacement orders from the first half of this fiscal year into the second half. For this interim period, group revenues increased markedly by 77.3% year-on-year to 8,510 million yen due to the inclusion of sales from Novations Group Inc. ("Novations") and its three subsidiaries beginning this half year, as well as overall group efforts to improve performance. To maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. future business growth potential and further align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. the company's operational infrastructure with recent business expansion, DBM-J increased investment in its management, which raised SG&A expenses, resulting in a 12.1% year-on-year decrease in ordinary profit for the period to 1,412 million yen and an interim net profit decrease of 15.5% year-on-year for the period to 762 million yen. Financial Forecasts for Year Ending March 31, 2004
Consolidated Basis Y-o-Y Unconsolidated Y-o-Y
Year ending March 31, Change Basis Change
2004 Year ending March
(YEN million) 31, 2004
(YEN million)
----------------------------------------------------------------------
Revenue 17,600 +76% 10,100 +2%
----------------------------------------------------------------------
Ordinary Profit 2,930 +6% 2,910 +5%
----------------------------------------------------------------------
Net Profit 1,560 +5% 1,550 +3%
----------------------------------------------------------------------
DBM-J believes that not only large corporations but also middle-sized companies still have excess personnel and that the outplacement market will continue to grow steadily. DBM-J will continue to strengthen its market share lead by providing the highest quality service to its customer base. Financial Results by Segment
Revenue (YEN Y-o-Y Operating Y-o-Y
million) Change Income Change
(YEN
million)
----------------------------------------------------------------------
Outplacement 4,780 +3.5% 1,465 -6.6%
----------------------------------------------------------------------
Domestic Training 89 -3.1% -31 NM
----------------------------------------------------------------------
Overseas Training 3,552 NA 27 NA
----------------------------------------------------------------------
Others 89 +52.7% -11 NM
----------------------------------------------------------------------
Outplacement Business In order to become the irrefutable irrefutable - The opposite of refutable. leader of the industry, DBM-J has striven strive intr.v. strove , striv·en or strived, striv·ing, strives 1. To exert much effort or energy; endeavor. 2. to offer quality services through specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. employee training and education. Also, in order to flexibly meet client needs and heighten height·en v. height·ened, height·en·ing, height·ens v.tr. 1. To raise or increase the quantity or degree of; intensify. 2. To make high or higher; raise. v.intr. operational efficiency, the company has been pursuing a "scrap and build" policy for offices. Over the interim period, the company opened a total of six offices, while closing six offices where operational activities have ceased to be necessary. As of September 30, 2003 DBM-J had a total of 47 offices nationwide. As a result, outplacement revenue for the period increased by 3.5% year-on-year to 4,780 million yen. However, due to the costs related to the strengthening of DBM-J's internal corporate structure, operational profits decreased by 6.6% year-on-year to 1,465 million yen. Training Business Domestically, DBM-J offers career-building training courses mainly for private corporations; courses on job searching for regional government bodies; and career counselor
n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical , the latter of which has been approved for subsidies by the Ministry of Health, Labor and Welfare. Internationally, the profits from Novations and its three subsidiaries were included in the interim financial results. These four companies have operations that support the development of human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. ; provide industry-specific consulting and training services; the construction and operation of HR management systems; and project management. As a result, revenues from the training business increased 3,512 million yen to 3,642 million yen. Although the newly established Novations recorded a 27 million yen profit, heavily-weighted second half revenue recognition in the domestic training business caused DBM-J to record an operational loss of 4 million yen. Other Businesses Career Masters, an executive search business, operates in cooperation with DBM-J. Although revenues increased by 52.7% year-on-year to 89 million yen, DBM-J recorded an operational loss of 11 million yen, a 13 million yen decrease compared with the same period last year. Cash Flow Analysis Cash for the interim period decreased by 2,559 million yen compared to the last fiscal year to 7,715 million yen, with an interim net profit before taxes and adjustments of 1,394 million yen; a decrease in advance receipts of 1,735 million yen; a corporate tax payment of 809 million yen; and dividend payments of 1,051 million yen. Cash Flows from Operating Activities 1,489 million yen was paid out as a result of business activities for this interim period. Although the company recorded an interim net profit before taxes and adjustments of 1,394 million yen, a decrease in advance receipts of 1,735 million yen and an 809 million yen corporate tax payment were the main components of the 1,489 million yen pay out. Cash Flows from Investing Activities Cash used for investing activities was 24 million yen for the interim period. This comprised of 95 million yen in securities divestitures; 68 million yen from acquisitions in fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → for new office openings; and 42 million yen paid for intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Cash Flows from Financing Activities Cash used for financing activities was 1,051 million yen for this interim period, all as a result of dividend payments. Operational & Strategic Review The DBM-J group consists of Drake Beam Morin-Japan ("DBM-J") and 5 wholly-owned subsidiaries. Until first half results for fiscal year 2002, the Training business was included in the "Other Businesses" section. However, due to the large amount of assets that now fall under the Training Business following the formation of Novations Group Inc. and its three subsidiaries, a new "Training Business" division was formed at the end of the previous fiscal year. For the first half results announced in this release, there are three business divisions: Outplacement, Training, and Others. DBM-J's Core Management Policies A. Basic Management Policy DBM-J views itself as an integrated HR (Human Resources) consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that assists in a variety of challenges faced by its corporate clients. The company's basic principle is to support corporate growth as well as the self-fulfillment self-ful·fill·ment n. Fulfillment of oneself. Noun 1. self-fulfillment - the fulfillment of your capacities self-realisation, self-realization of working individuals by leveraging its outplacement and training capabilities. DBM- J believes that providing high-quality consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that benefit both corporations and the workforce is rewarding for shareholders and employees. B. Profit Distribution Policy Returning value to shareholders is one of the most important priorities for the Company. Using return on equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) as a financial benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. , DBM-J strives to improve its financial performance and distribute profit through dividend payments. With this basic policy in mind, dividends are determined in accordance with future financial strength, with earnings retention to be used for business expansion. C. Policy on the Reduction in Minimum Investment Unit DBM-J believes that reducing the minimum investment unit of its shares will improve liquidity and increase the number of shareholders. The Company will make efforts to reduce the minimum investment unit. D. Medium-term Business Strategy DBM-J is committed to maintaining its dominant leadership position in the growing outplacement market by providing a variety of HR solutions as an integrated HR consulting company. To achieve this goal, the company plans to enhance its outplacement infrastructure - information technology, in particular - and quickly ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale its high value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: consulting business. In addition, Novations, the wholly-owned subsidiary established last year, offers training and consulting services for corporate and individual performance enhancement. DBM-J intends to turn training and consulting services into a core business, reinforcing re·in·force also re-en·force or re·en·force tr.v. re·in·forced, re·in·forc·ing, re·in·forc·es 1. To give more force or effectiveness to; strengthen: The news reinforced her hopes. its position in the industry. DBM-J is also in the process of introducing Enhanced Career Transition Service ("ECTS ECTS European Credit Transfer System ECTS European Community Course Credit Transfer System ECTS European Computer Trade Show ECTS Erie County Technical School (Pennsylvania) ECTS Engine Coolant Temperature Sensor "), which draws upon cutting-edge technology to link the group's global IT platform for enhanced client support. Adopting ECTS will enable DBM-J to offer a high-quality, global product capable of rapidly responding to clients' international needs. Lastly, DBM-J continues to explore possibilities for M&A activity in order to strengthen its position as a "comprehensive human resources consultancy." Operational Issues For outplacement services, DBM-J has made the Career Counselor Master Program a requisite for all of its consultants and is constantly promoting a high level of employee training, allowing for an open, professional, and high-quality consultation service for its clients. For training operations, DBM-J differentiates itself as a business that provides training service and consulting services for corporate and individual performance enhancement. We are planning an early introduction of advanced US training and consulting services into Japan. With these services, we believe we can strengthen our domestic Japanese operations even further. Outside of Japan, the Company is enhancing Novations' by developing a new training service aimed at middle management that will be marketed throughout the US. Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. The Company selects board members that ensure fast and accurate business information and timely decision making. Also, in an effort to gain objective advise from an experienced person, we have hired one external board member. As a rule, the Company's board meets once a month and whenever else it becomes necessary. Various important business decisions are discussed and voted upon with all board members present. All board meetings are attended by a statutory auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. and two outside auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together to audit the activities of the board members based on the interests of the company. The statutory auditor and two outside auditors hold numerous auditor meetings to exchange information and views. As an internal control structure, an internal audit department is under the direct supervision of the President and constantly audits operational integrity and risk management from the perspective of legal / regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance and social responsibility. Moreover, in order to gain objective advice from various outside advisors, an advisory board to the board has been established in June June: see month. , 2003. About DBM-J Drake Beam Morin-Japan Inc. ("DBM-J") is Japan's leading outplacement company, having assisted in finding new employment for over 35,000 individuals through relationships with over 1,630 customer companies in Japan. Founded in 1982, the Company pioneered the outplacement industry in Japan by licensing its brand and operating methodologies from Drake Beam Morin Mo´rin n. 1. (Chem.) A yellow crystalline substance ( fustic rodby> (Chlorophora tinctoria syn. Inc, now a subsidiary of Thomson Corporation. Since 1997, the DBM-J has been publicly traded on the Japanese OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market (JASDAQ) under the ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. 4688. Corporate Headquarters Gate City Osaki Osaki or Ōsaki may refer to:
The statements included above and elsewhere in this news release that are not historical in nature are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Drake Beam Morin Japan cautions readers that forward-looking statements are based on the Company's current expectations and involve a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. I: Interim Consolidated Balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. and Income Statement (1) Interim Consolidated Balance Sheet (Unit : Thousands of yen)
Interim of FY Interim of FY FY 2002
2002 2003 (As of March 31,
(As of September (As of September 2003)
30, 2002) 30, 2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Assets)
I Current assets
1 Cash and time
deposits 13,020,816 7,815,343 9,375,514
2 Accounts due
on finished
work 379,093 - -
3 Accounts
receivable - 1,525,842 1,751,220
4 Marketable
securities 89,593 - 1,091,509
5 Prepaid
expenses of
unfinished work 1,739,682 - -
6 Inventories - 2,007,234 2,169,378
7 Others 216,532 437,827 452,806
Allowance for (DELTA) (DELTA)
doubtful accounts - 162,875 175,173
----------- ----------- -----------
Total current
assets 15,445,718 91.5 11,623,371 60.5 14,665,255 69.5
II Fixed assets
(1) Tangible fixed
assets 608,851 3.6 707,044 3.7 751,857 3.6
(2) Intangible
fixed assets
1 Goodwill - 4,157,641 4,161,129
2 Others 87,208 226,279 196,468
----------- ----------- -----------
Total intangible
assets 87,208 0.5 4,383,920 22.9 4,357,598 20.7
(3) Investment and
other assets
1 Investment
securities - 1,606,550 552,258
2 Deposits 643,492 700,963 711,314
3 Others 91,306 177,062 56,129
Allowance for (DELTA) (DELTA) (DELTA)
doubtful accounts 1,261 1,261 1,261
----------- ----------- -----------
Total investment
and other assets 733,538 4.4 2,483,316 12.9 1,318,441 6.2
----------- ----------- -----------
Total fixed assets 1,429,598 8.5 7,574,281 39.5 6,427,896 30.5
----------- ----------- -----------
Total assets 16,875,316 100.0 19,197,653 100.0 21,093,152 100.0
=========== =========== ===========
(Unit : Thousands of yen)
Interim of FY 2002 Interim of FY 2003 FY 2002
(As of September (As of September (As of March 31,
30, 2002) 30, 2003) 2003)
Accounts ------------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Liabilities)
I Current
liabilities
1 Accounts
payable - 1,553,776 1,996,785
2 Income
taxes
payable and
others 707,105 550,972 803,504
3 Advance
receipt of
unfinished
work 6,185,995 - -
4 Advance
receipt - 5,363,693 7,099,815
5 Others 808,340 1,090,576 1,368,711
----------- ----------- -----------
Total current
liabilities 7,701,441 45.6 8,559,018 44.6 11,268,817 53.4
II Fixed
liabilities
1 Liabilities
for
retirement
benefits 54,920 47,957 49,260
2 Allowance
for
directors'
retirement
benefits 53,850 58,842 60,651
3 Others - 429,590 65,945
----------- ----------- -----------
Total fixed
liabilities 108,771 0.7 536,390 2.8 175,856 0.9
----------- ----------- -----------
Total
liabilities 7,810,212 46.3 9,095,409 47.4 11,444,673 54.3
(Minority
interests)
Minority
interests 2,033 0.0 - - - -
(Shareholders'
equity)
1 Common
stock 3,137,119 18.6 3,137,119 16.3 3,137,119 14.8
2 Capital
surplus 3,141,577 18.6 3,141,577 16.4 3,141,577 14.9
3 Retained
earnings 2,783,991 16.5 3,039,552 15.8 3,372,538 16.0
4 Net
unrealized
gains on
other
securities 1,054 0.0 650,111 3.4 22,807 0.1
5 Foreign
currency (DELTA)(DELTA)
translation 24,892 0.1
adjustments - - 134,554 0.7
6 Treasury (DELTA)(DELTA) (DELTA)(DELTA) (DELTA)(DELTA)
stock 671 0.0 671 0.0 671 0.0
----------- ----------- -----------
Total
shareholders'
equity 9,063,070 53.7 10,102,243 52.6 9,648,478 45.7
----------- ----------- -----------
Total
liabilities,
minority
interests and
shareholders'
equity 16,875,316 100.0 19,197,653 100.0 21,093,152 100.0
=========== =========== ===========
(2) Interim Consolidated Income Statements consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. (Unit : Thousands of yen)
Interim of FY 2002 Interim of FY 2003
(From April 1, 2002 (From April 1, 2003
to September 30, 2002) to September 30, 2003)
Accounts ------------------------------------------------
Amount Ratio Amount Ratio
----------------------------------------------------------------------
% %
I Revenue
1 Revenue 4,798,821 100.0 8,510,192 100.0
II Cost of sales
1 Cost of finished
work for this term 1,369,344 28.5 - -
2 Cost of sales - - 3,156,564 37.1
---------- ----------
Gross profits 3,429,477 71.5 5,353,627 62.9
III Selling, general
and administrative
expenses 1,834,990 38.3 3,903,252 45.9
---------- ----------
Operating income 1,594,486 33.2 1,450,375 17.0
IV Non-operating
income
1 Interest income
and Dividends 1,198 2,944
2 Gain on sale of
marketable
securities - 3,176
3 Foreign exchange
gains 11,823 -
4 Cancellation of
sales taxes
payment - 5,826
5 Miscellaneous
revenue 2,285 15,307 0.3 5,850 17,797 0.2
-------- --------
V Non-operating
expenses
1 Acquisition costs - -
2 Foreign exchange
losses - 50,830
3 Securities
evaluation losses 1,534 -
4 Miscellaneous
loss - 1,534 0.0 4,419 55,250 0.6
------------------ ------------------
Ordinary income 1,608,259 33.5 1,412,922 16.6
VI Extraordinary
losses
1 Loss on disposal
of fixed assets 3,268 18,648
2 Investment
securities
evaluation losses - 3,268 0.1 - 18,648 0.2
------------------ ------------------
Income (Interim)
before income taxes
and others 1,604,991 33.4 1,394,274 16.4
Corporate income,
residential and
enterprise taxes 706,440 556,764
Adjustment for income (DELTA)
taxes 4,685 701,755 14.6 74,667 631,431 7.4
-------- --------
Minority interests 45 0.0 - -
---------- ----------
Net (Interim) income 903,190 18.8 762,842 9.0
========== ==========
FY 2002
(From April 1, 2002
to March 31, 2003)
Accounts -----------------------------------
Amount Ratio
----------------------------------------------------------------------
%
I Revenue
1 Revenue 10,010,578 100.0
II Cost of sales
1 Cost of finished work for this
term - -
2 Cost of sales 2,980,353 29.8
------------
Gross profits 7,030,224 70.2
III Selling, general and
administrative expenses 4,023,250 40.2
------------
Operating income 3,006,974 30.0
IV Non-operating income
1 Interest income and Dividends 2,535
2 Gain on sale of marketable
securities -
3 Foreign exchange gains 2,208
4 Cancellation of sales taxes
payment -
5 Miscellaneous revenue 4,140 8,883 0.1
-------------
V Non-operating expenses
1 Acquisition costs 259,587
2 Foreign exchange losses -
3 Securities evaluation losses -
4 Miscellaneous loss - 259,587 2.6
-------------------------
Ordinary income 2,756,271 27.5
VI Extraordinary losses
1 Loss on disposal of fixed
assets 26,227
2 Investment securities
evaluation losses 19,130 45,357 0.4
-------------------------
Income (Interim) before income
taxes and others 2,710,913 27.1
Corporate income, residential and
enterprise taxes 1,195,008
Adjustment for income taxes 24,122 1,219,130 12.2
-------------
Minority interests 45 0.0
------------
Net (Interim) income 1,491,737 14.9
============
(3) Interim Consolidated Statements of Retained Earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. (Unit: Thousands of yen)
Interim of Interim of
FY 2002 FY 2003
(From April 1, 2002 (From April 1, 2003
to September 30, 2002) to September 30, 2003)
Accounts ----------------------------------------------
Amount Amount
----------------------------------------------------------------------
(Capital surplus)
I Capital surplus at
beginning of year - 3,141,577
1 Capital reserves at
beginning of year 3,141,577 3,141,577 -
----------------------------------------------
II Capital surplus at
end of year (Interim) 3,141,577 3,141,577
----------- -----------
(Retained earnings)
III Retained earnings
at beginning of year - 3,372,538
1 Consolidated
surplus at beginning
of year 2,273,743 -
II Increase in retained
earnings
1 Net (Interim)
income 903,190 903,190 762,842 762,842
------------- -----------
III Decrease in
retained earnings
1 Cash Dividends 351,942 1,055,828
2 Bonuses to
directors 41,000 392,942 40,000 1,095,828
----------------------------------------------
IV Retained earnings at
end of year (Interim) 2,783,991 3,039,552
=========== ===========
FY 2002
(From April 1, 2002
to March 31, 2003)
Accounts ------------------------------
Amount
----------------------------------------------------------------------
(Capital surplus)
I Capital surplus at beginning of year -
1 Capital reserves at beginning of
year 3,141,577 3,141,577
------------------------------
II Capital surplus at end of year
(Interim) 3,141,577
---------------
(Retained earnings)
III Retained earnings at beginning of
year -
1 Consolidated surplus at beginning
of year 2,273,743
II Increase in retained earnings
1 Net (Interim) income 1,491,737 1,491,737
---------------
III Decrease in retained earnings
1 Cash Dividends 351,942
2 Bonuses to directors 41,000 392,942
------------------------------
IV Retained earnings at end of year
(Interim) 3,372,538
===============
(4)Interim Consolidated Statement of Cash Flows (Unit : Thousands of yen)
Interim of FY Interim of FY FY 2002
2002 2003 (From April
(From April 1,(From April 1, 1, 2002
2002 2003 to March
to September to September 31, 2003)
30, 2002) 30, 2003)
Accounts ---------------------------------------
Amount Amount Amount
----------------------------------------------------------------------
I Cash flows from operating
activities
1 Income (Interim) before
income taxes and minority
interests 1,604,991 1,394,274 2,710,913
2 Depreciation and
amortization 73,596 144,142 151,540
3 Changes in net liability (DELTA) (DELTA) (DELTA)
for retirement benefits 769 1,302 6,429
((DELTA)decrease)
4 Changes in allowance for (DELTA) (DELTA) (DELTA)
directors' retirement 138,646 1,809 131,846
benefits ((DELTA)decrease)
5 Changes in allowance for (DELTA)
doubtful accounts 12,042
((DELTA)decrease) - -
6 Interest income and (DELTA) (DELTA) (DELTA)
dividends received 1,198 2,944 2,535
7 Foreign exchange
losses(DELTA)gains 69 42,035 58
8 Evaluation losses on
securities 1,534 - -
9 Gain on sale of marketable (DELTA)
securities - 3,176 -
10 Evaluation losses on
investment securities - - 19,130
11 Loss on disposal of fixed
assets 3,268 18,648 26,227
12 Increase in accounts due (DELTA)
on finished work 11,198 - -
13 Changes in accounts (DELTA)
receivable(DELTA)increase - 223,098 62,627
14 Increase in prepaid (DELTA)
expenses of unfinished work 341,972 - -
15 Changes in (DELTA)
inventories(DELTA)increase - 160,902 404,655
16 Changes in accounts (DELTA)
payable(DELTA)decrease - 474,374 -
17 Increase in advance
receipt of unfinished work 1,983,730 -
18 Changes in advance (DELTA)
receipt(DELTA)decrease - 1,735,139 2,782,575
19 Payments of bonuses to (DELTA) (DELTA) (DELTA)
directors 41,000 40,000 41,000
20 Others (DELTA) (DELTA)
23,472 394,979 92,675
---------------------------------------
(DELTA)
Subtotal 3,108,930 682,667 5,134,027
21 Interest and dividends -
received 606 2,946 1,136
22 Income taxes paid (DELTA) (DELTA) (DELTA)
716,525 809,308 1,108,694
---------------------------------------
Cash flows from operating (DELTA)
activities 2,393,011 1,489,029 4,026,469
II Cash flows from investing
activities
1 Proceeds from repayment of
time deposits 228,165 - 368,452
2 Proceeds from sale of
marketable securities - 95,102 -
3 Payments for purchase of (DELTA) (DELTA) (DELTA)
tangible fixed assets 89,464 68,228 184,110
4 Payments for disposal of (DELTA) (DELTA) (DELTA)
tangible fixed assets 1,310 9,125 4,220
5 Payments for purchase of (DELTA)
intangible fixed assets - 42,687 -
6 Payments for purchase of (DELTA) (DELTA)
marketable securities 270 - 501,854
7 Payments for establishing (DELTA)
subsidiaries, etc. - - 3,678,045
8 Others (DELTA)
- - 2,000
---------------------------------------
Cash flows from investing (DELTA) (DELTA)
activities 137,120 24,938 4,001,777
III Cash flows from financing
activities
1 Dividends paid (DELTA) (DELTA) (DELTA)
351,942 1,051,401 351,942
---------------------------------------
Cash flows from financing (DELTA) (DELTA) (DELTA)
activities 351,942 1,051,401 351,942
---------------------------------------
IV Effects of exchange rate (DELTA) (DELTA)
changes on cash and cash 69 5,614 58
equivalents
---------------------------------------
V Net increase (DELTA) (DELTA)
((DELTA)decrease) in cash and 2,178,120 2,559,754 327,309
cash equivalents
---------------------------------------
VI Cash and cash equivalents
at beginning of year 10,602,407 10,275,098 10,602,407
---------------------------------------
VII Cash and cash equivalents
at end of year (Interim) 12,780,528 7,715,343 10,275,098
=======================================
Appendix II: Interim Unconsolidated Financial Statements (1)Interim Unconsolidated Balance Sheet (Unit: Thousands of yen)
Interim of FY Interim of FY FY 2002
2002 2003 (As of March 31,
(As of September (As of September 2003)
30, 2002) 30, 2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Assets)
I Current assets
1 Cash and time
deposits 12,987,565 7,086,962 9,043,705
2 Accounts due on
finished work 355,189 303,985 393,482
3 Marketable -
securities 89,593 1,091,509
4 Prepaid
expenses of
unfinished work 1,739,682 1,744,307 1,802,364
5 Short-term
loan to -
affiliates 389,375 1,442,400
6 Others 217,498 174,192 338,233
----------- ----------- -----------
Total current
assets 15,389,529 91.3 9,698,821 57.4 14,111,695 76.2
II Fixed assets
(1) Tangible
fixed assets
1 Buildings 356,070 322,201 346,154
2 Tools,
furniture and
fixtures 251,588 209,584 245,145
3 Others 430 430 430
----------- ----------- -----------
Total tangible
fixed assets 608,089 3.6 532,217 3.1 591,730 3.2
(2) Intangible
fixed assets 87,208 0.5 89,892 0.5 74,050 0.4
(3) Investment
and other assets
1 Investment -
securities 1,606,550 552,258
2 Stocks of
affiliated -
company 2,469,000 2,469,000
3 Long-term loan - -
to affiliates 1,791,000
4 Deposits 639,281 656,449 681,761
5 Others 138,406 62,647 45,757
Allowance for (DELTA) (DELTA) (DELTA)
doubtful accounts 1,261 1,261 1,261
----------- ----------- -----------
Total investment
and other assets 776,427 4.6 6,584,387 39.0 3,747,516 20.2
----------- ----------- -----------
Total fixed
assets 1,471,726 8.7 7,206,497 42.6 4,413,297 23.8
----------- ----------- -----------
Total assets 16,861,256 100.0 16,905,319 100.0 18,524,992 100.0
=========== =========== ===========
(Unit: Thousands of yen)
Interim of FY 2002 Interim of FY 2003 FY 2002
(As of September (As of September (As of March 31,
30, 2002) 30, 2003) 2003)
Accounts -----------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Liabilities)
I Current
liabilities
1 Income taxes
payable and
others 706,111 549,576 800,449
2 Advance
receipt of
unfinished
work 6,185,995 5,347,117 6,984,840
3 Others 798,341 457,953 937,662
----------- ----------- -----------
Total current
liabilities 7,690,448 45.6 6,354,648 37.6 8,722,952 47.1
B Fixed
liabilities
1 Liabilities
for retirement
benefits 54,687 47,674 49,022
2 Allowance for
directors'
retirement
benefits 53,850 58,842 60,651
3 Others - 412,673 -
----------- ----------- -----------
Total fixed
liabilities 108,538 0.7 519,189 3.1 109,673 0.6
----------- ----------- -----------
Total
liabilities 7,798,986 46.3 6,873,838 40.7 8,832,626 47.7
----------- ----------- -----------
(Shareholders'
equity)
I Common stock 3,137,119 18.6 3,137,119 18.5 3,137,119 16.9
II Capital
surplus
1 Capital
reserve 3,141,577 3,141,577 3,141,577
----------- ----------- -----------
Total
capital
surplus 3,141,577 18.6 3,141,577 18.6 3,141,577 17.0
III Retained
earnings
1 Legal reserve 41,350 41,350 41,350
2 Voluntary
reserve 1,740,802 2,131,765 1,740,802
3
Unappropriated
retained
earnings
(Interim) 1,001,037 930,229 1,609,381
----------- ----------- -----------
Total retained
earnings 2,783,190 16.5 3,103,345 18.4 3,391,534 18.3
IV Net
unrealized gains
on other
securities 1,054 0.0 650,111 3.8 22,807 0.1
V Treasury stock (DELTA) (DELTA) (DELTA) (DELTA) (DELTA) (DELTA)
671 0.0 671 0.0 671 0.0
----------- ----------- -----------
Total
shareholders'
equity 9,062,269 53.7 10,031,481 59.3 9,692,366 52.3
----------- ----------- -----------
Total liabilities
and
shareholders'
equity 16,861,256 100.0 16,905,319 100.0 18,524,992 100.0
=========== =========== ===========
(2) Interim Unconsolidated Income Statements (Unit: Thousands of yen)
Interim of FY 2002 Interim of FY 2003
(From April 1, 2002 (From April 1, 2003
to September 30, 2002) to September 30, 2003)
Accounts --------------------------------------------------
Amount Ratio Amount Ratio
----------------------------------------------------------------------
% %
I Revenue 4,748,103 100.0 4,869,978 100.0
II Cost of sales 1,369,344 28.8 1,512,692 31.1
---------- ----------
Gross Profits 3,378,759 71.2 3,357,286 68.9
Selling, general
III and
administrative
expenses 1,786,902 37.7 1,923,311 39.5
---------- ----------
Operating income 1,591,856 33.5 1,433,974 29.4
IV Non-operating
income 15,825 0.3 51,667 1.1
V Non-operating
expenses 1,534 0.0 31,216 0.6
---------- ----------
Ordinary income 1,606,147 33.8 1,454,425 29.9
VI Extraordinary
losses 3,268 0.0 18,648 0.4
---------- ----------
Income (Interim)
before income
taxes and others 1,602,879 33.8 1,435,776 29.5
Corporate income,
residential
and enterprise
taxes 705,446 553,706
Adjustment for (DELTA)
income taxes 4,675 700,771 14.8 74,431 628,137 12.9
------------------- ------------------
Net (Interim)
income 902,107 19.0 807,639 16.6
Retained earnings
carried forward 98,929 122,590
---------- ----------
Unappropriated
retained
earnings
(Interim) 1,001,037 930,229
========== ==========
FY 2002
(From April 1, 2002
to March 31, 2003)
Accounts ----------------------------------
Amount Ratio
----------------------------------------------------------------------
%
I Revenue 9,873,794 100.0
II Cost of sales 2,980,353 30.1
------------
Gross Profits 6,893,441 69.9
III Selling, general and
administrative expenses 3,896,088 39.5
------------
Operating income 2,997,351 30.4
IV Non-operating income 34,356 0.3
V Non-operating expenses 259,587 2.6
------------
Ordinary income 2,772,120 28.1
VI Extraordinary losses 45,357 0.5
------------
Income (Interim) before income
taxes and others 2,726,763 27.6
Corporate income, residential
and enterprise taxes 1,191,953
Adjustment for income taxes 24,358 1,216,311 12.3
------------------------
Net (Interim) income 1,510,451 15.3
Retained earnings carried forward 98,929
------------
Unappropriated retained earnings
(Interim) 1,609,381
============
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