FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November 2002
COMMISSION FILE NUMBER: 1-7239
KOMATSU LTD.
--------------------------------------------
Translation of registrant's name into English
3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan
--------------------------------------------
Address of principal executive offices
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F ____
---
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________
INFORMATION TO BE INCLUDED IN REPORT
------------------------------------
1. Two company announcements made on November 8, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
KOMATSU LTD.
-----------------------------------
(Registrant)
Date: November 19, 2002 By: /s/ Kenji Kinoshita
-----------------------------------
Kenji Kinoshita
Executive Officer
Interim (Consolidated) Brief Announcement (Chukan Kessan Tanshin)
of the Financial Results for the Fiscal Year Ended March 2003
[By U.S. Accounting Standard]
November 8, 2002
Name of Listed Company:
Komatsu Ltd. (regarding KOMATSU ZENOAH CO. (Delisted on September 25, 2002))
Name of Securities Exchange on Which the Company is Listed:
Tokyo, Osaka, Nagoya, Sapporo, Fukuoka
Code No. 6301
Location of Head Office: Tokyo
KOMATSU ZENOAH CO.
(i) Person to Contact: Tatsuo Kamiya, Director, General Manager, Corporate
Planning Division
(ii) Telephone Number: (049) 243-1112
(iii) Date of Board of Directors' Meeting upon which the Interim Accounts are
Announced: November 8 ,2002
(iv) Whether the Company Adopts U.S. Accounting Standard: No
1. Consolidated Results for the Half Year Ended September 2002
(from April 1, 2002 to September 30, 2002)
(1) Consolidated Management Results
(Amounts less than a million yen are discarded.)
-----------------------------------------------------------------------------------------------------------
Net sales Operating Income Ordinary Income
-----------------------------------------------------------------------------------------------------------
in millions of % in millions of % in millions of %
yen yen yen
Half Year Ended September 18,749 (0.7) 1,446 77.6 1,237 101.0
2002
Half Year Ended September 18,885 (8.9) 814 (1.4) 615 (13.0)
2001
-----------------------------------------------------------------------------------------------------------
Year Ended March 2002 38,481 2,145 1,808
-----------------------------------------------------------------------------------------------------------
1
------------------------------------------------------------------------------------------------------------------
Net Income for the Net Interim (Current) Net Diluted Interim
Interim (Current) Period Income Per Share (Current) Income Per Share
------------------------------------------------------------------------------------------------------------------
in millions % in yen in yen
of yen
Half Year Ended September 607 115.1 11.46 -
2002
Half Year Ended September 282 (16.6) 5.30 -
2001
------------------------------------------------------------------------------------------------------------------
Year Ended March 2002 757 14.25 -
------------------------------------------------------------------------------------------------------------------
(Note)
(i)Equity in Earning of Affiliated Companies:
Half Year Ended September 2002: - million yen
Half Year Ended September 2001: - million yen
Year Ended March 2002: - million yen
(ii) Average Number of Shares for the Period (Consolidated):
Half Year Ended September 2002: 52,999,107 shares
Half Year Ended September 2001: 53,272,475 shares
Year Ended March 2002: 53,155,218 shares
(iii) Whether There Was Any Change in Accounting Method: No
(iv) Percentages shown in the Net sales, Operating Income, Ordinary Income and
Net Income for the Interim (Current) Period columns describe the increase or
(decrease) from the previous corresponding half year period.
(2) Consolidated Financial Position
------------------------------------------------------------------------------------------------------------------
Total Assets Shareholders' Equity Ratio Equity Ratio Per
Equity Share
------------------------------------------------------------------------------------------------------------------
in millions of yen in millions of yen % in yen
Half Year Ended September 33,340 18,577 55.7 350.61
2002
Half Year Ended September 34,543 17,806 51.5 335.24
2001
------------------------------------------------------------------------------------------------------------------
Year Ended March 2002 35,725 18,217 51.0 343.70
------------------------------------------------------------------------------------------------------------------
(Note) Number of Issued Shares as of the End of Period (Consolidated):
Half Year Ended September 2002: 52,987,976 shares
Half Year Ended September 2001: 53,115,030 shares
Year Ended March 2002: 53,002,777 shares
2
(3) Status of Consolidated Cash Flow
------------------------------------------------------------------------------------------------------------------
Cash Flow from Cash Flow from Cash Flow from Balance of Cash
and Cash
Operating Investment Financing Equivalents at End
Activities Activities Activities of Period
------------------------------------------------------------------------------------------------------------------
in millions of yen in millions of yen in millions of yen in millions of yen
Half Year Ended September 972 (155) (874) 1,884
2002
Half Year Ended September 1,561 (455) (1,012) 1,440
2001
------------------------------------------------------------------------------------------------------------------
Year Ended March 2002 3,754 (2,257) (1,037) 1,857
------------------------------------------------------------------------------------------------------------------
2. Consolidated Estimates for the Year Ended March 2003 (from April 1, 2002 to
March 31, 2003)
KOMATSU ZENOAH CO. became a wholly owned subsidiary of Komatsu Ltd. as of
October 1 through a stock for stock exchange.
As for the estimates for the full year, please refer to the Consolidated
Interim Results of Komatsu Ltd.
3
1. Interim Consolidated Statement of Income
(millions of yen)
------------------------------------------------------------------------------------------------------------------------
Period Current Interim Previous Interim Previous
Items Consolidated Consolidated Consolidated
Fiscal Period Fiscal Period Fiscal Year
from April 1, 2002 from April 1, 2001 from April 1, 2001
to September 30, 2002 to September 30, 2001 to March 31, 2002
-----------------------------------------------------------------
Amount Percent Amount Percent Amount Percent
-age -age -age
------------------------------------------------------------------------------------------------------------------------
% % %
I. Net sales 18,749 100.0 18,885 100.0 38,481 100.0
II. Cost of Sales 13,706 73.1 14,569 77.2 29,377 76.3
-----------------------------------------------------------------
Gross Income Margin 5,043 26.9 4,315 22.8 9,103 23.7
III. Selling, General and Administrative Expenses 3,597 19.2 3,500 18.5 6,957 18.1
-----------------------------------------------------------------
Operating Income 1,446 7.7 814 4.3 2,145 5.6
IV. Non-Operating Income 109 0.6 189 1.0 261 0.7
Interest Income / Dividend Income 26 90 114
Gains from Sale of Securities 0 11 11
Foreign Exchange Gains - - 11
Gain from Sale of Inventories - - 67
Income from Reversal of Loss from 56 - -
Valuation of Investment Securities
Other Non-Operating Income 26 86 55
V. Non-Operating Expense 318 1.7 388 2.0 598 1.6
Interest Expenses 18 17 15
Loss from Valuation of Investment - 45 118
Securities
Loss from Sale or Disposal of Fixed Assets 151 58 208
Loss from Disposal of Inventories 34 51 200
Foreign Exchange Loss 88 189 -
Other Non-Operating Expense 26 25 56
-----------------------------------------------------------------
Ordinary Income 1,237 6.6 615 3.3 1,808 4.7
VI. Extraordinary Income - - - - 13 0.0
Depreciation of Differences Arising - - 13
from Actuarial Calculation of
Retirement Benefits
VII. Extraordinary Loss 137 0.7 137 0.8 494 1.3
Depreciation of Differences Arising 137 137 274
upon Change in Accounting
Standards Concerning
Retirement Benefits
Restructuring Expenses - - 220
Interim (Current) Net Income Before Adjustment 1,100 5.9 478 2.5 1,327 3.4
of Taxes
Income Tax, Residents Tax and Business Tax 620 3.3 351 1.8 1,024 2.6
Adjustment of Income Tax (128) (0.6) (154) (0.8) (454) (1.2)
Minority Interests 1 0.0 - - - -
-----------------------------------------------------------------
Interim (Current) Net Income 607 3.2 282 1.5 757 2.0
------------------------------------------------------------------------------------------------------------------------
4
2. Interim Consolidated Balance Sheets
(millions of yen)
---------------------------------------------------------------------------------------------------------------------
Period As of End of As of End of As of End of
Items Current Interim Previous Interim Previous
Consolidated Fiscal Consolidated Fiscal Consolidated Fiscal
Period Period Year
(September 30, 2002) (September 30, 2001) (March 31, 2002)
--------------------------------------------------------------------
Amount Percentage Amount Percentage Amount Percentage
---------------------------------------------------------------------------------------------------------------------
(Assets) % % %
I. Current Assets 22,201 66.6 22,243 67.2 24,010 64.4
Cash and Deposit 1,888 1,317 1,861
Notes and Accounts Receivable 12,985 15,245 15,083
Securities - 128 -
Inventories 3,567 3,030 3,101
Deferred Tax Assets 1,339 946 1,243
Short-term Loan 2,000 1,300 2,420
Others 651 473 544
Allowance for Doubtful Receivables (231) (199) (243)
II. Fixed Assets 11,139 33.4 12,300 32.8 11,714 35.6
(1) Tangible Fixed Assets 9,897 29.7 11,112 29.3 10,483 32.2
Buildings and Constructions 3,846 4,195 3,980
Machinery and Delivery 3,340 4,057 3,685
Equipment
Land 1,910 1,927 1,910
Construction in Progress 6 41 3
Others 794 890 902
(2) Intangible Fixed Assets 338 1.0 322 0.9 307 0.9
(3) Investment and Other Assets 903 2.7 865 2.6 923 2.5
Investment Securities 453 324 396
Deferred Tax Assets 1 1 1
Long-term Loan 4 17 6
Others 559 577 569
Allowance for Doubtful Receivables (114) (56) (49)
---------------------------------------------------------------------------------------------------------------------
Total Assets 33,340 100.0 34,543 100.0 35,725 100.0
---------------------------------------------------------------------------------------------------------------------
5
(millions of yen)
-----------------------------------------------------------------------------------------------------------------------
Period As of End of As of End of As of End of
Items Current Interim Previous Interim Previous
Consolidated Fiscal Consolidated Fiscal Consolidated Fiscal
Period Period Year
(September 30, 2002) (September 30, 2001) (March 31, 2002)
-----------------------------------------------------------------------------------------------------------------------
Amount Percentage Amount Percentage Amount Percentage
-----------------------------------------------------------------------------------------------------------------------
(Liabilities) % % %
I. Current Liabilities 12,999 39.0 14,521 42.1 15,572 43.6
Notes and Accounts Payable 8,086 9,969 9,681
Short-term Borrowing 750 1,047 1,382
Outstanding Payment 386 488 509
Income Taxes Payable 650 326 913
Expenses Payable 2,359 2,074 2,471
Reserve for Product Guarantee 704 515 535
Others 63 99 78
II. Fixed Liabilities 1,755 5.3 2,215 6.4 1,934 5.4
Long-term Borrowing 150 450 300
Deferred Tax Liability 301 344 329
Retirement Reserves 1,222 1,332 1,202
Allowance for Retirement Benefits 81 87 102
for Directors and Statutory Auditors
-----------------------------------------------------------------------------------------------------------------------
Total Liabilities 14,754 44.3 16,736 48.5 17,507 49.0
-----------------------------------------------------------------------------------------------------------------------
(Minority Interests) 7 0.0 - - - -
Minority Interests 7 - -
(Capital)
I. Capital Stock - - 5,099 14.8 5,099 14.3
II. Capital Reserve - - 3,829 11.1 3,829 10.7
III. Consolidated Surplus - - 9,064 26.2 9,393 26.3
IV. Other Differences Arising from - - 3 0.0 1 -
Valuation of Securities
V. Foreign Currency Translation - - (36) (0.1) 76 0.2
Adjustment
VI. Treasury Stock - - (153) (0.5) (183) (0.5)
-----------------------------------------------------------------------------------------------------------------------
Total Capital - - 17,806 51.5 18,217 51.0
-----------------------------------------------------------------------------------------------------------------------
(Capital)
I. Capital Stock 5,099 15.3 - - - -
II. Capital Surplus 3,829 11.5 - - - -
III. Retained Earnings 9,847 29.5 - - - -
IV. Other Differences Arising from 7 0.0 - - - -
Valuation of Securities
V. Foreign Currency Translation (18) (0.0) - - - -
Adjustment
VI. Treasury Stock (186) (0.6) - - - -
-----------------------------------------------------------------------------------------------------------------------
Total Capital 18,577 55.7 - - - -
-----------------------------------------------------------------------------------------------------------------------
Total Liabilities, Minority Interests, and Capital 33,340 100.0 34,543 100.0 35,725 100.0
-----------------------------------------------------------------------------------------------------------------------
6
3. Interim Consolidated Statement of Retained Earnings
(millions of yen)
-----------------------------------------------------------------------------------------------------------------
Period Current Interim Previous Interim Previous
Items Consolidated Fiscal Consolidated Fiscal Consolidated Fiscal
Period Period Year
from April 1, 2002 from April 1, 2001 from April 1, 2001
to to to
September 30, 2002 September 30, 2001 March 31, 2002
----------------------------------------------------------------
Amount Amount Amount
-----------------------------------------------------------------------------------------------------------------
I. Opening Balance of Consolidated - 8,936 8,936
Retained Earnings
II. Increase in Consolidated Retained
Earnings
Increase in Accordance with Change - - 28 28 28 28
in Accounting Period of Consolidated
Subsidiaries ---------- ---------- ----------
III. Decrease in Consolidated Retained
Earnings
1. Dividends 146 292
2. Bonus for Directors and - - 36 182 36 328
Statutory Auditors
---------- ---------- ----------
IV. Net Income for the Interim (Current) - 282 757
Period
-------- -------- --------
V. Balance of Consolidated Retained 9,064 9,393
Earnings at End of Interim (Current)
Fiscal Period
-----------------------------------------------------------------------------------------------------------------
(Capital Surplus)
I. Opening Balance of Capital Surplus 3,829 - -
II. Balance of Capital Surplus at End of 3,829 - -
Interim Fiscal Period
-------- -------- --------
(Retained Earnings)
I. Opening Balance of Retained 9,393 - -
Earnings
II. Increase in Retained Earnings
1. Interim Net Income 607 - -
2. Increase in Accordance with 28 635 - - - -
Increase in Consolidated
Subsidiaries
----------
III. Decrease in Retained Earnings
1. Dividends 145 - -
2. Bonus for Directors and 36 181 - - - -
Statutory Auditors
----------------------------------------------------------------
IV. Balance of Retained Earnings at End 9,847 - -
of Interim Fiscal Period
-------- -------- --------
-----------------------------------------------------------------------------------------------------------------
7
4. Interim Consolidated Cash Flow Statement
(millions of yen)
-------------------------------------------------------------------------------------------------------------------
Period Current Interim Previous Interim Previous
Items Consolidated Fiscal Consolidated Fiscal Consolidated Fiscal
Period Period Year
from April 1, 2002 from April 1, 2001 from April 1, 2001
to to to
September 30, 2002 September 30, 2001 March 31, 2002
---------------------------------------------------------------
Amount Amount Amount
-------------------------------------------------------------------------------------------------------------------
I. Cash Flow from Operating
Activities
Interim (Current) Net Income Before 1,100 478 1,327
Adjustment of Taxes
Depreciation Cost 858 959 2,007
Loss from Valuation of Investment - 45 118
Securities
Income from Reversal of Loss from (56) - -
Valuation of Investment Securities
Loss from Valuation of Golf Club 7 2 27
Membership
Increase or (Decrease) in Retirement 19 (72) (202)
Reserves
Increase or (Decrease) in Allowance (21) 9 24
for Retirement Benefits for Directors
and Statutory Auditors
Increase in Allowance for Doubtful 52 58 72
Receivables
Increase in Reserve for Product 169 55 74
Guarantee
Interest Income / Dividend Income (26) (90) (114)
Income from Sale of Investment (0) (11) (11)
Securities
Other Income from Sale of (6) - -
Investments
Interest Expense 18 17 15
Loss from Sale or Disposal of Fixed 151 58 208
Assets
Decrease in Accounts Receivable 1,915 2,592 2,950
Increase in Inventories (459) (129) (141)
(Increase) or Decrease in Other (160) 79 (9)
Assets
Decrease in Purchasing Obligations (1,515) (2,304) (2,734)
Increase or (Decrease) in Other (145) (83) 361
Liabilities
Foreign Exchange (Income) or Loss (22) 4 (8)
8
Bonus Paid for Directors (36) (36) (36)
and Statutory Auditors
-----------------------------------------------------------
Sub-total 1,842 1,633 3,927
Interests and Dividends Received 26 74 88
Interests Paid (17) (16) (17)
Income Tax Paid (879) (128) (244)
-----------------------------------------------------------
Cash Flow from Operating Activities 972 1,561 3,754
----------------------------------------------------------------------------------------------------------
II. Cash Flow from Investment
Activities
Purchases of - (1) (140)
Investment Securities
Proceeds from Sale of Investment 0 12 12
Securities
Acquisition of (14) - -
Other Investments
Proceeds from Sale of Other 8 - -
Investments
Capital Expenditures (479) (863) (1,373)
Proceeds from Sale of Tangible 3 75 81
Fixed Assets
Acquisition of (95) (63) (115)
Intangible Fixed Assets
Investments in - (210) (210)
Affiliates
(Increase) or Decrease in 421 596 (511)
Loans-Receivables
-----------------------------------------------------------
Cash Flow from Investment Activities (155) (455) (2,257)
----------------------------------------------------------------------------------------------------------
III. Cash Flow from Financing
Activities
Repayment of (574) (659) (350)
Short-term Loans
Repayment of (150) (150) (300)
Long-term Loans
Reacquisition of (3) (59) (88)
Treasury Stock
Dividends Paid (146) (144) (297)
Dividends Paid to Minority (0) - -
Shareholders
-----------------------------------------------------------
Cash Flow from Financial Activities (874) (1,012) (1,037)
----------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Change on 2 (17) 33
Cash and Cash Equivalents
-----------------------------------------------------------
V. Increase or (Decrease) in Cash (54) 75 492
and Cash Equivalents
VI. Cash and Cash Equivalents, 1,857 1,412 1,412
Beginning of Year
VII. Adjustment for Change of - (47) (47)
Accounting Period on
Consolidated Subsidiaries
VIII.Adjustment for Increase in 80 - -
Consolidated Subsidiaries
-----------------------------------------------------------
IX. Cash and Cash Equivalents, End 1,884 1,440 1,857
of Interim (Current) Period
===========================================================
----------------------------------------------------------------------------------------------------------
9
Interim (Consolidated) Brief Announcement (Chukan Kessan Tanshin)
of the Financial Results for the Fiscal Year Ended March 2003
[By U.S. Accounting Standard]
November 8, 2002
Name of Listed Company:
Komatsu Ltd. (regarding Komatsu Forklift CO., LTD. (Delisted on September 25,
2002))
Name of Securities Exchange on Which the Company is Listed:
Tokyo, Osaka, Nagoya, Sapporo, Fukuoka
Code No. 6301
Location of Head Office: Tokyo
-------------------------------------------------------------------------------
Komatsu Forklift CO., LTD.
(i) Person to Contact: Ikuo Shionoya, General Manager, Administration Dept.
(ii) Telephone Number: (03) 3224-6522
(iii) Date of Board of Directors' Meeting upon which the Interim Accounts are
Announced: November 7, 2002
(iv) Whether the Company Adopts U.S. Accounting Standard: No
1. Consolidated Results for the Half Year Ended September 2002
(from April 1, 2002 to September 30, 2002)
(1) Consolidated Management Results
(Amounts less than a million yen are discarded.)
-------------------------------------------------------------------------------------------------------------------------
Net sales Operating Income Ordinary Income
-------------------------------------------------------------------------------------------------------------------------
in millions of % in millions of % in millions of %
yen yen yen
Half Year Ended September 44,108 (4.1) 883 31.2 804 37.7
2002
Half Year Ended September 45,992 (10.3) 673 (25.1) 584 7.7
2001
-------------------------------------------------------------------------------------------------------------------------
Year Ended March 2002 89,869 372 280
-------------------------------------------------------------------------------------------------------------------------
1
--------------------------------------------------------------------------------------------------------------
Net Income for the Net Interim (Current) Net Diluted Interim
Interim (Current) Income Per Share (Current) Income Per
Period Share
--------------------------------------------------------------------------------------------------------------
in millions % in yen in yen
of yen
Half Year Ended September
2002 241 1,621.4 1.94 -
Half Year Ended September
2001 14 (84.6) 0.12 -
--------------------------------------------------------------------------------------------------------------
Year Ended March 2002 (3,265) (26.32) -
--------------------------------------------------------------------------------------------------------------
(Note)
(i) Equity in Earnings of Affiliated Companies:
Half Year Ended September 2002: 50 million yen
Half Year Ended September 2001: 7 million yen
Year Ended March 2002: 84 million yen
(ii) Average Number of Shares for the Period (Consolidated):
Half Year Ended September 2002: 124,028,556 shares
Half Year Ended September 2001: 124,045,143 shares
Year Ended March 2002: 124,043,323 shares
(iii) Whether There Was Any Change in Accounting Method: No
(iv) Percentages shown in the Net sales, Operating Income, Ordinary Income and
Net Income for the Interim (Current) Period columns describe the increase or
(decrease) from the previous corresponding half year period.
(2) Consolidated Financial Position
-------------------------------------------------------------------------------------------------------
Total Assets Shareholders' Equity Ratio Equity Ratio Per
Equity Share
-------------------------------------------------------------------------------------------------------
in millions of in millions of % in yen
yen yen
Half Year Ended September 86,331 37,714 43.7 304.13
2002
Half Year Ended September 89,721 40,560 45.2 326.98
2001
-------------------------------------------------------------------------------------------------------
Year Ended March 86,580 37,950 43.8 305.95
2002
-------------------------------------------------------------------------------------------------------
(Note) Number of Issued Shares as of the End of Period (Consolidated):
Half Year Ended September 2002: 124,005,135 shares
Half Year Ended September 2001: 124,045,496 shares
Year Ended March 2002: 124,039,073 shares
2
(3) Status of Consolidated Cash Flow
---------------------------------------------------------------------------------------------------------------------
Cash Flow Cash Flow Cash Flow Balance of Cash
from Operating from from Financing and Cash
Activities Investment Activities Equivalents at End
Activities of Period
---------------------------------------------------------------------------------------------------------------------
in millions of yen in millions of yen in millions of yen in millions of yen
Half Year Ended September (220) (198) 1,079 1,964
2002
Half Year Ended September 848 (118) (676) 1,213
2001
---------------------------------------------------------------------------------------------------------------------
Year Ended March 2002 1,316 (801) (696) 1,562
---------------------------------------------------------------------------------------------------------------------
2. Consolidated Estimates for the Year Ended March 2003 (from April 1, 2002 to
March 31, 2003)
Komatsu Forklift CO., LTD. became a wholly owned subsidiary of Komatsu Ltd.
as of October 1 through a stock for stock exchange.
As for the estimates for the full year, please refer to the Consolidated
Interim Results of Komatsu Ltd.
3
Interim Consolidated Financial Statements
(1) Interim Consolidated Balance Sheets
(millions of yen)
------------------------------------------------------------------------------------------------------------------
Current Interim Previous Interim Previous
Consolidated Consolidated Consolidated
Fiscal Period Fiscal Period Fiscal Year
Items (As of September (As of September (As of March 31,
30, 2002) 30, 2001) 2002)
-----------------------------------------------------------------
Amount Percent Amount Percent Amount Percent
-age -age -age
------------------------------------------------------------------------------------------------------------------
(Assets) % % %
I. Current Assets
Cash and Deposit 1,964 1,213 1,562
Notes and Accounts Receivable 14,174 16,118 14,468
Inventories 12,271 13,949 12,260
Deferred Tax Assets 1,993 1,800 2,157
Others 4,293 4,669 4,153
Allowance for Doubtful Receivables (431) (330) (481)
Total Current Assets 34,265 39.7 37,419 41.7 34,121 39.4
II. Fixed Assets
Tangible Fixed Assets
Buildings and Constructions 9,458 9,937 9,861
Machinery and Delivery 20,750 21,209 20,631
Equipment
Land 12,324 12,278 12,329
Construction in Progress 7 164 258
Others 1,303 942 786
Total Tangible Fixed Assets 43,845 50.8 44,532 49.6 43,866 50.7
Intangible Fixed Assets 853 1.0 1,066 1.2 1,067 1.2
Investment and Other Assets
Investment Securities 3,513 3,314 3,421
Long-term Loan 492 602 679
Prepaid Pension Expense 804 - 606
Deferred Tax Assets 1,326 1,228 1,543
Others 1,231 1,558 1,276
Allowance for Doubtful (1) (1) (1)
Receivables
Total Investment and Other Assets 7,366 8.5 6,701 7.5 7,524 8.7
Total Fixed Assets 52,065 60.3 52,301 58.3 52,458 60.6
------------------------------------------------------------------------------------------------------------------
Total Assets 86,331 100.0 89,721 100.0 86,580 100.0
------------------------------------------------------------------------------------------------------------------
4
(millions of yen)
------------------------------------------------------------------------------------------------------------------
Items Current Interim Previous Interim Previous
Consolidated Consolidated Consolidated
Fiscal Period Fiscal Period Fiscal Year
(As of September (As of September (As of March 31,
30, 2002) 30, 2001) 2002)
------------------------------------------------------------------
Amount Percent Amount Percent Amount Percent
-age -age -age
------------------------------------------------------------------------------------------------------------------
% % %
I. Current Liabilities
Notes and Accounts Payable 15,890 16,543 14,354
Short-term Borrowing 16,783 14,816 16,626
Income Taxes Payable 208 278 248
Expenses Payable 3,136 3,122 3,681
Reserve for Bonus Payment 1,200 1,433 1,266
Reserve for After-sales Service 36 40 23
Notes Payable-Construction 726 287 113
Others 1,908 2,361 4,845
Total Current Liabilities 39,892 46.2 38,885 43.3 41,161 47.5
II. Fixed Liabilities
Long-term Borrowing 7,311 7,963 6,184
Retirement Reserves 1,349 2,248 1,225
Total Fixed Liabilities 8,660 10.0 10,211 11.4 7,409 8.6
------------------------------------------------------------------------------------------------------------------
Total Liabilities 48,553 56.2 49,096 54.7 48,570 56.1
------------------------------------------------------------------------------------------------------------------
(Minority Interests)
Minority Interests 62 0.1 63 0.1 59 0.1
------------------------------------------------------------------------------------------------------------------
(Capital)
I. Capital Stock - - 11,411 12.7 11,411 13.2
II. Capital Surplus - - 19,704 22.0 19,704 22.7
III. Consolidated Reserves - - 10,616 11.8 7,335 8.5
IV. Other Differences Arising from - - 68 0.1 154 0.2
Valuation of Securities
V. Foreign Currency Translation - - (1,240) (1.4) (655) (0.8)
Adjustment
VI. Treasury Stock - - (0) (0.0) (1) (0.0)
------------------------------------------------------------------------------------------------------------------
Total Capital - - 40,560 45.2 37,950 43.8
------------------------------------------------------------------------------------------------------------------
Total Liabilities, Minority Interests, and - - 89,721 100.0 86,580 100.0
Capital
------------------------------------------------------------------------------------------------------------------
(Capital)
I. Capital Stock 11,411 13.2
II. Capital Surplus 19,704 22.8
III. Retained Earnings 7,310 8.5
IV. Other Differences Arising from 209 0.2
Valuation of Securities
V. Foreign Currency Translation (914) (1.1)
Adjustment
VI. Treasury Stock (6) (0.0)
------------------------------------------------------------------------------------------------------------------
Total Capital 37,714 43.7
------------------------------------------------------------------------------------------------------------------
Total Liabilities, Minority Interests, and 86,331 100.0
Capital
------------------------------------------------------------------------------------------------------------------
5
(2) Interim Consolidated Statement of Income
(millions of yen)
-------------------------------------------------------------------------------------------------------------------
Current Interim Previous Interim Previous
Consolidated Fiscal Consolidated Fiscal Consolidated Fiscal
Period Period Year
from April 1, 2002 from April 1, 2001 from April 1, 2001
Items to to to
September 30, 2002 September 30, 2001 March 31, 2002
-------------------------------------------------------------------
Amount Percent Amount Percent Amount Percent
-age -age -age
-------------------------------------------------------------------------------------------------------------------
% % %
I. Net sales 44,108 100.0 45,992 100.0 89,869 100.0
II. Cost of Sales 32,202 73.0 32,254 70.2 64,195 71.4
-------------------------------------------------------------------
Gross Income Margin 11,905 27.0 13,737 29.8 25,674 28.6
III. Selling, General and Administrative 11,022 25.0 13,063 28.4 25,301 28.2
Expenses
-------------------------------------------------------------------
Operating Income 883 2.0 673 1.4 372 0.4
IV. Non-Operating Income 269 0.6 341 0.7 606 0.7
(Interest Income) (38) (40) (81)
(Investment Income on Equity (50) (7) (84)
Method)
(Other Non-Operating Income) (180) (292) (440)
V. Non-Operating Expense 348 0.8 430 0.9 698 0.8
(Interest Expenses) (59) (65) (132)
(Loss from Sale or Disposal of (108) (18) (141)
Fixed Assets)
Other Non-Operating Expense (180) (347) (424)
-------------------------------------------------------------------
Ordinary Income 804 1.8 584 1.2 280 0.3
VI. Special Income 215 0.5 82 0.2 68 0.1
(Gain from Sale of Parent Company (-) (68) (68)
Stock)
(Other Special Income) (215) (14) (-)
VII. Special Loss 286 0.6 230 0.5 3,785 4.2
(Expenses for Retirement Benefits) (148) (197) (494)
(Restructuring Expenses) (137) (-) (2,750)
(Loss from Valuation of Investment (-) (32) (-)
Securities)
(Other Special Loss) (-) (-) (539)
-------------------------------------------------------------------
Interim Net Income Before Adjustment of Taxes 733 1.7 436 0.9 (3,436) (3.8)
or (Current Net Loss Before Adjustment of
Taxes)
Income Tax, Residents Tax and Business Tax 170 0.4 238 0.5 412 0.5
Adjustment of Income Tax 317 0.7 183 0.4 (578) (0.6)
Minority Interests (3) (0.0) (0) (0.0) 4 0.0
-------------------------------------------------------------------
Interim Net Income or (Current Net Loss) 241 0.5 14 0.0 (3,265) (3.6)
-------------------------------------------------------------------------------------------------------------------
6
(3) Interim Consolidated Statement of Retained Earnings
(millions of yen)
-------------------------------------------------------------------------------------------------------------------
Current Interim Previous Interim Previous
Fiscal Period Fiscal Period Fiscal Year
from April 1, 2002 from April 1, 2001 from April 1, 2001
Items to to to
September 30, 2002 September 30, 2001 March 31, 2002
-------------------------------------------------------------------
Amount Amount Amount
-------------------------------------------------------------------------------------------------------------------
I. Opening Balance of Consolidated - 11,237 11,237
Retained Earnings
II. Decrease in Consolidated Retained
Earnings
1. Dividends - 249 249
2. Bonus for Directors and - 43 43
Statutory Auditors
3. Decrease in Accordance with - - 343 635 343 636
Change in Consolidation Period
----------- ----------- -----------
III. Interim Net Income or - 14 (3,265)
(Current Net Loss)
--------- --------- ---------
IV. Balance of Consolidated Retained - 10,616 7,335
Earnings at End of Interim (Current)
Fiscal Period
---------------------------------------------------------------------- --------- ---------
(Capital Surplus)
I. Opening Balance of Capital Surplus
1. Opening Balance of Capital 19,704 19,704
Reserve
II. Balance of Capital Surplus at End of 19,704
Interim Fiscal Period
---------
(Retained Earnings)
I. Opening Balance of Retained
Earnings
1. Opening Balance of Consolidated 7,335 7,335
Reserves
-----------
II. Increase in Retained Earnings
1. Interim Net Income 241 241
-----------
III. Decrease in Retained Earnings
1. Dividends 249
2. Bonus for Directors and 17 267
Statutory Auditors
----------- ---------
IV. Balance of Retained Earnings at End 7,310
of Interim Fiscal Period
-------------------------------------------------------------------------------------------------------------------
7
(4) Interim Consolidated Cash Flow Statement
(millions of yen)
------------------------------------------------------------------------------------------------------------------
Current Interim Previous Interim Previous
Consolidated Fiscal Consolidated Fiscal Consolidated Fiscal
Period Period Year
Items from April 1, 2002 from April 1, 2001 from April 1, 2001
to to to
September 30, 2002 September 30, 2001 March 31, 2002
-----------------------------------------------------------------
Amount Amount Amount
------------------------------------------------------------------------------------------------------------------
I. Cash Flow from Operating Activities
1. Interim Net Income Before 733 436 (3,436)
Adjustment of Taxes or (Current Net
Loss Before Adjustment of Taxes)
2. Depreciation Cost 5,042 5,120 9,704
3. Loss from Valuation of Golf Club 8 21 -
Membership
4. Income from Sale of Fixed Assets - 43 -
5. Loss from Sale or Disposal of Fixed 108 18 141
Assets
6. Expenditure on Acquisition of (5,520) (6,131) (11,414)
Assets for Lease or Rent
7. Income from Sale of Assets for 1,644 1,441 3,439
Lease or Rent
8. Increase or (Decrease) in Allowance (49) (27) 122
for Doubtful Receivables
9. Increase or (Decrease) in Reserve for (65) (29) (196)
Bonus Payment
10. Increase or (Decrease) in Retirement 124 (259) (1,281)
Reserves
11. Decrease or (Increase) in Prepaid (197) - (606)
Pension Expense
12. Interests Income / Dividend Income (44) (49) (91)
13. Interest Expense 59 65 132
14. Gain from Sale of Parent Company - (68) (68)
Stock
15. Investment Income on Equity (50) (7) (84)
Method
16. Decrease or (Increase) in Accounts 294 4,478 6,127
Receivable
17. Decrease or (Increase) in Inventories (10) (1,250) 438
18. Decrease or (Increase) in Other (140) (514) 1
Current Assets
19. Increase or (Decrease) in Purchase 1,536 (1,613) (3,801)
Obligations
20. Increase or (Decrease) in Expenses (544) (641) (166)
Payable
8
21. Increase or (decrease) in Outstanding (2,784) - 2,798
Payment
22. Others (151) 420 356
-------------------------------
Sub-total (8) 1,451 2,114
23. Bonus Paid for Directors (17) (43) (43)
and Statutory Auditors
24. Interests and Dividends Received 49 49 99
25. Interests Paid (59) (65) (132)
26. Income Tax Paid (183) (543) (722)
-------------------------------
Cash Flow from Operating Activities (220) 848 1,316
II. Cash Flow from Investment Activities
1. Acquisition of Tangible Fixed Assets (982) (1,229) (2,391)
2. Proceeds from Sale of Tangible 547 151 431
Fixed Assets
3. Acquisition of Intangible Fixed (71) (101) (240)
Assets
4. Proceeds from Sale of Other Fixed 117 63 454
Assets
5. Acquisition of Investment Securities (3) (8) -
6. Proceeds from Sale of Parent - 821 821
Company Stock
7. Proceeds from Sale of Investment 7 137 154
Securities
8. Expenditure on Lending (30) (40) (235)
9. Proceeds from Collection of Loaned 216 86 204
Amount
-------------------------------
Cash Flow from Investment Activities (198) (118) (801)
III. Cash Flow from Financing Activities
1. Increase or (Decrease) in Short-term 207 (1,591) 167
Borrowing
2. Long-term Borrowing 3,800 3,500 4,800
3. Expenditure on Repayment of (2,673) (2,334) (5,413)
Long-term Borrowing
4. Dividends Paid by Parent Company (249) (248) (248)
5. Dividends Paid to Minority (0) (1) (1)
Shareholders
6. Others (5) - (0)
-------------------------------
Cash Flow from Financing Activities 1,079 (676) (696)
-------------------------------
IV. Effect of Exchange Rate Change on (259) 389 975
Cash and Cash Equivalents
V. Increase or (Decrease) in Cash 401 444 794
and Cash Equivalents
VI. Cash and Cash Equivalents, 1,562 1,112 1,112
Beginning of Year
Adjustment for Change of Accounting - (343) (343)
Period of Consolidated Subsidiaries
-------------------------------
VII. Cash and Cash Equivalents, End of 1,964 1,213 1,562
Interim (Current) Period
-------------------------------------------------------------------------------
9