Top
Troubled Companies in Asia Pacific
May 2002
 Nippon
Telegraph and Telephone Corporation (NTT) (Japan)
US$176.9 Billion Total Assets as of March 2001
Daiwa
Bank Holdings, Inc. (Japan)
US$122.87
Billion Total Assets as of March 2001
Hitachi
Limited (Japan)
US$74.5
Billion Total Assets as of March 2002
Nissan
Motor Co., Ltd. (Japan)
US$57.51 Billion Total Assets as of March 2001
Korea
Electric Power Corporation (Korea)
US$51.52
Billion Total Assets as of March 2001
Marubeni
Corporation (Japan)
US$42.90 Billion Total Assets as of March 2001
Fujitsu
Limited (Japan)
US$41.93
Billion Total Assets as of March 2001
KDDI
Corporation (Japan)
US$29.37 Billion Total Assets as of
March 2001
Daiei
Incorporated (Japan)
US$27.92
Billion Total Assets as of February 2001
Sumitomo
Metal Industries, Ltd. (Japan)
US$22.04
Billion Total Assets as of March 2001
|
|
|
| Status: |
Telecom giant Nippon Telegraph and Telephone Corp. is adopting a
consolidated taxation system beginning this fiscal year to save a substantial
amount on taxes, given its many deficit-ridden subsidiaries. The consolidated
taxation will cover NTT West, NTT East Corp. and about 100 subsidiaries the two
regional carriers set up earlier in May as outsourcing companies.
In mid-May, Junichiro Miyazu said he is resigning from his
presidency to become an adviser. Senior Executive Vice President Norio Wada will
succeed Miyazu in late June.
|
| Principal
Activities: |
Nippon Telegraph and Telephone (NTT) (NYSE: NTT), the world's #1
telecommunications firm, is a 46% state-owned holding company for regional local
phone companies NTT East and NTT West. NTT also operates a leading ISP, and it
owns about 65% of Japan's dominant cellular carrier, NTT DoCoMo.
|
| Address: |
3-1, Otemachi 2-chome, Chiyoda-ku Tokyo 100-8116, Japan
|
| Contact
Persons: |
Jun-ichiro Miyazu - President
|
| Contact
Numbers: |
Tel: +81-3-5205-5111
Fax: +81-3-5205-5589
|
| Website: |
http://www.ntt.co.jp
|
| Financials
(US$M): |
|
Millions
of yen |
Millions of U.S.
dollars |
|
2000 |
2001 |
2001 |
| ASSETS |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
¥1,155,274 |
¥900,555 |
$7,321 |
|
Notes and accounts receivable,
trade |
1,678,095 |
2,176,199 |
17,693 |
|
Allowance for doubtful accounts |
(35,682) |
(42,220) |
(343) |
|
Inventories |
189,850 |
221,965 |
1,805 |
|
Prepaid expenses and other current
assets |
709,230 |
601,634 |
4,891 |
|
Total current assets |
3,696,767 |
3,858,133 |
31,367 |
|
|
|
|
|
| Property, plant and
equipment |
|
|
|
|
Telecommunications equipment |
12,334,617 |
12,827,057 |
104,285 |
|
Telecommunications service lines |
11,958,392 |
11,972,442 |
97,337 |
|
Buildings and structures |
5,151,633 |
5,350,158 |
43,497 |
|
Machinery, vessels and tools |
1,836,879 |
1,934,672 |
15,729 |
|
Land |
745,261 |
779,327 |
6,336 |
|
Construction in progress |
579,822 |
458,354 |
3,727 |
|
Property, plant and
equipment before
depreciation |
32,606,604 |
33,322,010 |
270,911 |
|
Accumulated depreciation |
(20,743,008) |
(21,529,642) |
(175,038) |
|
Total property plant
and equipment |
11,863,596 |
11,792,368 |
95,873 |
|
|
|
|
|
| Investments and
other assets |
|
|
|
|
Investments in affiliated companies |
338,379 |
1,028,153 |
8,359 |
|
Marketable securities and other
investments |
369,654 |
1,387,719 |
11,282 |
|
Goodwill |
7,969 |
567,374 |
4,613 |
|
Intangible and other assets |
1,873,628 |
2,075,633 |
16,875 |
|
Deferred income taxes |
951,296 |
1,050,031 |
8,537 |
|
Total investments and
other assets |
3,540,926 |
6,108,910 |
49,666 |
| Total assets |
¥19,101,289 |
¥21,759,411 |
$176,906 |
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
| Current liabilities: |
|
|
|
|
Short-term borrowings |
¥410,305 |
¥946,009 |
$7,691 |
|
Current portion of long-term debt |
868,648 |
810,246 |
6,587 |
|
Accounts payable, trade |
1,440,629 |
1,708,817 |
13,893 |
|
Accrued payroll |
486,415 |
649,043 |
5,277 |
|
Accrued interest |
40,390 |
36,123 |
294 |
|
Accrued taxes on income |
346,895 |
329,512 |
2,679 |
|
Accrued consumption tax |
92,014 |
119,758 |
973 |
|
Advances received |
83,604 |
61,971 |
504 |
|
Other |
88,877 |
190,610 |
1,550 |
|
Total
current liabilities |
3,857,777 |
4,852,089 |
39,448 |
|
|
|
|
|
| Long-term
liabilities: |
|
|
|
|
Long-term debt |
4,239,088 |
4,446,835 |
36,153 |
|
Obligations under capital leases |
359,786 |
338,425 |
2,752 |
|
Liability for employee's severance
payments |
3,088,996 |
3,023,851 |
24,584 |
|
Other |
630,707 |
856,307 |
6,962 |
|
Total
long-term liabilities |
8,318,577 |
8,665,418 |
70,451 |
|
|
|
|
|
| Minority interest in
consolidated subsidiaries |
910,311 |
1,485,741 |
12,079 |
|
|
|
|
|
| Shareholder's equity |
|
|
|
|
Common stock, ¥50,000 par value
- |
|
|
|
|
Authorized -
62,322,590 shares |
|
|
|
|
Issued and outstanding |
795,600 |
937,950 |
7,626 |
|
Additional paid-in capital |
2,530,476 |
2,669,736 |
21,705 |
|
Retained earnings |
2,648,286 |
3,096,836 |
25,177 |
|
Accumulated other comprehensive
income |
40,262 |
51,641 |
420 |
|
Total
shareholder's equity |
6,014,624 |
6,756,163 |
54,928 |
|
|
|
|
|
| Commitments and
contingent liabilities |
¥19,101,289 |
¥21,759,411 |
$176,906 |
Source: http://www.ntt.co.jp/ir/pdf/01/financial_03.pdf
|
| Remarks: |
NTT was badly burned when info-technology boom came to a halt,
forcing the Company to take a one-time charge of 1.4 trillion yen in the year
ended March 31. President Junichiro Miyazu's goal of making NTT a leader in
fiber optics remains unfulfilled.
|
|
|
| Status: |
Daiwa Bank Holdings Inc, the entity that oversees Daiwa Bank,
Asahi Bank, Kinki Osaka Bank and Nara Bank, has unveiled a management
improvement program featuring the elimination of more than 5,000 employees,
reducing the total number to 17,900, by the end of March in 2006.
Daiwa Bank and Asahi Bank will halve its Board members' tenure
to one year beginning this fiscal year. The shorter term is aimed at increasing
the accountability of board members for business performance and allowing for
easier transfers of executives between institutions in the group.
|
| Principal
Activities: |
Daiwa Bank Holdings is the holding company for Daiwa Bank and the
much smaller regional players Kinki Osaka Bank and Nara Bank. Other lines of
business include trusts and pensions for large companies, securities trading,
and private banking.
|
| Address: |
2-1, Bingomachi 2-chome, Chuo-ku Osaka 540-8610 Japan
|
| Contact
Persons: |
Takashi Kaiho - Chairman
Yasuhisa Katsuta - President
|
| Contact
Numbers: |
Tel: +81-6-6271-1221
Fax: +81-6-6268-1337
|
| Website: |
http://www.daiwabank.co.jp
|
| Financials
(US$M): |
|
Annual
Financials |
 |
Income
Statement
All
amounts in millions of US Dollars except per share amounts. |
Mar
01 |
Mar
00 |
Mar
99 |
| Revenue |
4,298.8 |
7,459.6 |
5,830.0 |
| Cost
of Goods Sold |
-- |
-- |
-- |
| Gross
Profit |
-- |
-- |
-- |
| Gross
Profit Margin |
-- |
-- |
-- |
| SG&A
Expense |
1,804.2 |
2,202.1 |
-- |
| Depreciation
& Amortization |
-- |
-- |
-- |
| Operating
Income |
-- |
281.4 |
-- |
| Operating
Margin |
-- |
3.8% |
-- |
| Total
Net Income |
(185.8) |
281.4 |
(1,468.0) |
| Net
Profit Margin |
-- |
3.8% |
-- |
| Diluted
EPS ($) |
-- |
-- |
-- |
| Balance
Sheet |
Mar
01 |
Mar
00 |
Mar
99 |
| Cash |
4,391.8 |
7,424.8 |
7,348.6 |
| Net
Receivables |
-- |
-- |
-- |
| Inventories |
-- |
-- |
-- |
| Total
Current Assets |
-- |
-- |
-- |
| Total
Assets |
122,873.4 |
145,533.0 |
129,792.7 |
| Short-Term
Debt |
-- |
-- |
-- |
| Total
Current Liabilities |
-- |
-- |
-- |
| Long-Term
Debt |
-- |
-- |
-- |
| Total
Liabilities |
116,255.8 |
137,219.8 |
122,620.0 |
| Total
Equity |
6,617.6 |
8,083.6 |
7,172.6 |
| Shares
Outstanding (mil.) |
-- |
-- |
-- |
Some figures may not add up due to rounding
Source: Hoover's Online
|
| Remarks: |
In mid-April, two shareholders of Daiwa Bank have filed a suit
with the Osaka District Court demanding its executives to pay the bank 326
billion yen in compensation for huge losses incurred by unauthorized bond deals
at former Daiwa Bank's New York branch.
According to the suit, the two plaintiffs, former shareholders
of Asahi Bank, became shareholders of Daiwa Bank Holdings after Asahi joined the
financial group in March.
|
|
|
| Status: |
Hitachi Limited, Japan's largest electronics maker, is forming an
alliance with Itochu Corp. in the area of information systems development and
building.
Under the plan, the partners will set up seven to eight joint
systems business groups each in charge of communications, finances,
biotechnologies and nano-technologies, among others, whereby both companies will
jointly develop the prototypes of standard computer systems ordered from
financial firms and government agencies.
The joint venture with Itochu, which boasts a group-wide
client base of about 30,000 will be quite beneficial for Hitachi, which in April
posted a consolidated loss of 117.42 billion yen for fiscal 2001.
|
| Principal
Activities: |
Hitachi Limited manufactures electronic & electrical
equipment. The operations are cdivided into the following five segments.
INFORMATION SYSTEMS AND ELECTRONICS: computers, software, audio/visual
equipment, semi-conductor manufacturing equipment, test &measurement
equipment; POWER AND INDUSTRIAL SYSTEMS: nuclear, thermal and hydroelectric
power plants, control equipment, compressors, elevators, escalators, air
conditioning equipment, industrial robots, and construction machinery; CONSUMER
PRODUCTS: air conditioners, household appliances, lighting fixtures,
audio/visual products, batteries; MATERIALS: synthetic resin materials and
products, printed circuit boards, ceramic materials, special steels, cast-iron
products, copper products, rubber products.
|
| Address: |
6, Kanda-Suragadal 4-Chome Chiyoda-Ku 101-8010 Japan
|
| Contact
Persons: |
Tsutomu Kanai - Chairman
Etsuhiko Shoyama - President
Yoshiki Yagi - Chief Finance Officer
|
| Contact
Numbers: |
Tel: +81-3-3258-1111
Fax: +81 3 32535480
|
| Website: |
http://global.hitachi.com/
|
| Financials
(US$M): |
|
YEN
(millions) |
US
DOLLARS (millions) |
|
As
of
March 31, 2002 |
As
of
March 31, 2001 |
As
of
March 31, 2002 |
| Assets |
9,915,654 |
11,246,608 |
74,554 |
| Current
Assets |
5,507,535 |
6,873,731 |
41,410 |
|
Cash
and Cash equivalents |
1,029,374 |
1,381,603 |
7,740 |
|
Short-term
investments |
178,933 |
433,650 |
1,345 |
|
Trade
receivables |
|
|
|
|
|
Notes |
204,855 |
307,635 |
1,540 |
|
|
Accounts |
1,895,150 |
2,220,928 |
14,249 |
|
Investment
in leases |
527,432 |
623,789 |
3,966 |
|
Inventories |
1,214,399 |
1,514,163 |
9,131 |
|
Other
current assets |
457,392 |
391,963 |
3,439 |
| Investments
and advances |
834,907 |
885,669 |
6,277 |
| Property
Plant and Equipment |
2,514,424 |
2,674,957 |
18,905 |
| Other
assets |
1,058,788 |
812,251 |
7,961 |
|
| Liabilities
and stockholders' equity |
9,915,654 |
11,246,608 |
74,554 |
| Current
liabilities |
3,885,265 |
4,622,657 |
29,213 |
|
Short-term
debt and current installments |
1,199,921 |
1,611,855 |
9,022 |
|
Trade
payables |
|
|
|
|
|
Notes |
92,799 |
138,161 |
698 |
|
|
Accounts |
991,307 |
1,160,789 |
7,451 |
|
Advances
received |
334,172 |
385,741 |
2,513 |
|
Other
current liabilities |
1,267,336 |
1,326,111 |
9,529 |
| Noncurrent
liabilities |
2,927,421 |
2,937,291 |
22,011 |
|
Long-term
debt |
1,798,303 |
1,881,270 |
13,521 |
|
Retirement
and severance benefits |
1,049,054 |
982,332 |
7,888 |
|
Other
liabilities |
80,064 |
73,689 |
602 |
| Minority
interests |
798,744 |
825,158 |
6,006 |
| Stockholders'
equity |
2,304,224 |
2,861,502 |
17,325 |
|
Common
stock |
282,032 |
281,754 |
2,121 |
|
Capital
surplus |
527,010 |
501,243 |
3,962 |
|
Legal
reserve and retained earnings |
1,753,999 |
2,266,951 |
13,188 |
|
Accumulated
other comprehensive income (loss) |
(258,484) |
(188,446) |
(1,943) |
|
|
(Foreign
currency translation adjustments) |
(38,012) |
(57,647) |
(286) |
|
|
(Minimum
pension liability adjustments) |
(260,100) |
(182,936) |
(1,956) |
|
|
(Net
unrealized holding gain on available-for-sale securities) |
39,997 |
51,041 |
301 |
|
|
(Cash
flow hedges) |
(369) |
1,096 |
(3) |
|
Treasury
stock |
(333) |
--- |
(3) |
Source:
http://global.hitachi.com/IR-e/ar/index.html
|
| Remarks: |
In the beginning of October, in a bid to fast-track management
decisions, Hitachi Limited announced plans to spin off its home appliance group
and industrial components and equipment group. The moves are said to be part of
Hitachi's overall plan to streamline and strengthen troubled operations through
mergers and tie-ups.
|
|
|
| Status: |
Standard & Poor's in early May raised its ratings on Nissan
Motor Co. Ltd. to BBB-/A-3 from BB+/B, based on the company's progress in
improving its cost structure and reducing its debt.
Nissan completed its three-year restructuring plan one year
ahead of schedule in fiscal 2001 (ended March 31, 2002), far exceeding the
original goals outlined in the plan. The company's cost reduction efforts and
improved product development strategy have strengthened its earnings structure,
enabling it to generate solid profitability despite depressed vehicle sales
worldwide.
|
| Principal
Activities: |
Nissan Motor is Japan's #2 auto manufacturer after Toyota. Its
models include Maxima and Sentra cars, Altima and Infiniti upscale sedans,
Frontier pickups, and Xterra and Pathfinder SUVs.
|
| Address: |
17-1,
Ginza 6-chome, Chuo-ku Tokyo 104-8023, Japan
|
| Contact
Persons: |
Yoshikazu Hanakawa
- Chairman
Carlos Ghosn - President, CEO, and Representative
Director
Thierry Moulonguet - EVP and CFO, Finance, Treasury, Group
IS; and Director
|
| Contact
Numbers: |
Tel:
+81-3-3543-5523
Fax: +81-3-5565-2228
|
| Website: |
http://www.nissan-global.com
|
| Financials
(US$M): |
|
(billions of yen) |
Results FY2001 |
Results 1st half of FY2001 |
Results FY2000 |
| Net Sales |
6,196.2 |
2,977.5 |
6,089.6 |
6,200.0 |
| Japan |
3,829.1 |
1,814.5 |
3,917.8 |
|
| North America |
2,382.8 |
1,097.0 |
2,255.4 |
|
| Europe |
851.5 |
444.6 |
840.4 |
|
| General Overseas Market |
929.4 |
421.3 |
745.9 |
|
| Sub-total |
7,992.8 |
3,777.4 |
7,759.5 |
|
| Adjustment |
-1,796.6 |
-799.9 |
-1,669.9 |
|
Operating Income
|
489.2 |
188.8 |
290.3 |
490.0 |
| Japan |
289.7 |
128.2 |
174.3 |
|
| North America |
158.9 |
49.1 |
113.4 |
|
| Europe |
3.2 |
-4.6 |
-27.3 |
|
| General Overseas Market |
57.8 |
31.6 |
42.2 |
|
| Sub-total |
509.6 |
204.3 |
302.6 |
|
| Adjustment |
-20.4 |
-15.5 |
-12.3 |
|
| Ordinary Income |
414.7 |
160.3 |
282.3 |
415.0 |
Net Income
|
372.3 |
230.3 |
331.1 |
372.0 |
| Net Income Per Share (Yen) |
92.61 |
57.95 |
83.53 |
|
| Fully Diluted Net Income Per
Share (Yen) |
92.13 |
54.02 |
79.45 |
|
|
Foreign Exchange Rate Yen/USD YEN/EUR
|
125.1
108.8 |
122.2
108.1 |
110.6
99.6 |
125
109 |
| Capital Expenditure |
293.8 |
128.5 |
205.6 |
300.0 |
| Depreciation |
199.5 |
102.7 |
206.2 |
|
| Debt Outstanding |
705 |
973 |
1,236 |
|
| Cash & Repo |
-273 |
-174 |
-283 |
|
Net Debt
(Automotive Business) |
432 |
799 |
953 |
435 |
| Debt Outstandin |
2,325 |
1,836 |
1,596 |
|
| Cash & Repo |
-7. |
-7 |
-5 |
|
Net Debt
(Retail Finance Business) |
2,318 |
1,829 |
1.591 |
|
| Total Net Debt |
2,750 |
2.628 |
2.544 |
|
Total Assets
(millions of yen) |
7,215,005 |
6,367,608 |
6,451,243 |
|
Shareholders' Equity
(millions of yen) |
1,620,822 |
1,159,335 |
957,939 |
|
| Equity Ratio (%) |
22.5 |
18.2 |
14.8 |
|
| Shareholders' Equity per Share
(yen) |
358.84 |
291.75 |
241.07 |
|
Source: http://www.nissan-global.com/
|
| Remarks: |
Vehicle assembly operations at the plant ceased at the end of
March 2001 and operations were transferred to the company's plants at Tochigi
and Oppama. Some operations, including plating operations have continued at
Murayama, however these are scheduled to cease by the end of March 2003 and
decontamination work on the site is scheduled for completion by March 2004.
|
|
|
| Status: |
Korea Electric Power Corp. (KEPCO) has chosen JP Morgan
Consortium, made up of JP Morgan, UBS Warburg and Daewoo Securities, as
its financial consultant for the electric business sales project. Once
the decision to employ JP Morgan is finalized, KEPCO will begin taking
bids for one of its five affiliates that are planned for privatization.
KEPCO shareholders earlier elected Kang Dong-suk, the
former president of Incheon International Airport Corp, as the state-run
utility company's new President. Kang replaces Choi Su-byong, who
resigned. |
| Principal
Activities: |
Korea
Electric Power (KEPCO) is South Korea's electric utility monopoly. The
company distributes power to 14.9 million households, as well as to
industrial and commercial customers, and has a generation capacity of
more than 44,500 MW (primarily from thermal and nuclear plants). KEPCO
also purchases 3,900 MW of power from other companies, and is building
independent power plants in Asia. |
| Address: |
167 Samsong-dong, Kangnam-gu Seoul 135-791, South Korea
|
| Contact
Persons: |
Kang Dong-suk - President and CEO
Chung Won Yong - General Manager Finances
|
| Contact
Numbers: |
Tel:
+82-2-3456-3633
Fax: +82-2-3456-3699 |
| Website: |
http://www.kepco.co.kr/en/Welcome.html
|
| Financials: |
|
In thousands of U.S. Dollars |
|
2001 |
2000 |
| ASSETS |
| Property, Plant and Equipment |
|
|
|
Utility plant |
$40,375,874 |
$40,502,911 |
|
Non-utility plant |
938,333 |
604,308 |
|
41,314,207 |
41,107,219 |
|
Less: accumulated depreciation |
3,787,726 |
6,115,305 |
|
Less: construction grants |
1,238,706 |
933,929 |
|
36,287,775 |
34,057,985 |
|
Construction in-progress |
8,773,787 |
9,126,689 |
|
Nuclear fuel |
1,142,242 |
1,173,919 |
|
46,203,804 |
44,358,593 |
| Investments and others |
|
|
|
Long-term financial instruments |
81,965 |
7,838 |
|
Investment securities |
902,895 |
984,600 |
|
Long-term loans |
155,350 |
135,777 |
|
Deferred income tax assets |
235,945 |
271,099 |
|
Currency and interest rate swaps |
144,188 |
89,510 |
|
Intangibles |
377,781 |
286,207 |
|
Other non-current assets |
166,814 |
353,919 |
|
2,064,938 |
2,128,950 |
| Current assets |
|
|
|
Cash and cash equivalents |
1,033,872 |
356,065 |
|
Accounts receivable, net of allowance for
doubtful accounts of 29,105 million in 2001 and 25,212 million in 2002 |
1,222,765 |
1,304,689 |
|
Marketable securities |
9,960 |
3,067 |
|
Short-term financial instruments |
234,412 |
112,606 |
|
Short-term loans |
8,590 |
9,337 |
|
Inventories |
539,121 |
472,029 |
|
Prepayment |
20,321 |
55,292 |
|
Other current assets |
186,494 |
179,519 |
| TOTAL ASSETS |
$51,524,277 |
$48,980,147 |
|
| SHAREHOLDERS' EQUITY AND
LIABILITIES |
| Shareholders' Equity |
|
Common stock |
$2,456,258 |
$2,456,258 |
|
Capital surplus |
11,448,339 |
11,386,349 |
|
Retained earnings |
|
|
|
Appropriated |
10,525,402 |
9,336,892 |
|
Unappropriated |
530,077 |
1,103,358 |
|
Capital adjustments |
22,276 |
(94,132) |
|
Minority interest in consolidated
subsidiaries |
120,628 |
2,817 |
|
Total Shareholders' Equity |
120,628 |
2,817 |
| Long-term liabilities |
|
Long-term debt |
15,690,093 |
16,304,685 |
|
Accrued severance indemnities, net |
151,449 |
66,753 |
|
Reserve for decommissioning costs |
2,849,185 |
2,445,729 |
|
Reserve for self-insurance |
56,770 |
47,672 |
|
Currency and interest rate swaps |
273,140 |
202,235 |
|
Financing lease liabilities |
12,651 |
--- |
|
Other long-term liabilities |
186,103 |
113,305 |
| Current liabilities |
|
Trade payables |
420,800 |
411,511 |
|
Other accounts payable |
524,355 |
700,080 |
|
Short-term borrowings |
383,398 |
434,454 |
|
Current portion of long-term debt |
4,752,586 |
3,189,446 |
|
Income taxes payable |
390,879 |
217,978 |
|
Accrued expenses |
250,916 |
260,040 |
|
Dividends payable |
2,455 |
1,415 |
|
Other current liabilities |
476,517 |
393,302 |
|
Total liabilities |
26,421,297 |
24,788,605 |
| TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES |
$51,524,277 |
$48,980,147 |
Source: http://www.kepco.co.kr/en/Welcome.html
|
| Remarks: |
The
state-run KEPCO had attempted to sell 51 percent stake in Korea Power
Engineering, a power plant designing company, and Korea Plant Service, a
power plant maintenance company, as part of its privatization plan, but
failed due to a lack of bidders. The South Korean government owns 54
percent of Korea Electric Power. |
|
|
| Status: |
Tokyo trading house Marubeni Corp. fell into the red in the year
to March 31, 2002 due chiefly to a hefty restructuring-related loss of some 239
billion yen.
Marubeni, which has suffered a series of ratings downgrades
and seen its stock price battered by concerns over its high debt level, said it
was considering boosting its capital by around 100 billion yen by March 2006 to
shore up its finances.
It said it plans to trim its debt to 2 trillion yen by March
2006.
|
| Principal
Activities: |
One of
Japan's largest sogo shosha (general trading companies), Marubeni has 12
business divisions: Agri-Marine Products; Chemicals; Development and
Construction; Energy; Forest Products, and General Merchandise; Iron and
Steel; IT; Metals and Mineral Resources; Plant and Ship; Textiles;
Transportation and Industrial Machinery; and Utility and Infrastructure.
The enterprise has about 600 subsidiaries in 80 countries.
|
| Address: |
4-2,
Ohtemachi 1-chome, Chiyoda-ku Tokyo 100-8088, Japan
|
| Contact
Persons: |
Iwao Toriumi - Chairman
Tohru Tsuji - President and CEO
Kazuhiko Sakamoto - VP Corporate Communications, Corporate
Accounting, and Finance
|
| Contact
Numbers: |
Tel:
+81-3-3282-2111
Fax: +81-3-3282-7456
|
| Website: |
http://www.marubeni.co.jp
|
| Financials
(US$M): |
|
Millions of
yen |
Thousands of U.S.
Dollars |
|
2001 |
2000 |
2001 |
| ASSETS |
|
|
|
| Current Assets: |
|
|
|
|
Cash and cash equivalents |
¥329,811 |
¥405,308 |
$2,659,766 |
|
Time deposits |
8,713 |
2,391 |
70,266 |
|
Investment Securities |
|
|
|
|
|
Marketable equity
securities |
383 |
233,401 |
3,089 |
|
|
Other |
87,027 |
189,918 |
701,831 |
|
Notes and accounts
receivable |
|
|
|
|
|
Notes receivable |
294,082 |
289,573 |
2,371,629 |
|
|
Accounts receivable |
1,233,961 |
1,255,919 |
9,951,298 |
|
|
Due from affiliated
companies |
145,123 |
123,327 |
1,170,347 |
|
|
Allowance for doubtful
accounts |
(26,832) |
(16,693) |
(216,387) |
|
Inventories |
481,227 |
489,860 |
3,880,863 |
|
Advance payments to
suppliers |
76,146 |
85,710 |
614,081 |
|
Deferred income taxes |
27,886 |
5,729 |
224,887 |
|
Prepaid expenses and
other current assets |
115,309 |
149,432 |
929,911 |
|
|
Total current assets |
2,772,836 |
3,213,875 |
22,361,581 |
| Investments and
long-term receivables: |
|
|
|
|
Affiliated companies |
289,575 |
289,490 |
2,335,282 |
|
Securities and other
investments |
|
|
|
|
|
Marketable equity
securities |
204,414 |
34,172 |
1,648,500 |
|
|
Other |
447,968 |
459,276 |
3,612,645 |
|
Notes,
loans and accounts receivable - trade, net of unearned interest,
less alowance for doubtful accounts of ¥102,894 million ($829,790
thousand) in 2011 and ¥125,319 million in 2000 |
512,036 |
588,916 |
4,129,323 |
|
Property
leased to others, at cost, less accumulated depreciation of
¥104,203 million in 2002 and ¥85,778 million in 2000 |
302,161 |
307,725 |
2,436,782 |
|
|
Total investments and
long-term receivables |
1,756,154 |
1,679,579 |
14,162,532 |
| Property and
equipment, at cost |
|
|
|
|
Land and land
improvements |
188,930 |
190,163 |
1,523,629 |
|
Buildings |
321,377 |
316,331 |
2,591,750 |
|
Equipment |
306,441 |
263,190 |
2,471,298 |
|
|
816,748 |
769,684 |
6,586,677 |
|
Accumulated depreciation |
(284,028) |
(260,114) |
(2,290,548) |
|
|
Net property and
equipment |
532,720 |
509,570 |
4,296,129 |
| Prepaid pension cost |
84,507 |
--- |
681,508 |
| Deferred income taxes |
83,899 |
99,802 |
676,605 |
| Other assets |
90,488 |
81,527 |
729,742 |
| TOTAL ASSETS |
¥5,320,604 |
¥5,584,353 |
$42,908,097 |
|
| LIABILITIES AND
SHAREHOLDER'S EQUITY |
| Current liabilities: |
|
|
|
|
Short-term loans |
¥835,663 |
¥950,767 |
$6,739,218 |
|
Current portion of
long-term debt |
475,842 |
526,258 |
3,837,435 |
|
Notes and accounts
payable-trade |
|
|
|
|
|
Notes and acceptances payable |
282,169 |
248,291 |
2,275,556 |
|
|
Accounts payable |
796,750 |
755,144 |
6,425,403 |
|
|
Due to affiliated companies |
48,845 |
44,596 |
393,911 |
|
Advance payments received
from customers |
46,824 |
44,263 |
377,613 |
|
Income taxes |
9,459 |
25,172 |
76,282 |
|
Deferred income taxes |
1,720 |
9,355 |
13,871 |
|
Accrued expenses and
other current liabilities |
227,939 |
223,024 |
1,838,219 |
|
|
Total current
liabilities |
2,725,211 |
2,826,870 |
21,977,508 |
| Long-term debt, less
current portion |
2,193,789 |
2,299,965 |
17,691,847 |
| Employees' retirement
benefits |
13,960 |
90,105 |
112,581 |
| Deferred income taxes |
14,766 |
14,674 |
119,081 |
| Minority interests in
consolidated subsidiaries |
30,581 |
28,438 |
246,620 |
|
| Shareholder's equity |
| Common
stock, ¥50 par value: Authorized shares - 3,000,000,000; Issued
and outstanding shares - 1,494,021,081 in 2001 and 2000 |
194,039 |
194,039 |
1,564,830 |
| Additional paid-in
capital |
216,993 |
216,993 |
1,749,944 |
| Retained earnings |
21,664 |
6,628 |
174,710 |
| Accumulated other
comprehensive loss |
(90,338) |
(93,357) |
(729,016) |
| Cost of
common stock in treasury 3,766 shares in 2001 and 4,238 in 2000 |
(1) |
(2) |
(8) |
|
Total shareholder's
equity |
342,297 |
324,301 |
2,760,460 |
| TOTAL LIABILITIES AND
SHAREHOLDER'S EQUITY |
¥5,320,604 |
¥5,584,353 |
$42,908,097 |
Source: http://www.marubeni.co.jp/english/ir/ar/sfs01.pdf
|
| Remarks: |
Ratings agency Standard & Poor's Corp in April lowered the
short-term rating of Marubeni Corp. to C from B on concerns that the trading
house will face higher borrowing costs and fewer funding options following a
huge loss in fiscal 2001, owing to its highly leveraged balance sheet.
The Fair Trade Commission (FTC) in April ordered Marubeni
Chikusan Corp., a unit of Marubeni Corp. to cease production due to its
intentional false labeling of some 1,700 tons of chicken sold since 1999. The
FTC said the mislabeling was conducted at the Company's nine offices, including
Sendai and Osaka.
The mislabeling case was revealed in March, when the FTC's
Tohoku office discovered that the Sendai office had been mislabeling chicken
products between 1999 and 2001.
|
|
|
| Status: |
Fujitsu Ltd, Japan's biggest computer manufacturing company, will
issue up to 250 billion yen (US$1.97 billion) worth of convertible bonds in
equity financing. The Company will receive up to 249.9 billion yen from the bond
issue, maturing on May 27, 2009. The 140 billion yen will be used to redeem
bonds and repay borrowings, while the rest will be used to invest in software
and the service business.
The Company will also reduce this fiscal year the cost of
procuring semiconductors and other parts/materials to speed its recovery.
|
| Principal
Activities: |
Fujitsu Limited has operations worldwide and products ranging from air
conditioners to telephony. Its computer products include PCs, servers,
peripherals, and software. The company's computer operations and information
technology services (consulting, systems integration, and support) account for
more than 60% of sales. The company also makes telecommunications equipment,
consumer electronics, and semiconductors. Fujitsu owns Japan's top Internet
services provider, Nifty, as well as US mainframe maker Amdahl and UK services
firm International Computers Limited (ICL). Customers outside of Japan account
for 30% of sales.
|
| Address: |
6-1, Marunouchi 1-chome, Chiyoda-ku Tokyo 100-8211, Japan
|
| Contact
Persons: |
Tadashi Sekizawa
- Chairman
Naoyuki Akikusa - President & CEO
Takashi Takaya - SEVP, Finance and Administration
|
| Contact
Numbers: |
Tel: +81-3-3216-3211
Fax: +81-3-3216-9365
|
| Website: |
http://www.fujitsu.com/
|
| Financials
(US$M): |
|
Millions
of yen |
Thousands of U.S.
Dollars |
|
2000 |
2001 |
2001 |
| ASSETS |
| Current Assets: |
|
Cash and cash equivalents |
¥316,176 |
¥309,984 |
$2,499,871 |
|
Short-term investments |
11,438 |
9,744 |
78,580 |
|
Receivables, trade |
1,158,478 |
1,188,597 |
9,585,460 |
|
Allowance for doubtful accounts |
(15,484) |
(18,839) |
(151,927) |
|
Inventories |
805,626 |
896,842 |
7,232,597 |
|
Current portion of lease
receivables |
75,723 |
60,637 |
489,008 |
|
Other current assets |
248,434 |
290,539 |
2,343,056 |
|
Total current
assets |
2,600,391 |
2,737,504 |
22,076,645 |
| Investments and
long-term loans: |
|
Affiliates |
361,510 |
334,984 |
2,701,484 |
|
Lease receivables |
151,572 |
110,410 |
890,403 |
|
Other investments and long-term
loans |
283,833 |
338,865 |
2,732,782 |
|
Total investments
and long-term loans |
796,915 |
784,259 |
6,324,669 |
| Property, plant
and equipment |
|
Land |
134,347 |
137,205 |
1,106,492 |
|
Buildings |
781,668 |
804,525 |
6,488,105 |
|
Machinery and equipment |
2,551,347 |
2,576,415 |
20,777,540 |
|
Construction in progress |
44,600 |
82,194 |
662,855 |
|
3,511,962 |
3,600,339 |
29,034,992 |
|
Less accumulated depreciation |
2,233,104 |
2,216,544 |
17,875,355 |
|
Property, plant
and equipment, net |
1,278,858 |
1,383,795 |
11,159,637 |
| Intangible assets |
|
Goodwill |
186,320 |
131,422 |
1,059,855 |
|
Software |
136,460 |
149,143 |
1,202,766 |
|
Other intangible assets |
19,650 |
13,948 |
112,484 |
|
Total intangible
assets |
342,430 |
294,513 |
2,375,105 |
| Other assets |
|
Discounts on bonds |
1,150 |
--- |
--- |
|
Total other
assets |
1,150 |
--- |
--- |
| Total assets |
¥5,019,744 |
¥5,200,071 |
$41,936,056 |
|
| Liabilities,
minority interests and shareholders' equity |
| Current
liabilities |
|
Short-term borrowings |
¥429,431 |
¥452,219 |
$3,646,927 |
|
Current portion of long-term debt |
132,255 |
231,716 |
1,868,677 |
|
Payable, trade |
876,438 |
977,018 |
7,879,177 |
|
Accrued expenses |
381,202 |
407,056 |
3,282,710 |
|
Customers' advances |
33,461 |
31,018 |
250,145 |
|
Accrued income taxes |
51,077 |
113,932 |
918,807 |
|
Other current liabilities |
173,522 |
230,714 |
1,860,597 |
|
Total current
liabilities |
2,077,386 |
2,443,673 |
19,707,040 |
| Long-term
liabilities |
|
Long-term debt |
1,163,389 |
952,289 |
7,679,750 |
|
Accrued retirement benefits |
175,998 |
102,863 |
829,540 |
|
Provision for loss on repurchase
of computers |
89,007 |
88,860 |
716,613 |
|
Other long-term liabilities |
123,874 |
181,012 |
1,459,774 |
|
Total Long-term
liabilities |
1,552,268 |
1,325,024 |
10,685,677 |
| Minority interests
in consolidated subsidiaries |
213,562 |
216,991 |
1,749,928 |
| Shareholders'
equity |
|
Common stock, Authorized --
5,000,000,000 shares Issued (¥50 par value) 2000 --1,962,939,607 shares
2001 -- 1,977,227,929 shares |
306,246 |
314,352 |
2,537,516 |
|
Capital surplus |
495,073 |
505,449 |
4,076,202 |
|
Retained earnings |
490,409 |
483,709 |
3,900,879 |
|
Unrealized gains on securities,
net of taxes |
--- |
19,035 |
153,508 |
|
Foreign currency translation
adjustments |
(114,904) |
(108,451) |
(847,605) |
|
Treasury stock |
(296) |
(11) |
(89) |
|
Total
shareholders' equity |
1,176,528 |
1,214,383 |
9,793,411 |
| Total liabilities,
minority interests and shareholders' equity |
¥5,019744 |
¥5,200,071 |
$41,936,056 |
Source: http://pr.fujitsu.com/en/ir/annual/index.html
|
| Remarks: |
Fujitsu Ltd has incurred a group net loss of 382.54 billion yen
for the year that ended March 31 on heavy restructuring costs and money-losing
semiconductor and telecommunications-related operations, and recorded a
consolidated operating loss of 74.4 billion yen (US$560 million). The company
expects to improve profitability during the current fiscal year, which began
April 1.
|
|
|
| Status: |
KDDI Corp has suffered a 40.1 percent year-on-year drop in its
group net profit for the year to March 31 to 12.98 billion yen due to hefty
restructuring costs for its "au" mobile phone services. The sharp fall
in the net balance stemmed from a one-time loss of 202.65 billion yen including
185.41 billion yen in restructuring costs.
|
| Principal
Activities: |
KDDI, formerly DDI, is
the #2 telecommunications company in Japan, behind giant NTT. The company has
some 16 million mobile phone subscribers and about 3 million customers use
KDDI's personal handyphone service (PHS), in which a single handset functions as
a cordless at home and as a mobile phone elsewhere. KDDI is focusing on its
mobile phone operations, but the company also provides local, long-distance, and
data communications services over a fixed-line network. It also offers mobile
Internet services (Ezweb and au).
|
| Address: |
3-2, Nishi-Shinjuku 2-chome, Shinjuku-ku
Tokyo 163-8003, Japan
|
| Contact
Persons: |
Jiro Ushio - Chairman
Tadashi Onodera - President
|
| Contact
Numbers: |
Tel: +81-3-3347-5711
Fax: +81-3-3347-5845
|
| Website: |
http://www.kddi.com/english/index.html
|
| Financials
(US$M): |
|
Millions
of yen |
Millions of
U.S. Dollars |
|
2001 |
2000 |
2001 |
| ASSETS |
| Current
Assets: |
|
Cash and cash equivalents |
¥134,670 |
¥78,300 |
$1,087 |
|
Accounts receivable |
547,202 |
234,266 |
4,416 |
|
Allowance for doubtful
accounts |
(13,473) |
(7,725) |
(109) |
|
Inventories |
110,044 |
32,945 |
888 |
|
Deferred income taxes |
12,381 |
29,235 |
100 |
|
Prepaid expenses and
other current assets |
63,605 |
12,299 |
514 |
|
Total
Current Assets |
854,429 |
379,320 |
6,896 |
| Property,
Plant and Equipment |
|
Telecommunications
equipment |
3,079,812 |
1,837,410 |
24,856 |
|
Buildings and structures |
540,528 |
230,828 |
4,363 |
|
Machinery and tools |
133,640 |
41,719 |
1,079 |
|
Land |
88,249 |
53,052 |
712 |
|
Construction in progress |
127,211 |
48,307 |
1,027 |
|
Other property, plant and
equipment |
15,440 |
--- |
125 |
|
3,984,880 |
2,211,316 |
32,162 |
|
Accumulated depreciation |
(1,739,812) |
(891,859) |
(14,042) |
|
Total
Property, Plant and Equipment |
2,245,068 |
1,319,457 |
18,120 |
| Investments
and Other Assets: |
|
Investments in securities |
62,061 |
2,452 |
501 |
|
Deposits and guarantee
money |
41,691 |
25,238 |
336 |
|
Intangible assets |
261,727 |
129,480 |
2,112 |
|
Goodwill |
65,982 |
64,598 |
533 |
|
Deferred income taxes |
15,355 |
9,289 |
124 |
|
Other assets |
101,205 |
67,491 |
817 |
|
Allowance for loss on
investments and other assets |
(8,154) |
(6,559) |
(66) |
|
Total
Investments and Other Assets |
539,867 |
291,989 |
4,357 |
| Foreign
Currency Translation Adjustments |
--- |
8,242 |
--- |
| TOTAL
ASSETS |
¥3,639,364 |
¥1,999,008 |
$29,373 |
|
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
| Current
Liabilities |
|
|
|
|
Short-term loans and
current portion of long-term loans |
¥457,790 |
¥300,832 |
$3,695 |
|
Accounts payable |
552,307 |
231,987 |
4,458 |
|
Accrued income taxes |
10,258 |
4,321 |
83 |
|
Accrued expenses |
31,620 |
43,057 |
255 |
|
Allowance for bonuses |
14,393 |
5,641 |
116 |
|
Other current liabilities |
47,585 |
9,827 |
384 |
|
Total
Current Liabilities |
1,113,953 |
595,665 |
8,991 |
| Non-Current
Liabilities |
|
|
|
|
Long-term loans |
1,205,380 |
936,497 |
9,728 |
|
Bonds |
380,000 |
160,000 |
3,067 |
|
Other non-current
liabilities |
83,588 |
34,092 |
675 |
|
Total
Non-Current Liabilities |
1,668,968 |
1,130,589 |
13,470 |
| TOTAL
LIABILITES |
2,782,921 |
1,726,254 |
22,461 |
|
|
|
|
| Shareholders'
Equity |
|
Common stock, ¥5,000 par
value: Authorized -- 7,000,000 shares issued and outstanding --
4,240,880.38 |
141,852 |
72,635 |
1,145 |
|
Additional paid-in
capital |
304,096 |
87,920 |
2,454 |
|
Retained earnings |
401,442 |
68,019 |
3,240 |
|
847,390 |
228,574 |
6,839 |
| Foreign
Currency Translation Adjustments |
(2,290) |
--- |
(18) |
|
Treasury stock, at cost |
(9) |
--- |
(0) |
| TOTAL
SHAREHOLDERS' EQUITY |
845,091 |
228,574 |
6,821 |
| TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
¥3,639,364 |
¥1,999,008 |
$29,373 |
Source: http://www.kddi.com/ir_e/annual/index.html
|
| Remarks: |
Based on a new medium-term plan set up in March, KDDI is aiming
to cut interest bearing debt to 1 trillion yen by the end of the March 2005
term. This will be achieved by withdrawing from the unprofitable PDC business
and specializing in CDMA services; cutting costs by realizing the synergy
effects of the three-company merger that created KDDI; and stabilizing the
financial base, especially by raising operating cash flow and cutting plant and
facilities investment, as well as the securitization and sale of real estate.
|
|
|
| Status: |
The management of Daiei Inc. is limiting the tenure of directors
to one year to make it easier for shareholders to hold directors more directly
accountable for corporate performance and help the struggling firm achieve its
three-year rehabilitation plan.
Also in May, Tadashi Nakauchi, owner of the professional
baseball club Fukuoka Daiei Hawks, resigned from all his executive posts at
Daiei Inc. group firms with the exception of those at three Fukuoka-based units,
including the Hawks.
|
| Principal
Activities: |
One of Japan's largest retailers, with about 120 subsidiaries, Daiei is best
known for its majority stake in nearly 7,700 Lawson convenience stores (#2 in
Japan, after 7-Eleven). The Japanese retail giant also owns supermarkets,
discount stores, department stores, and specialty shops. Other operations
include restaurants, hotels, and real estate businesses.
|
| Address: |
4-1-1, Minatojima Nakamachi,, Chuo-ku Kobe 650-0046, Japan
|
| Contact
Persons: |
Jiro Amagai
- Chairman
Kunio Takagi - President and CEO
Jun Nakauchi - President, Daiei Holding
Kenji Fujiwara - President, Lawson
|
| Contact
Numbers: |
Phone: +81-78-302-5001
Fax: +81-78-302-5572
|
| Website: |
http://www.daiei.co.jp
|
| Financials
(US$M): |
|
Annual Financials
|
|
Income Statement
All amounts in millions of US Dollars except per share
amounts.
|
Feb 01
|
Feb 00
|
Feb 99
|
|
Revenue
|
25,081.8
|
25,883.0
|
25,267.0
|
|
Cost of Goods Sold
|
16,226.3
|
17,471.8
|
17,085.3
|
|
Gross Profit
|
8,855.5
|
8,411.2
|
8,181.7
|
|
Gross Profit Margin
|
35.3%
|
32.5%
|
32.4%
|
|
SG&A Expense
|
8,460.6
|
8,094.8
|
7,849.8
|
|
Depreciation & Amortization
|
--
|
0.0
|
0.0
|
|
Operating Income
|
395.0
|
316.4
|
331.9
|
|
Operating Margin
|
1.6%
|
1.2%
|
1.3%
|
|
Total Net Income
|
395.0
|
(199.5)
|
(344.1)
|
|
Net Profit Margin
|
1.6%
|
--
|
--
|
|
Diluted EPS ($)
|
0.70
|
(0.56)
|
(0.98)
|
|
Balance Sheet
|
Feb 01
|
Feb 00
|
Feb 99
|
|
Cash
|
3,525.7
|
1,823.9
|
807.0
|
|
Net Receivables
|
4,114.1
|
1,015.1
|
2,328.4
|
|
Inventories
|
1,415.5
|
1,393.2
|
1,353.0
|
|
Total Current Assets
|
9,826.0
|
4,428.5
|
4,855.5
|
|
Total Assets
|
27,921.7
|
16,678.3
|
16,848.4
|
|
Short-Term Debt
|
18,929.6
|
8,069.3
|
6,327.4
|
|
Total Current Liabilities
|
22,426.9
|
11,637.6
|
9,715.8
|
|
Long-Term Debt
|
3,139.5
|
2,497.3
|
3,892.5
|
|
Total Liabilities
|
27,710.4
|
16,154.8
|
16,282.2
|
|
Total Equity
|
211.4
|
523.6
|
566.1
|
|
Shares Outstanding (mil.)
|
713.7
|
356.8
|
356.8
|
Some figures may not add up due to rounding.
Source: Hoover's Online
|
| Remarks: |
The Company plans to return to profitability in the current
business year with a 99 percent capital cut, and the help of a 520 billion yen
financial support from its creditors, UFJ Bank, Sumitomo Mitsui Banking Corp.
and Mizuho Corporate Bank.
It expects to reduce its interest-bearing group debts from the
current 1.66 trillion yen to 1.21 trillion yen by the end of next February.
|
|
|
| Status: |
Rating and Investment Information, Inc. (R&I), has in May
downgraded the senior long-term credit rating of Sumitomo Metal Industries, Ltd.
to BBB-, from BBB.
|
| Principal
Activities: |
Sumitomo Metal Industries is Japan's #1 seamless pipe producer;
it also makes steel construction materials and industrial components. The
Company also makes silicon wafers, and it has a wafer manufacturing joint
venture with Mitsubishi Materials. It offers construction engineering and
information technology services.
|
| Address: |
3-2, 5-33 Kitahama 4-chome, Chuo-ku Osaka 541-0041, Japan
|
| Contact
Persons: |
Hiroshi Shimozuma -
President and CEO
|
| Contact
Numbers: |
Tel: +81-6-6220-5111
Fax: +81-6-6223-0305
|
| Website: |
http://www.sumitomometals.co.jp
|
| Financials
(US$M): |
|
Millions of yen |
Thousands of U.S. dollars |
|
2001 |
2000 |
2001 |
| Assets |
| Current Assets |
|
Cash and time deposits |
¥93,599 |
¥72,805 |
$754,831 |
|
Marketable Securities |
8,598 |
219,497 |
69,339 |
|
Notes and accounts receivable |
|
|
|
|
|
Trade |
349,280 |
332,340 |
2,816,774 |
|
|
Other |
48,150 |
37,200 |
388,307 |
|
397,430 |
369,540 |
3,205,081 |
|
Allowance for
doubtful accounts |
(696) |
(2,084) |
(5,613) |
|
|
396,734 |
367,456 |
3,199,468 |
|
Inventories |
355,343 |
341,150 |
2,865,669 |
|
Deferred tax assets |
17,535 |
18,718 |
141,411 |
|
Prepaid expenses and other |
23,767 |
20,631 |
191,669 |
|
Total Current Assets |
895,576 |
1,040,257 |
7,222,387 |
| Property, plant and equipment,
at cost |
|
|
|
|
Land |
322,159 |
320,925 |
2,598,057 |
|
Buildings and structures |
853,901 |
848,337 |
6,886,298 |
|
Machinery and equipment |
2,376,069 |
2,354,711 |
19,161,847 |
|
Construction in progress |
44,875 |
70,501 |
361,895 |
|
Total |
3,597,004 |
3,594,474 |
29,008,097 |
|
Accumulated depreciation |
(2,267,741) |
(2,198,162) |
(18,288,234) |
|
Net property, plant and
equipment |
1,329,263 |
1,396,312 |
10,719,863 |
| Investments and other assets |
|
Investment securities |
257,057 |
64,734 |
2,073,040 |
|
Investments in unconsolidated
subsidiaries and associated companies |
75,265 |
81,428 |
606,976 |
|
Software |
16,323 |
16,412 |
131,637 |
|
Foreign currency translation
adjustments |
|
8,867 |
|
|
Deferred tax assets |
74,932 |
79,481 |
604,290 |
|
Other assets |
84,699 |
87,186 |
683,057 |
|
Total investments and other
assets |
508,276 |
337,928 |
4,099,000 |
| TOTAL |
¥2,733,115 |
¥2,774,497 |
$22,041,250 |
|
|
|
|
|
| Liabilities
and Shareholders' equity |
| Current liabilities |
|
Short-term bank loans |
¥513,557 |
¥516,983 |
$4,141,589 |
|
Current portion of long-term debt |
193,770 |
164,999 |
4,141,589 |
|
Notes and accounts payable |
|
|
|
|
|
Trade |
238,110 |
224,946 |
1,920,242 |
|
|
Other |
49,286 |
31,991 |
397,468 |
|
287,110 |
256,937 |
2,317,710 |
|
Deferred tax liabilities |
21 |
241 |
169 |
|
Other current liabilities |
82,318 |
114,998 |
663,855 |
|
Total current
liabilities |
1,077,062 |
1,054,758 |
8,685,984 |
| Long-term liabilities and
reserves |
|
Long-term debt |
1,073,367 |
1,200,354 |
8,656,185 |
|
Liability for employees'
retirement benefits |
72,129 |
70,290 |
581,685 |
|
Reserve for rebuilding furnaces |
37,661 |
37,198 |
303,718 |
|
Deferred tax liabilities |
11,893 |
5,756 |
95,911 |
|
Other long-term liabilities |
45,409 |
16,482 |
366,203 |
|
Total long-term
liabilities & reserves |
1,240,459 |
1,330,080 |
10,003,702 |
| Minority interests |
47,478 |
48061 |
382,887 |
| Shareholder's Equity |
|
Common stock,
authorized 4,940,864,000 shares in 2001 and 2000; Par value ¥50 per
share, issued and outstanding -- 3,284,384,511 shares in 2001 and 2000
Without par value, issued and outstanding 347,888,000 shares in 2001 and
2000 |
237,922 |
237,922 |
1,918,726 |
|
Additional paid-in capital |
139,421 |
139,421 |
1,124,363 |
|
Revaluation surplus |
4,804 |
8,182 |
32,742 |
|
Deficit |
(22,006) |
(43,927) |
(177,468) |
|
Unrealized gain on available-for-sale
securities |
9,611 |
|
77,508 |
|
Foreign currency translation
adjustments |
(1,609) |
|
(12,976) |
|
Total |
368,143 |
341,598 |
2,968,895 |
|
Treasury stock, at cost |
(27) |
0 |
(218) |
|
Total shareholder's equit |
368,116 |
341,598 |
2,968,677 |
| TOTAL |
¥2,733,115 |
¥2,774,497 |
$22,041,250 |
Source: http://www.sumitomometals.co.jp/e/annual/index.html
|
| Remarks: |
Sumitomo Metal Industries' mainline seamless pipe manufacturing
operation remains relatively strong, but profitability has dropped sharply due
to factors such as falling prices in the thin-sheet division caused by
escalating competition. It will not be easy to restore the profitability of this
division over the short term, and for the time being, the firm will probably be
forced to continue to depend on the seamless pipe operation, where risk is high.
The company should be able to increase the pace of debt reduction in the period
from the March 2003 term onward, but a large volume of debt is reaching maturity
so financial risk has risen.
|
