Operating income includes revenues less operating expenses but excluding general corporate expenses, interest expenses, unrealized foreign currency exchange gain (loss), other income and provision for income taxes. Identifiable assets are those assets used in the Companies’ operations in each segment. Corporate assets consist principally of cash, deposits and short-term investments. Millions of yen Period ended September 30, 2003 Credit and Merchan- Consumer Corporate or dising Services Other Total Elimination Consolidated Operating revenues: Outside customers.............................................. ¥273,713 ¥43,927 ¥35,768 ¥353,408 ¥ – ¥353,408 Intersegment ...................................................... – – 29,534 29,534 (29,534) – Total................................................................ 273,713 43,927 65,302 382,942 (29,534) 353,408 Operating expenses................................................ 268,303 35,075 61,321 364,699 (27,300) 337,399 Operating income .................................................. ¥ 5,410 ¥ 8,852 ¥ 3,981 ¥ 18,243 ¥ (2,234) ¥ 16,009 Identifiable assets ................................................... ¥309,534 ¥290,056 ¥65,617 ¥665,207 ¥68,950 ¥734,157 Depreciation and amortization............................... 9,697 1,741 1,371 12,809 (567) 12,242 Capital expenditures, including lease advances...................................... 9,875 1,534 940 12,349 (669) 11,680 Millions of yen Year ended January 31, 2003 Credit and Merchan- Consumer Corporate or dising Services Other Total Elimination Consolidated Operating revenues: Outside customers.............................................. ¥444,013 ¥64,926 ¥49,928 ¥558,867 ¥ – ¥558,867 Intersegment ...................................................... – – 40,563 40,563 (40,563) – Total................................................................ 444,013 64,926 90,491 599,430 (40,563) 558,867 Operating expenses................................................ 428,798 47,355 84,943 561,096 (36,546) 524,550 Operating income .................................................. ¥ 15,215 ¥17,571 ¥ 5,548 ¥ 38,334 ¥ (4,017) ¥ 34,317 Identifiable assets ................................................... ¥296,606 ¥284,278 ¥68,757 ¥649,641 ¥80,260 ¥729,901 Depreciation and amortization............................... 14,351 2,664 2,377 19,392 (612) 18,780 Capital expenditures, including lease advances...................................... 21,260 3,473 1,237 25,970 (1,004) 24,966 Thousands of U.S. dollars Period ended September 30, 2003 Credit and Merchan- Consumer Corporate or dising Services Other Total Elimination Consolidated Operating revenues: Outside customers........................................... $2,465,883 $395,739 $322,234 $3,183,856 $ – $3,183,856 Intersegment.................................................... – – 266,072 266,072 (266,072) – Total ............................................................. 2,465,883 395,739 588,306 3,449,928 (266,072) 3,183,856 Operating expenses ............................................. 2,417,144 315,991 552,442 3,285,577 (245,946) 3,039,631 Operating income................................................ $ 48,739 $ 79,748 $ 35,864 $ 164,351 $ (20,126) $ 144,225 Identifiable assets ................................................ $2,788,595 $2,613,117 $591,144 $5,992,856 $621,171 $6,614,027 Depreciation and amortization............................ 87,360 15,685 12,351 115,396 (5,108) 110,288 Capital expenditures, including lease advances ................................... 88,964 13,820 8,468 111,252 (6,027) 105,225 15. SUBSEQUENT EVENT The following appropriations of retained earnings were approved at the annual general meeting of the stockholders held on December 25, 2003: Thousands of Millions of yen U.S. dollars Cash dividends (¥15=$0.14 per share) ......................................................................................................................... ¥5,272 $47,495 Bonuses to directors ...................................................................................................................................................... 58 522 26
INDEPENDENT AUDITORS’ REPORT To the Stockholders and Board of Directors of Marui Co., Ltd. We have audited the accompanying consolidated balance sheets of Marui Co., Ltd. (a Japanese corporation) and its consolidated subsidiaries as of September 30, 2003, and January 31, 2003, and the related consolidated statements of income, stockholders’ equity and cash flows for the period ended September 30, 2003, and the two years in the period ended January 31, 2003 and 2002, expressed in Japanese yen. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Marui Co., Ltd. and its consolidated subsidiaries as of September 30, 2003, and January 31, 2003, and the consolidated results of their operations and their cash flows for the period ended September 30, 2003, and the two years in the period ended January 31, 2003 and 2002, in conformity with accounting principles generally accepted in Japan as described in Note 1 to the consolidated financial statements. Without qualifying our opinion, we draw attention to Note 2 to the consolidated financial statements; Marui Co., Ltd. and its consolidated subsidiaries have adopted the new Japanese accounting standards for severance and retirement benefits for employees and financial instruments in the year ended January 31, 2002. The consolidated financial statements as of and for the period ended September 30, 2003, have been translated into United States dollars solely for the convenience of the reader. We have recomputed the translation and, in our opinion, the consolidated financial statements expressed in Japanese yen have been translated into United States dollars on the basis set forth in Note 3 to the consolidated financial statements. Tokyo, Japan December 25, 2003 27
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