Annual Report 2004 [PDF/1.1MB]

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Kawasho Corporation and Consolidated Subsidiaries For the years ended March 31, 2004 and 2003 Millions of yen 2004 2003 Thousands of U.S. dollars (Note 1) 2004 Common stock: Balance at beginning and end of year ¥ 18,039 ¥ 18,039 $ 170,678 Preferred stock: Balance at beginning of year ¥ ¥ $ Issuance of new shares of preferred stock 15,000 141,925 Balance at end of year ¥ 15,000 ¥ $ 141,925 Capital surplus: Balance at beginning of year ¥ 7,021 ¥ 7,021 $ 66,430 Gain on sales of treasury stock 1 0 9 Issuance of new shares of preferred stock 15,000 141,925 Balance at end of year ¥ 22,022 ¥ 7,021 $ 208,364 Net unrealized holding gain on land: Balance at beginning of year ¥ 36 ¥ 35 $ 341 Net change during the year (16) 1 (152) Balance at end of year ¥ 20 ¥ 36 $ 189 Retained-earnings deficit: Balance at beginning of year ¥ (4,467) ¥ (8,179) $ (42,265) Net (loss) income (5,002) 3,659 (47,327) Increase resulting from exclusion of certain affiliates from equity method of accounting 53 Balance at end of year ¥ (9,469) ¥ (4,467) $ (89,592) Net unrealized holding gain (loss) on securities: Balance at beginning of year ¥ (3,565) ¥ (1,623) $ (33,730) Net change during the year 5,091 (1,942) 48,169 Balance at end of year ¥ 1,526 ¥ (3,565) $ 14,439 Translation adjustments: Balance at beginning of year ¥ (6,308) ¥ (5,232) $ (59,684) Net change during the year (913) (1,076) (8,638) Balance at end of year ¥ (7,221) ¥ (6,308) $ (68,322) See the accompanying Notes to Consolidated Financial Statements. 37
CONSOLIDATED STATEMENTS OF CASH FLOWS Kawasho Corporation and Consolidated Subsidiaries For the years ended March 31, 2004 and 2003 Millions of yen 2004 2003 Thousands of U.S. dollars (Note 1) 2004 Cash flows from operating activities: (Loss) income before income taxes and minority interests ¥ (8,206) ¥ 5,620 $ (77,642) Adjustments for: Depreciation and amortization 5,614 10,415 53,118 Amortization of consolidation differences 247 94 2,337 (Decrease) increase in allowance for doubtful receivables (4,364) 944 (41,291) Decrease in other allowances (228) (387) (2,157) Interest and dividend income (1,306) (1,449) (12,357) Interest expense 4,294 5,029 40,628 Equity in earnings of unconsolidated subsidiaries and affiliates (760) (1,086) (7,191) Gain on sales of investments in securities (1,747) (1,032) (16,529) Gain on sales of automobile lease operations (783) Loss (gain) on sales of investments in consolidated subsidiaries and affiliates 7,186 (300) 67,991 Loss (gain) on sales of property and equipment 12,465 (265) 117,939 Loss on devaluation of investments in securities 3,971 Loss on sales of investments in securities 522 167 4,939 Loss on liquidation of consolidated subsidiaries and affiliates 350 3,312 Additional retirement expenses 669 728 6,330 Relocation expenses for Osaka head office 131 (Increase) decrease in trade notes and accounts receivable (14,580) 34,286 (137,951) Decrease in inventories 2,291 487 21,677 Increase (decrease) in trade notes and accounts payable 16,308 (7,273) 154,300 Decrease in accrued consumption taxes (155) (777) (1,467) Other, net (891) 3,547 (8,430) Subtotal 17,709 52,067 167,556 Interest and dividend income received 1,824 1,950 17,258 Interest expense paid (4,522) (5,204) (42,786) Additional retirement expenses paid (670) (582) (6,339) Proceeds from settlement of litigation 1,957 5,182 18,517 Income taxes paid (1,495) (1,265) (14,145) Net cash provided by operating activities ¥ 14,803 ¥ 52,148 $ 140,061 See the accompanying Notes to Consolidated Financial Statements. 38
Page 1 and 2: KAWASHO CORPORATION ANNUAL REPORT 2
Page 3 and 4: FINANCIAL HIGHLIGHTS Kawasho Corpor
Page 5 and 6: crease of 2,057 million. Recurring
Page 7 and 8: CORPORATE TOPICS August 2, 2004 Est
Page 9 and 10: Director : Tsutomu Yajima (currentl
Page 11 and 12: 2. Consolidation and reorganization
Page 13 and 14: REVIEWS OF OPERATIONS DOMESTIC STEE
Page 15 and 16: Domestic Steel Overseas Steel Terre
Page 31 and 32: CORPORATE OFFICER (As of June 18, 2
Page 33 and 34: CONSOLIDATED BALANCE SHEETS Kawasho
Page 35: CONSOLIDATED STATEMENTS OF OPERATIO
Page 39 and 40: NOTES TO CONSOLIDATED FINANCIAL STA
Page 41 and 42: j. Leases The Companies lease certa
Page 43 and 44: 4. SHORT-TERM BORROWINGS AND LONG-T
Page 45 and 46: 6. ACCRUED RETIREMENT BENEFITS The
Page 47 and 48: The effective tax rate reflected in
Page 49 and 50: Future minimum lease payments as of
Page 51 and 52: (2) Commodities Millions of yen 200
Page 53 and 54: Thousands of U.S. dollars Steel Raw
Page 55 and 56: 15. LITIGATION The "Royal Palm Reso
Page 58 and 59: World Network WORLD NETWORK - 60 MA
Page 60 and 61: Singapore SINGAPORE BRANCH 3 Shento
Page 62: COMPANY DATA Name KAWASHO CORPORATI

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