Annual Report 2004 [PDF/1.1MB]

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3. INVESTMENTS IN SECURITIES Investments in marketable securities at March 31, 2004 and 2003 were as follows: Millions of yen Acquisition cost 2004 Carrying value Unrealized gain (loss) Acquisition cost 2003 Carrying value Unrealized gain (loss) Securities whose carrying value exceeds their acquisition cost: Equity securities ¥ 11,142 ¥ 16,608 ¥ 5,466 ¥ 2,620 ¥ 3,669 ¥ 1,049 Securities whose carrying value does not exceed their acquisition cost: Equity securities 3,319 2,413 (906) 14,838 11,818 (3,020) Total ¥ 14,461 ¥ 19,021 ¥ 4,560 ¥ 17,458 ¥ 15,487 ¥ (1,971) Thousands of U.S. dollars Acquisition cost Securities whose carrying value exceeds their acquisition cost: Equity securities $ 105,422 Securities whose carrying value does not exceed their acquisition cost: Equity securities 31,403 Total $ 136,825 2004 Carrying value $ 157,139 22,831 $ 179,970 Unrealized gain (loss) $ 51,717 (8,572) $ 43,145 Sales of investments in securities for the years ended March 31, 2004 and 2003 are summarized as follows: Sales Aggregate gain Aggregate loss Millions of yen 2004 2003 ¥ 5,383 ¥ 4,615 1,747 1,032 522 167 Thousands of U.S. dollars 2004 $ 50,932 16,529 4,939 The carrying value of investments in non-marketable securities at March 31, 2004 and 2003 was as follows: Unlisted equity securities Other Total Millions of yen 2004 2003 ¥ 6,064 ¥ 6,328 3 3 ¥ 6,067 ¥ 6,331 Thousands of U.S. dollars 2004 $ 57,375 28 $ 57,403 43
4. SHORT-TERM BORROWINGS AND LONG-TERM DEBT Short-tem borrowings principally represent notes due within one year. The average annual interest rates applicable to such borrowings at March 31, 2004 and 2003 were1.0% and 1.1%, respectively. To ensure efficient financing, the Company concluded line-of-credit agreements with thirteen banks. The status of these commitments at March 31, 2004 is summarized as follows: Millions of yen Thousands of U.S. dollars Lines of credit Credit used Credit available ¥17,500 ¥17,500 $165,579 $165,579 Long-term debt at March 31, 2004 and 2003 consisted of the following: Unsecured loans from banks, insurance companies, government agencies and other financial institutions due through 2010, at an Millions of yen 2004 2003 Thousands of U.S dollars 2004 average annual interest rate of 1.6% ¥36,890 ¥44,492 $349,040 Secured loans from banks, insurance companies, government agencies and other financial institutions due through 2014, at an average annual interest rate of 2.5% 4,256 4,638 40,269 41,146 49,130 389,309 Less current portion (14,251) (20,659) (134,838) ¥26,895 ¥28,471 $254,471 The aggregate annual maturities of long-term debt subsequent to March 31, 2004 are summarized as follows: Year ending March 31, 2005 2006 2007 2008 2009 2010 and thereafter Total Millions of yen ¥14,251 6,432 9,059 2,537 1,471 7,396 ¥41,146 Thousands of U.S. dollars $134,838 60,857 85,713 24,004 13,918 69,979 $389,309 44
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 and 36: CONSOLIDATED STATEMENTS OF OPERATIO
Page 37 and 38: CONSOLIDATED STATEMENTS OF CASH FLO
Page 39 and 40: NOTES TO CONSOLIDATED FINANCIAL STA
Page 41: j. Leases The Companies lease certa
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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