Annual Report 2004 [PDF/1.1MB]

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Thousands of U.S. dollars Japan Other areas Eliminations or Corporate Consolidated Year ended March 31, 2004 Net sales: Outside customers $ 10,218,053 $ 941,281 $ $ 11,159,334 Intersegment 318,583 68,455 (387,038) Total 10,536,636 1,009,736 (387,038) 11,159,334 Operating expenses 10,420,759 989,289 (387,463) 11,022,585 Operating income $ 115,877 $ 20,447 $ 425 $ 136,749 Total assets $ 4,248,084 $ 495,866 $ (381,361) $ 4,362,589 The principal countries included in "Other areas" are the U.S.A., China, Thailand and Malaysia. 14. OVERSEAS SALES Asia Millions of yen Others Total Year ended March 31, 2004 Overseas sales ¥ 246,885 ¥ 55,065 ¥ 301,950 Consolidated net sales ¥ 1,179,430 Overseas sales as a percentage of consolidated net sales 20.9% 4.7% 25.6% Year ended March 31, 2003: Overseas sales ¥ 218,525 ¥ 65,505 ¥ 284,030 Consolidated net sales ¥ 1,156,796 Overseas sales as a percentage of consolidated net sales 18.9% 5.7% 24.6% Asia Thousands of U.S. dollars Others Total Year ended March 31, 2004: Overseas sales $ 2,335,935 $ 521,005 $ 2,856,940 Consolidated net sales $ 11,159,334 Overseas sales as a percentage of consolidated net sales 20.9% 4.7% 25.6% The principal countries included in "Asia" are Korea, China and Thailand, and those included in "Others" are the U.S.A, Liberia and Panama. Overseas sales include export sales of the Company and its domestic consolidated subsidiaries and sales (other than exports to Japan) of its overseas consolidated subsidiaries. 55
15. LITIGATION The "Royal Palm Resort" in Guam, which was developed by Kawasho International (Guam), Inc. (hereinafter referred to as "KIG"), suffered extensive damage due to an earthquake on August 8, 1993. Since defects in design and construction were found after a thorough investigation of the cause of the collapse of the building, the Company, KIG and other unit owners initiated a lawsuit in Guam claiming damages (of more than $135 million) against the general constructors Mitsui Construction Co., Ltd., Ssang Yong Engineering and Construction Company (Korea) and other parties concerned. On December 24, 2002 the Company settled with Mitsui Construction Co., Ltd. and Ssang Yong Engineering and Construction Company on the condition that they pay compensation of $59 million. Consequently, the Company has reversed the allowance for doubtful receivables of ¥1,070 million for the year ended March 31, 2003. This reversal has been reflected in the consolidated statement of operations for the year ended March 31, 2003 as a component of other income - gain on reversal of allowance for doubtful receivables of ¥1,144 million. 16. SUBSEQUENT EVENTS (1) Sale of aerospace business Effective June 1, 2004, the Company sold aerospace business operated by the Company and Kawasho International (U.S.A.) Inc. to Japan Aerospace Corporation, a wholly-owned subsidiary of ITOCHU Corporation. The Company decided on this sale as a step in choosing the type of business to be operated and concentrating the Company's resources on the businesses chosen in preparation for a future management integration and reorganization with NKK Trading Inc. The related assets and liabilities as of March 31, 2004 and sales for the year then ended were as follows: Assets Liabilities Sales Millions of yen ¥ 17,858 11,848 21,177 Thousands of U.S. dollars $ 168,966 112,101 200,369 The Company anticipates gain on sale of aerospace business of approximately ¥1,600 million ($15,139 thousand) on a consolidated basis and approximately ¥2,000 million ($18,923 thousand) on a non-consolidated basis as a component of other income for the year ending March 31, 2005. (2) Disposition of retained-earnings deficit The following disposition of retained-earnings deficit of the Company, which has not been reflected in the accompanying consolidated financial statements for the year ended March 31, 2004, was approved at a general meeting of the Company's shareholders held on June 18, 2004: Undisposed retained-earnings deficit Reversal of additional paid-in capital Retained-earnings deficit to be carried forward Millions of yen ¥ 17,905 17,905 ¥ Thousands of U.S. dollars $ 169,411 169,411 $ 56
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 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: Thousands of U.S. dollars Steel Raw
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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