No Border

Nissin Food Products Co., Ltd. and Its Consolidated Subsidiaries
Consolidated Statements of Income
For the years ended March 31, 2005, 2004 and 2003
Thousands of
Millions of yen U.S. dollars (Note 1)
2005 2004 2003 2005
Net sales............................................................................................... ¥316,973 ¥320,033 ¥315,279 $2,951,606
Cost of sales (Note 10) ........................................................................ 156,877 161,979 160,258 1,460,815
Gross profit...................................................................................... 160,096 158,054 155,021 1,490,791
Selling, general and administrative expenses (Note 10).................. 131,133 134,851 128,621 1,221,092
Operating income ............................................................................ 28,963 23,203 26,400 269,699
Other income (expenses):
Interest and dividend income ........................................................... 2,538 1,846 1,684 23,634
Interest expenses.............................................................................. (44) (54) (49) (410)
Income on equity in earnings of affiliates.......................................... 427 318 291 3,976
Loss from devaluation of investment securities ................................. (112) (14) (2,649) (1,043)
Provision for directors’ retirement benefits (Note 11) ........................ (3,569) — — (33,234)
Gain on sales of investment securities............................................... 375 980 394 3,492
Other, net (Note 12)......................................................................... (1,506) (1,574) (551) (14,023)
Income before income taxes and minority interests........................ 27,072 24,705 25,520 252,091
F inancial Section
Income taxes:
Current ............................................................................................ 11,629 8,901 10,930 108,288
Deferred .......................................................................................... (1,385) 1,536 (29) (12,897)
10,244 10,437 10,901 95,391
Income before minority interests ...................................................... 16,828 14,268 14,619 156,700
Minority interests in earnings of consolidated subsidiaries............ 216 217 197 2,011
Net income ...................................................................................... ¥ 16,612 ¥ 14,051 ¥ 14,422 $ 154,689
Yen U.S. dollars (Note 1)
2005 2004 2003 2005
Per share of common stock:
Net income ...................................................................................... ¥134.36 ¥113.61 ¥115.65 $1.25
Cash dividends applicable to earnings of the year............................. 30.00 30.00 30.00 0.28
The accompanying notes to the consolidated financial statements are an integral part of these statements of income.
30