Trust Recovery Growth Vitalization - Marubeni

Consolidated Statements of Income
Marubeni Corporation
Year ended March 31, 2005, 2004 and 2003
Millions of Yen
Thousands of
U.S. Dollars
(Note 1)
2005 2004 2003 2005
Revenues (Note 2):
Revenues from trading and other activities ......................... ¥2,877,544 ¥2,624,011 ¥2,520,531 $26,892,935
Commissions on services and trading margins ................... 161,108 150,158 160,636 1,505,682
Total .................................................................................
(Total volume of trading transactions:
2005, ¥7,939,437 million ($74,200,346 thousand)
2004, ¥7,905,640 million
2003, ¥8,793,303 million) (Notes 2, 4 and 14)
3,038,652 2,774,169 2,681,167 28,398,617
Cost of revenues from trading and other activities ................. 2,602,597 2,364,708 2,256,524 24,323,337
Gross trading profit .................................................................
Expenses and other:
436,055 409,461 424,643 4,075,280
Selling, general and administrative expenses .....................
Loss on the transfer of the substitutional portion of the
employee pension fund liabilities, net of subsidy received
342,929 330,032 345,612 3,204,944
of ¥13,405 million ($125,280 thousand) (Note 9) .............. 1,453 – – 13,579
Provision for doubtful accounts (Note 5) ............................. 6,298 805 5,660 58,860
Interest income ................................................................... (23,408) (20,361) (26,605) (218,766)
Interest expense ................................................................. 43,598 43,835 50,118 407,458
Dividend income .................................................................. (8,989) (7,198) (6,797) (84,009)
Impairment loss on investment securities (Note 3) ............ 7,438 10,451 27,083 69,514
Gain on sales of investment securities (Note 3) .................. (36,147) (26,528) (14,351) (337,822)
Loss (gain) on property, plant and equipment (Note 6) ....... 10,549 1,555 (8,530) 98,589
Other – net (Notes 2 and 15) ............................................... 36,482 17,970 16,107 340,952
Total ..........................................................................
Income before income taxes, minority interests and
380,203 350,561 388,297 3,553,299
equity in earnings of affiliated companies .......................
Provision (benefit) for income taxes (Note 10):
55,852 58,900 36,346 521,981
Current ................................................................................ 27,230 20,705 16,931 254,486
Deferred .............................................................................. 6,607 14,913 (657) 61,748
Income before minority interests and equity
33,837 35,618 16,274 316,234
in earnings of affiliated companies ................................... 22,015 23,282 20,072 205,747
Minority interests .................................................................
Equity in earnings of affiliated companies – net
(1,440) (2,988) (3,180) (13,458)
(after income tax effects) (Notes 4 and 10) ........................ 20,672 14,271 13,420 193,197
Net income ............................................................................ ¥ 41,247 ¥ 34,565 ¥ 30,312 $ 385,486
Income available to preferred shareholders (Note 19) ....... ¥ 1,510 ¥ 442 ¥ – $ 14,112
Net income available to common shareholders ................ ¥ 39,737 ¥ 34,123 ¥ 30,312 $ 371,374
U.S. Dollars
Yen (Note 1)
Basic earnings per 100 common shares (Note 2) ............... ¥2,661 ¥2,285 ¥2,030 $24.87
Diluted earnings per 100 common shares (Note 2) ............ ¥2,231 ¥2,016 ¥1,896 $20.85
See accompanying notes.