A N N U A L R E P O R T 1 9 9 9

Toppan Printing Co., Ltd. and Subsidiaries
CONSOLIDATED FIVE-YEAR FINANCIAL SUMMARY
Toppan Printing Co., Ltd. and Subsidiaries
For the years ended March 31
Millions of yen except per share data
Thousands of dollars*
1995 1996 1997 1998 1999 1999
For the Year:
Net sales ¥1,130,569 ¥1,186,592 ¥1,274,339 ¥1,284,145 ¥1,223,439 $10,111,066
Cost of sales 933,587 990,642 1,054,486 1,059,558 1,030,295 8,514,835
% of net sales 82.6% 83.5% 82.7% 82.5% 84.2% —
SG&A expenses 115,145 125,129 131,711 130,262 127,927 1,057,248
% of net sales 10.2% 10.5% 10.3% 10.1% 10.5% —
Operating income 81,837 70,821 88,142 94,325 65,217 538,983
% of net sales 7.2% 6.0% 6.9% 7.3% 5.3% —
Income before income taxes 54,894 79,513 69,792 105,714 57,515 475,331
Net income 15,881 39,705 21,621 47,381 26,700 220,661
% of net sales 1.40% 3.35% 1.70% 3.69% 2.18% —
% of average assets 1.49% 3.62% 1.90% 3.86% 2.08% —
% of average equity 2.88% 6.78% 3.57% 7.40% 3.95% —
Per share of common stock (yen and dollars):
Net income ¥22.87 ¥54.57 ¥30.25 ¥65.50 ¥37.29 $0.31
Cash dividends 13.00 13.00 14.00 15.00 15.00 0.12
R&D expenses ¥15,090 ¥15,426 ¥15,874 ¥17,131 ¥18,875 $155,992
Capital expenditures 64,096 69,878 83,104 123,515 93,513 772,835
Depreciation and amortization 49,680 50,654 53,724 57,824 60,274 498,132
At Year-End:
Current assets ¥ 578,760 ¥ 621,280 ¥ 628,598 ¥ 711,977 ¥ 643,415 $5,317,479
Current Iiabilities 387,526 429,845 449,186 462,817 409,995 3,388,388
Working capital 191,234 191,435 179,412 249,160 233,420 1,929,091
Cash and cash equivalents 160,376 179,466 164,214 239,308 179,678 1,484,942
Property, plant and equipment,
net of depreciation 340,198 357,436 385,535 445,916 476,649 3,939,248
Long-term indebtedness 83,864 66,616 64,279 113,050 114,242 944,149
Total assets 1,069,042 1,126,303 1,151,883 1,300,649 1,267,357 10,474,025
Shareholders’ investment 570,276 600,424 612,265 667,464 683,906 5,652,116
Equity ratio 53.3% 53.3% 53.2% 51.3% 54.0% —
Debt-equity ratio 19.7% 18.9% 16.4% 21.5% 20.7% —
Other Statistics:
Number of employees 32,953 33,479 33,719 34,402 33,464
Number of common shares
outstanding 699,246 699,282 699,300 699,411 699,411
* U.S. dollar amounts are translated from yen at the rate of ¥121=U.S.$1, as at March 31, 1999.
Note 1: The consolidated results for the year ended March 31, 1995, reflect the ¥18,223 million ($150,603 thousand) write-off pertaining to the acquisition of Toppan Moore Co.,
Ltd.’s goodwill.
Note 2: The consolidated results for the year ended March 31, 1996, include the ¥10,362 million ($85,636 thousand) proceeds from the sale of Toppan Printing Co. (H.K.) Ltd.’s land.
Note 3: The consolidated results for the year ended March 31, 1997, reflect the ¥9,015 million ($74,504 thousand) write-off pertaining to the acquisitions of Toppan Moore Co.,
Ltd.’s and Avery Toppan Co., Ltd.’s goodwill.
Note 4: The consolidated results for the year ended March 31, 1998, reflect the ¥20,868 million ($172,463 thousand) gain on sale of investment in Toppan Forms Co., Ltd.
(Toppan Moore Co., Ltd. changed its name to Toppan Forms Co., Ltd. on April 1, 1997.)
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