summary of consolidated financial results of nec corporation
summary of consolidated financial results of nec corporation
summary of consolidated financial results of nec corporation
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IV. CONSOLIDATED BALANCE SHEETS(Millions <strong>of</strong> yen, millions <strong>of</strong> U.S.dollars)Fiscal 2000 Fiscal 1999 Increase/ Fiscal 2000(decrease)Current assets ¥2,153,531 ¥2,420,731 ¥-267,200 $20,908Cash and cash equivalents 373,967 319,669 54,298 3,631Notes and accounts receivable, trade 877,161 1,126,047 -248,886 8,516Inventories 747,609 811,317 -63,708 7,258Other current assets 154,794 163,698 -8,904 1,503Long-term assets 2,455,433 2,625,203 -169,770 23,839Long-term receivables, trade 53,018 41,952 11,066 514.7Investments and advances 831,810 761,380 70,430 8,076Property, plant and equipment 1,115,251 1,301,330 -186,079 10,828Other assets 455,354 520,541 -65,187 4,421Total assets ¥4,608,964 ¥5,045,934 ¥-436,970 $44,747Current liabilities ¥1,956,157 ¥2,085,422 -129,265 $18,992Short-term borrowings andcurrent portion <strong>of</strong> long-term debt 631,052 788,491 -157,439 6,127Notes and accounts payable, trade 906,679 837,349 69,330 8,803Other current liabilities 418,426 459,582 -41,156 4,062Long-term liabilities 1,611,504 1,931,286 -319,782 15,646Long-term debt 1,326,138 1,587,057 -260,919 12,875Accrued pension and severance costs 261,301 341,045 -79,744 2,537Other 24,065 3,184 20,881 234Minority shareholders' equity in<strong>consolidated</strong> subsidiaries 64,450 64,658 -208 626Redeemable preferred stock 0 37,223 -37,223 0Common stock 231,137 230,212 925 2,244Additional paid-in capital 348,234 345,642 2,592 3,381Retained earnings 349,477 348,896 581 3,393Accumulated other comprehensive income 48,005 2,595 45,410 466Total shareholders' equity 976,853 927,345 49,508 9,484Total liabilities and shareholders' equity ¥4,608,964 ¥5,045,934 (-436,970.0) $44,747
VI. SEGMENT INFORMATION1. Operating Segment Information(1) Net Sales (Includes internal sales to other segments)(Millions <strong>of</strong> yen, millions <strong>of</strong> U.S. dollars,except % change figures)Fiscal 2000 % change Fiscal 1999 % change Fiscal 2000(% <strong>of</strong> total) 2000/1999 (% <strong>of</strong> total) 1999/1998NEC Solutions 2,270,625 +11.5 2,036,653 8.6 22,045(45.5) (42.8)NEC Networks 1,527,758 -3.4 1,582,169 -13.0 14,833(30.6) (33.2)NEC Electron Devices 1,122,790 +7.5 1,044,884 -9.2 10,901(22.5) (22.0)Others 723,911 +0.3 721,543 -7.9 7,028(14.5) (15.2)Eliminations -653,637 - -625,837 - -6,346.0(-13.1) (-13.2)Consolidated ¥4,991,447 +4.9 ¥4,759,412 -2.9 $48,461(100.0) (100.0)(2) Operating IncomeFiscal 2000 Increase/ Fiscal 1999 Increase/ Fiscal 2000(% operating (decrease) (% operating (decrease)margin) margin) 1999/1998NEC Solutions 84,430 +37,105 47,325 -7,241 820(3.7) (2.3)NEC Networks 57,110 -23,913 81,023 -80,470 554(3.7) (5.1)NEC Electron Devices 49,444 +103,894 -54,450 -108,568 480(4.4) (-5.2)Other operations -2,747 +6,697 -9,444 -6,556 -27(-0.4) (-1.3)Eliminations -17,640 -18,213 573 +9,465 -171- -Corporate expenses -60,183 +1,705 -61,888 +6,105 -584- -Consolidated ¥110,414 +107,275 ¥3,139 -187,265 $1,072(2.2) (0.1)(Note)Corporate expenses includes general corporate expenses at the parent company and R&D expenseswhich is not allocated to any operating segment.
2. Geographic Segment Information(1) Net Sales(Millions <strong>of</strong> yen, millions <strong>of</strong> U.S. dollars,except % change figures)Fiscal 2000 % change Fiscal 1999 % change Fiscal 2000(% <strong>of</strong> total) 2000/1999 (% <strong>of</strong> total) 1999/1998Japan ¥4,250,353 +3.6 ¥4,103,044 -9.7 $41,266(85.2) (86.2)Overseas 1,437,865 +17.0 1,228,817 +20.6 13,960(28.8) (25.8)Eliminations -696,771 - -572,449 - -6,765(-14.0) (-12.0)Consolidated 4,991,447 +4.9 4,759,412 -2.9 48,461(100.0) (100.0)(2) Operating IncomeFiscal 2000 Increase/ Fiscal 1999 Increase/ Fiscal 2000(% operating (decrease) (% operating (decrease)margin) margin) 1999/1998Japan ¥120,141 +65,409 ¥54,732 -153,109 $1,167(2.8) (1.3)Overseas -9,663 +39,153 -48,816 -35,123 -94(-0.7) (-4.0)Eliminations -64 +2,713 -2,777 +967 -1- -Consolidated 110,414 +107,275 3,139 -187,265 1,072(2.2) (0.1)
VII. FINANCIAL INSTRUMENTSA. Fair value <strong>of</strong> derivative <strong>financial</strong> instrumentsContract or notional principal amounts, carrying amounts and estimated fair value at the end <strong>of</strong>Fiscal are summarized as follows:-(Millions <strong>of</strong> yen)Fiscal 2000 Fiscal 1999Contract, Carrying Estimated Contract, Carrying Estimatednotional amounts fair notional amounts fairamounts value amounts valueDerivativesForward exchange contracts 115791.0 213 330 55,411 -728 -488Fiscal 1999Purchase <strong>of</strong> foreigncurrency the equivalent<strong>of</strong> yen 27,526Sell <strong>of</strong> foreign currencythe equivalent <strong>of</strong> yen82937.0Fiscal 2000Purchase <strong>of</strong> foreigncurrency the equivalent<strong>of</strong> yen 59,543Sell <strong>of</strong> foreign currencythe equivalent <strong>of</strong> yen175,334Interest rate and currency swapagreements 585,846 5,975 -4,585 620,628 884 -15,277Option contractsPurchased 14,548 127 52 25,279 270 229Written - - - 1,680 -29 -29B. Marketable securities and investment securitiesThe cost, fair value and gross unrealized holding gains/losses for marketable securities andinvestment securities by major security type are summarized as folows:-(Millions <strong>of</strong> yen)Fiscal 2000 Fiscal 1999Marketable and investment securitiesAvailable-for-sale equity securitiesCost 294,652 255,879Fair value 460,182 364,079Gross unrealized holding gains 186,533 147,945Gross unrealized holding losses 21,003 39,745Debt securitiesCost 25,987 40,001Fair value 26,777 41,506Gross unrealized holding gains 1,987 1,505Gross unrealized holding losses 1,197 -
CONSOLIDATED SUBSIDIARIES(As <strong>of</strong> March 31, 2000)NEC along with its <strong>consolidated</strong> subsidiaries are promoting the Internet solutions related business. Following chart is listed those<strong>consolidated</strong> subsidiaries s (165 companies) by operations.PositionOperation Manufacturing Companies S<strong>of</strong>teware Companies Sales/Service CompaniesNEC SolutionsNEC NetworksNEC ElectronDevicesOthersNEC Yonezawa, LtdNEC Ibaraki, Ltd.NEC Gunma, Ltd.NEC Data Terminals, Ltd.NEC Niigata, Ltd.NEC K<strong>of</strong>u, Ltd.NEC Shizuoka, Ltd.NEC Medical Systems, Ltd.NEC America, Inc.[USA]NEC Technologies (Thailand) Co., Ltd. [Thailand]NEC Technologies Hong Kong Limited [China]NEC Computer Storage Philippins, Inc. [Philippines]NEC Australia Pty. Ltd. [Australia]NEC Technologies (UK) Ltd. [UK]NEC Computers International B.V. ’ s subsidiaries( 3 companies)NEC Tohoku, Ltd.NEC Yonezawa, Ltd.NEC Miyagi, Ltd.NEC Fukushima, Ltd.NEC Saitama, Ltd.NEC Laser & Automation, Ltd.NEC Radio & Electronics, Ltd.NEC Yamanashi, Ltd.NEC Gotemba, Ltd.NEC Shizuoka, Ltd.TAKASAGO, Ltd.NEC America, Inc. [USA]NEC do Mexico, S.A. de C.V. [Mexico]Tecnologias NEC de Mexico, S.A. de C.V. [Mexico]NEC do Brasil S.A. [Brasil]NEC Argentina S.A. [Argentina]NEC Technologies Hong Kong Limited [China]NEC Technologies Philippines, Inc. [Philippines]NEC Communicaiton Systems (Thailand) Co., Ltd. [Thailand]NEC Australia Pty. Ltd. [Australia]NEC Technologies (UK) Ltd. [UK]NEC Eluminant Technologies, Inc. [USA]NEC Tohoku, Ltd.NEC Yamagata, Ltd.NEC Akita, Ltd.NEC Toyama, Ltd.NEC Fukui, Ltd.NEC Kansai, Ltd.NEC Hiroshima, Ltd.NEC Yamaguchi, Ltd.NEC Kyushu, Ltd.NEC Fukuoka, Ltd.NEC Kumamoto, Ltd.NEC Oita, Ltd.NEC Kagoshima, Ltd.NEC Mobile Energy CorporationNEC Electronics Inc. [USA]NEC Semiconductors Singapore Pte. Ltd. [Singapore]NEC Technologies (Thailand) Co., Ltd. [Thailand]NEC Semiconductors (Malaysia) Sdn. Berhad [Malaysia]Shougang NEC Electronics Co., Ltd. [China]NEC Semiconductors (UK) Limited [UK]NEC Semiconductors Ireland Limited [Ireland]NEC Home Electronics, Ltd.NEC Nagano, Ltd.Japan Aviation Electronics Industry, LimitedAndo Electric Company, LimitedNippon Avionics Co., Ltd.Tama Electric Co., Ltd.ANELVA CorporationNichiden Machinery, LimitedNEC Home Electonics (Malaysia) Sdn. Bhd. [Malaysia]NEC Home Electonics (Australia) Pty. Ltd. [Australia]NEC S<strong>of</strong>tware, LtdNEC S<strong>of</strong>tweare Hokkaido, Ltd.NEC S<strong>of</strong>tware Aomori, Ltd.NEC S<strong>of</strong>tware Tohoku, Ltd.NEC S<strong>of</strong>tware Niigata, Ltd.NEC S<strong>of</strong>tware Nagano, Ltd.NEC S<strong>of</strong>tware Hokuriku, Ltd.NEC S<strong>of</strong>tware Shizuoka, Ltd.NEC S<strong>of</strong>tware Chubu, Ltd.NEC S<strong>of</strong>tware Kansai, Ltd.NEC S<strong>of</strong>tware Kobe, Ltd.NEC S<strong>of</strong>tware Okayama, Ltd.NEC S<strong>of</strong>tware Chugoku, Ltd.NEC S<strong>of</strong>tware Shikoku, Ltd.NEC S<strong>of</strong>tware Kyushu, Ltd.NEC S<strong>of</strong>tware Okinawa, Ltd.NEC Engineering, Ltd.NEC Communication Systems, Ltd.NEC Communication Systems Tohoku, Ltd.NEC Communication Systems Kansai, Ltd.NEC Communication Systems Kyushu, Ltd.NEC Telecom Systems, Ltd.NEC Aerospace Systems, Ltd.NEC Robotics Engineering, Ltd.North Coast Logic, Inc. [USA]Open Networks Engineering, Inc. [USA]NEC IC Microcomputer Systems, Ltd.NEC Informatic Sysmtes, Ltd.NEC Personal Systems, Ltd.NEC Computer Systems, Ltd.NEC Field Service, Ltd.NEC Techno-Service, Ltd.NEC Information Service, Ltd.NEC Business Systems, Ltd.NEC Office Systems, Ltd.NEC Customer Service, Ltd.NEC Techno-Marketing, Ltd.NEC Electric Power Engineering, LtdNEC-TOSHIBA Information Systems, Inc.NEC Technologies, Inc. [USA]Packard Bell NEC, Inc. [USA]Packard Bell do Brasil Computadores LTDA. [Brasil]NEC Singapore Pte. Ltd. [Singapore]NEC Hong Kong Limited [China]NEC Taiwan Ltd. [Taiwan]NEC Computers Intenational B.V.[Netherlands]and its subsidiaries (24 companies)NEC Mobile Communications, Ltd.NEC Radio Equipment Engineering, Ltd.NEC Telenetworx, Ltd.NEC Cable Media, Ltd.NEC Postal Technorex, Ltd.NEC Techno-Marketing, Ltd.NEC Europe Ltd. [UK]NEC (UK) Ltd. [UK]NEC Deutschland GmbH [Germany]NEC Hong Kong Limited [China]NEC Business Network Solutions, Inc. [USA]NMI Corporaion [USA]Netcomm Management Group, Inc. [USA]Glens Falls Commucniations Corporation [USA]NEC Electronics Singapore Pte. Ltd. [Singapore]NEC Electronics Hong Kong Limited [China]NEC Electronics Taiwan Ltd. [Taiwan]NEC Electronics (UK) Limited [UK]NEC Electronics (Europe) GmbH [Germany]NEC Electronics (Germany) GmbH [Germany]NEC Electronics (France) S.A. [France]NEC Electronics Italiana s.r.l. [Italy]NEC Logisitics, Ltd.NEC Documentex, Ltd.NEC Factory Engineering, Ltd.NEC Livex, Ltd.NEC Home Elctronics Lease Co., Ltd.NEC Environment Engineering, Ltd.NEC System Integration & Construction, Ltd.NEC USA, Inc. [USA]NEC Technologies, Inc. [USA]NEC Research Insitute, Inc. [USA]NEC Industries, Inc. [USA]NEC Capital, Inc. [USA]NEC Industries (UK) Plc [UK]NEC Industries Netherlands B.V. [Netherlands]
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