full Annual Report 2003(5.9

More documents

Recommendations

Info

14 Macronix Fab-3 plant in Hsinchu, Taiwan Yamanouchi Pharmaceutical Oklahoma plant in Norman, U.S.A. OVERSEAS OPERATIONS Kajima Corporation Since the Kajima Group took on the challenge of its first overseas construction project, the Group has expanded its reach to more than 50 countries. Kajima now maintains local subsidiaries and affiliates, district offices, or other permanent presences in 22 countries, with projects in 13 countries directly managed by Kajima headquarters. As the Kajima Group works to integrate overseas operations, the subsidiaries and affiliates in Kajima’s main regions of operation — the United States, Europe, Southeast Asia, and Taiwan — continue to streamline corporate structure and enhance profitability to contend with a dramatically changing market environment. At the same time, they are focusing their efforts on increasing the volume of contracts awarded by the leading local companies in these regions. These efforts are driven by Kajima’s strategy of advancing into new arenas to offset the decrease of foreign direct investment by Japanese companies, which had been the principal pillar of Kajima’s overseas sales. This approach enabled Kajima’s subsidiaries and affiliates to post more than ¥100 billion in total new contracts for the third consecutive year. Of the ¥102.7 billion in new contracts, local non-Japanese companies placed more than 70%, demonstrating the steadily increasing localization of Kajima Group operations. In real estate development operations undertaken by subsidiaries and affiliates, the Kajima Group is improving the return on investment of the operating properties and working to reduce each company’s indebtedness. On the other side of the equation, new investments such as the development of distribution warehouse facilities in the United States and Private Finance Initiative (PFI) projects in the United Kingdom are being selectively undertaken in line with profitability and risk management criteria. Construction and Real Estate Development Annual Report 2003 Department for Environment, Food and Rural Affairs (DEFRA) office building in Cambridge, U.K.
Pampered Chef headquarters building in Chicago, U.S.A. UMCi Wafer Fab plant in Singapore Kajima U.S.A. Inc. (KUSA), which is responsible for the North American market, has focused on strategic markets such as automobiles, pharmaceuticals, food products, and schools where Kajima can capitalize on its experience and expertise. This approach countered the lackluster capital investment of the post- IT bubble environment, resulting in ¥44.9 billion in new contracts for KUSA, which surpassed the volume of the previous year. Excelling in distribution warehouse facility development, Industrial Developments International, Inc. (IDI), an affiliate of KUSA, continued to post robust performance, contributing to KUSA’s consolidated revenues and profits. Hualalai Resort, developed and managed by Kajima Kona Company (KKCo), has been rated one of Hawaii’s premier luxury resorts since its opening in 1996. The resort features an awardwinning five-star Four Seasons hotel, championship golf courses, and other recreational facilities — all catering to the discriminating tastes of the high-end resort guests and home owners of Hualalai. Hotel performance for this year rebounded relatively quickly as the impact of September 11, 2001 dissipated and the number of individual repeat guests increased. Kajima Overseas Asia Pte. Ltd. (KOA) handles the Southeast Asia market, which has been buffeted by the Asian economic slump, the secondary effects of the Iraq war, and most recently by the outbreak of Severe Acute Respiratory Syndrome (SARS). The current challenging business environment has not altered Kajima’s long-term prospects in the Southeast Asian region, which is one of the Group’s most important overseas markets. With contracts for a large-scale public construction project in Singapore and a steady flow of projects in Thailand and Malaysia, KOA won new contracts worth ¥33.8 billion in 2002, an increase over the previous year. Although the market environment for real estate development continues to be as harsh as in recent years in the Southeast Asian region, low interest rates have supported KOA’s steady performance 15
Page 1 and 2: Annual Report 2003 For the year end
Page 3 and 4: Financial Highlights (Consolidated
Page 5 and 6: Sadao Umeda President Therefore, wh
Page 7 and 8: Principal Tactics 1. Augment profit
Page 9 and 10: TOKI MESSE: Niigata Convention Cent
Page 11 and 12: Yamaguchi Reservoir New Building Co
Page 13 and 14: Shinagawa Seaside Forest Shinagawa
Page 15: Shiodome Area including Shiodome To
Page 19 and 20: Chirundu Bridge over the Zambezi Ri
Page 21 and 22: Image of “Total Construction Syst
Page 23 and 24: Japan’s Largest Covered Final Dis
Page 26 and 27: 24 Summary of Business Performance
Page 28: 26 Consolidated Balance Sheets KAJI
Page 31 and 32: Consolidated Statements of Stockhol
Page 33: Notes to Consolidated Financial Sta
Page 54 and 55: 52 Non-Consolidated Statements of O
Page 56 and 57: 54 Non-Consolidated Statements of C
Page 67 and 68:
66 Overseas Network HEAD OFFICE OVE
Page 69 and 70:
68 Principal Subsidiaries and Affil
Page 71:
70 Board of Directors and Auditors
show all

full Annual Report 2003(5.9

Create successful ePaper yourself

Delete template?

Save as template?