Income Analysis During fiscal 1998,
ended March 31, 1999, the Japanese economy remained in a deep slump,
although concerns about Japan's financial system eased. Private-sector
demand was severely depressed, reflecting a sharp drop in capital
investment and weak personal spending.
Against this backdrop, sales volume and prices デュエルビッツ 評判e Iron and Steel
Sector and Aluminum and Copper Sector decreased and Machinery Sector sales
fell sharply. As a result, consolidated net sales were 1,305.5 billion
yen, a 229.7 billion yen decrease from the previous fiscal year.
Operating income fell 41.5%, to 50.0 billion yen. Despite an
improvement デュエルビッツ 評判e semiconductor business and increased profits at the
U.S.-based construction machinery subsidiary and a Southeast Asian-based
aluminum subsidiary, the overall profitability of Kobe Steel and its
consolidated subsidiaries declined. Accordingly, the operating margin
decreased to 3.8%, from 5.6% in fiscal 1997.
Sales デュエルビッツ 評判e Iron and Steel Sector decreased 12.6%, to 525.4 billion
yen. Operating income デュエルビッツ 評判is sector fell 38.5%, to 36.9 billion yen,
because of lower sales volume and prices.
Aluminum and Copper Sector sales decreased 14.5%, to 286.デュエルビッツ 評判lion yen.
Operating income fell 54.5%, to 7.6 billion yen, owing to decreases in
sales volume and rolling margins.
The Machinery Sector, severely affected by weak demand for construction
machinery and decreased orders for engineering services, posted sales of
398.デュエルビッツ 評判lion yen, a 21.4% drop form the previous fiscal year. Operating
income declined 56.6%, to 8.9 billion yen.
デュエルビッツ 評判e Electronics and Information Sector, sales declined 9.7%, to 72.5
billion yen, with an operating loss of 9.3 billion yen, a 7.3 billion yen
improvement over the previous fiscal year due to a slight rise in DRAM
prices.
Net other expenses totaled 110.3 billion yen and loss before income
taxes was 60.2 billion yen. Adjustments for income taxes and minority
interests resulted in a net loss of 38.9 billion yen.
Analysis of Cash Flow and Financial
Position The Company's operating, investing, and financing
activities during the year resulted in a 13.3% net increase in cash and
cash equivalents, to 115.5 billion yen.
Net cash provided by operating activities totaled 80.5 billion
yen, up from 47.9 billion yen デュエルビッツ 評判e previous year.
During the fiscal year, the Company allocated 154.デュエルビッツ 評判lion yen for the
purchase of plant and equipment, and 14.2 billion yen for the purchase of
marketable securities, investments, and other assets. Conversely, the
Company recorded a 19.デュエルビッツ 評判lion yen inflow from the sale of plant and
equipment and a 12.8 billion yen inflow from the sale of marketable
securities, investments, and other assets. As a result, net cash used
in investing activities totaled 136.4 billion yen.
Net cash provided by financing activities amounted to 69.5 billion yen,
compared with 99.4 billion yen デュエルビッツ 評判e previous fiscal year. During the
fiscal year, the Company procured 313.2 billion yen through the issuance
of long-term debt and corporate bonds. On the other hand, the Company
repaid 48.2 billion yen in short-term borrowings, repaid long-term debt
and redeemed bonds worth 189.8 billion yen, and paid 5.6 billion yen in
cash dividends for fiscal 1997.
Total assets at the end of fiscal 1998 amounted to 2,270.3
billion yen, a 5.3% decrease from the end of the previous fiscal year.
Total stockholders' equity at fiscal year-end was 327.1 billion
yen, down 10.5% from the end of fiscal 1997. As a result, the net worth
ratio was 14.4%. |