デュエルビッツ カジノ
デュエルビッツ カジノ KOBE STEEL, LTD
デュエルビッツ カジノ
ECOWAY デュエルビッツ カジノ
Kobe Steel, Ltd.
Non-Consolidated Financial Review

Income Analysis
During fiscal 1998, non-consolidated net sales declined 15.9%, to 938.5 billion yen. Domestic sales fell 17.5%, to 740.8 billion yen, and overseas sales decreased 9.1%, to 197.7 billion yen.

Sales in the Iron and Steel Sector, which includes Kobe Steel's welding operations, were down 12.1%, to 462.2 billion yen, making up 49.3% of net sales, compared with 47.1%, デュエルビッツ カジノvious fiscal year. Sales in the Aluminum and Copper Sector edged down 16.3%, to 222.7 billion yen, accounting for 23.7% of total sales, down from 23.9% in fiscal 1997. In the Machinery and Information Sector, sales dropped 21.5%, to 253.6 billion yen, or 27.0% of net sales, compared with 29.0% デュエルビッツ カジノvious fiscal year.

Operating income fell 47.9%, to 41.7 billion yen. As a result, profit margin declined 4.4%, from 7.2% in fiscal 1998.

Net other expenses totaled 82.1 billion yen, 20.2% higher than デュエルビッツ カジノ previous fiscal year. Therefore, loss before income taxes was 40.5 billion yen. Income taxes were -17.2 billion yen, due to adopting tax effect accounting. Consequently, net loss for the period was 23.3 billion yen. Net loss per share was 8.22 yen. As a result, Kobe Steel recorded 9.2 billion yen in undisposed deficit at the end of the year and did not pay cash dividends for fiscal 1998.

Return on average assets was -1.3%, compared with 0.4% in fiscal 1997 and 1.2% in fiscal 1996. Return on average equity was -6.1%, compared with 1.8% and 5.4%, respectively, デュエルビッツ カジノvious fiscal two years.

Analysis of Cash Flow and Financial Position
The Company's operating, investing, and financing activities during the fiscal year resulted in a 22.4% increase in cash and cash equivalents, to 56.2 billion yen.

Net cash provided by operating activities amounted to 37.4 billion yen, up from 5.8 billion yen デュエルビッツ カジノvious year.

During the year, the Company allocated 66.5 billion yen for the purchase of plant and equipment, and 14.9 billion yen for the acquisition of marketable securities, investments, and other assets. On the other hand, the Company registered a 15.6 billion yen inflow from the sale of plant and equipment and a 6.9 billion yen inflow from the sale or collection of marketable securities, investments, and other assets. As a result, net cash used in investing activities amounted to 58.9 billion yen.

Net cash provided in financing activities was 31.7 billion yen, a 49.4 billion yen decrease from the previous fiscal year. During the year, the issuance of long-term debt and bonds generated 252.8 billion yen. On the other hand, the Company repaid 83.4 billion yen in short-term borrowings, repaid long-term debt and redeemed bonds worth 132.1 billion yen, and paid 5.6 billion yen in cash dividends for fiscal 1997.

Total assets at the end of fiscal 1998 amounted to 1,770.8 billion yen, a decrease of 3.2% from the previous fiscal year-end. Total stockholder's equity at fiscal year end was 382.4 billion yen, compared with 416.6 billion yen, at the end of fiscal 1997. As a result, the Company's net worth ratio was 21.6%.

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