Interim Results - Part 2
Konami Corporation
15 November 2001
Part 2
(Segment Information)
1. Operating Segment Information
Six months ended September 30, 2000
(Millions of Yen)
Consumer-use Amusement Gaming Pachinko Creative Health
Software Machines Machines Systems Products Entertainment
Net Sales:
To customers Y24,535 Y8,848 Y4,246 Y6,273 Y26,993 -
Inter-segment 807 53 200 - 34 -
Total 25,343 8,901 4,446 6,273 27,028 -
Operating expenses 22,267 6,997 4,389 4,687 13,512 -
Operating income 3,075 1,904 57 1,586 13,516 -
Other Total Eliminations Consolidated
and
Corporate
Net Sales:
To customers Y3,476 Y74,374 - Y74,374
Inter-segment 1,088 2,184 Y(2,184) -
Total 4,564 76,558 (2,184) 74,374
Operating expenses 4,257 56,111 1,125 57,237
Operating income 307 20,446 (3,310) 17,136
Six months ended September 30, 2001
(Millions of Yen)
Consumer-use Amusement Gaming Pachinko Creative Health
Software Machines Machines Systems Products Entertainment
Net Sales:
To customers Y25,991 Y5,426 Y2,557 Y6,622 Y12,559 Y32,621
Inter-segment 431 112 169 - 15 -
Total 26,422 5,539 2,726 6,622 12,575 32,621
Operating expenses 22,407 4,562 3,214 4,784 7,515 30,201
Operating income 4,015 976 (487) 1,838 5,059 2,420
(losses)
Other Total Eliminations Consolidated
and
Corporate
Net Sales:
To customers Y3,366 Y89,146 - Y89,146
Inter-segment 957 1,686 Y(1,686) -
Total 4,323 90,832 (1,686) 89,146
Operating expenses 4,153 76,838 2,780 79,619
Operating income 169 13,993 (4,466) 9,526
(losses)
Year ended March 31, 2001
(Millions of Yen)
Consumer-use Amusement Gaming Pachinko Creative Health
Software Machines Machines Systems Products Entertainment
Net Sales:
To customers Y59,175 Y17,128 Y8,510 Y14,665 Y60,525 Y 4,732
Inter-segment 1,711 249 371 - 64 -
Total 60,886 17,378 8,881 14,665 60,589 4,732
Operating expenses 53,431 13,477 9,307 10,433 29,975 5,125
Operating income 7,454 3,901 (425) 4,232 30,614 (393)
(losses)
Other Total Eliminations Consolidated
and
Corporate
Net Sales:
To customers Y6,741 Y171,480 - Y171,480
Inter-segment 2,135 4,531 Y(4,531) -
Total 8,876 176,011 (4,531) 171,480
Operating expenses 8,671 130,421 2,413 132,834
Operating income 205 45,590 (6,944) 38,645
(losses)
Notes:
1. Business segments are determined by the internal management on a basis of
the similarities in the type, nature and production methods of their
products. Primary products and services of each segment are defined as
follows:
Consumer-use Software: Software for home-use game machines
Procurement and distribution of home-use game software
Amusement Machines: Coin-operated game machines for amusement operations
Dance-simulation game machines
Music-simulation game machines
Disc jockey-simulation game machines
Gaming Machines: Parts for video slot machines for casinos
Token-operated game machines for amusement operations
Pachinko Systems: LCD units for pachinko game machines
Pachinko slot machines
Creative Products: Card games
Character goods
Portable game machines
Health Entertainment: Operation of fitness facilities
Entertainment-oriented health-related products
Entertainment-oriented fitness machines
Home-use fitness games
Health network services
Other: Operations of amusement centers
Financial services for the group companies
Management of the group companies' real estate
2. As from the six-month period ended September 30, 2001, Amusement
Operations and Finance are included in Other. Net sales, operating expenses
and operating income or losses of Amusement Operations and Finance for each
period are as follows.
(Millions of yen)
Six months ended Six months ended Year ended
September 30, 2000 September 30, 2001 March 31, 2001
Amusement Amusement Amusement
Operations Finance Operations Finance Operations Finance
Net sales:
To customers Y2,483 Y 24 Y2,398 Y16 Y4,810 Y 47
Inter-segment - 81 - 63 - 166
Total 2,483 106 2,398 80 4,810 214
Operating Expenses 2,369 101 2,442 72 4,986 202
Operating income 114 5 (44) 7 (176) 12
(losses)
3. Unallocated operating expenses in the Eliminations and Corporate column,
mainly consisting of the administrative expenses of the Company, amounted to
Y4,135 million and Y3,495 million for the six-month periods ended September
30, 2001 and 2000 respectively and Y6,245 million for the year ended March
31, 2001.
2. Geographic Information
Six months ended September 30, 2000
(Millions of yen)
Japan Americas Europe Asia Total Eliminations Consolidated
and
Corporate
Net sales:
To customers Y69,520 Y1,824 Y2,219 Y809 Y74,374 - Y74,374
Inter-segment 2,666 2 - 29 2,697 Y(2,697) -
Total 72,186 1,827 2,219 838 77,071 (2,697) 74,374
Operating expenses 49,155 4,310 2,432 777 56,676 561 57,237
Operating income 23,031 (2,483) (213) 61 20,395 (3,258) 17,136
(losses)
Six months ended September 30, 2001
(Millions of yen)
Japan Americas Europe Asia Total Eliminations Consolidated
and
Corporate
Net sales:
To customers Y77,183 Y8,036 Y3,331 Y594 Y89,146 - Y89,146
Inter-segment 8,328 1,517 1 30 9,877 Y(9,877) -
Total 85,512 9,553 3,332 624 99,023 (9,877) 89,146
Operating expenses 71,035 9,986 3,360 687 85,068 (5,449) 79,619
Operating income 14,477 (432) (27) (62) 13,955 (4,428) 9,526
(losses)
Year ended March 31, 2001
(Millions of yen)
Japan Americas Europe Asia Total Eliminations Consolidated
and
Corporate
Net sales:
To customers Y153,267 Y8,499 Y8,172 Y1,541 Y171,480 - Y171,480
Inter-segment 11,910 397 2 41 12,352 Y(12,352) -
Total 165,178 8,897 8,174 1,583 183,833 (12,352) 171,480
Operating expenses 118,307 12,156 7,514 1,633 139,611 (6,776) 132,834
Operating income 46,871 (3,258) 659 (50) 44,222 (5,576) 38,645
(losses)
Notes:
1. Geographic areas are categorized by geographical proximity.
2. Each overseas segment consists of the following countries:
Americas: United States of America
Europe: United Kingdom, Germany, France, etc.
Asia: Hong Kong, Singapore, Korea, etc.
3. Unallocated operating expenses in the Eliminations and Corporate column,
mainly consisting of the administrative expenses of the Company, amounted to
Y4,135 million and Y3,495 million for the six-month periods ended September
30, 2001 and 2000 respectively, and Y6,245 million for the year ended March
31, 2001.
3. Overseas Sales
Six months ended September 30, 2000
(Millions of yen)
Americas Europe Other Total
Overseas sales Y1,948 Y2,146 Y1,809 Y 5,903
Consolidated sales 74,374
Overseas portion in 2.6% 2.9% 2.4% 7.9%
consolidated sales
Six months ended September 30, 2001
(Millions of yen)
Americas Europe Other Total
Overseas sales Y9,319 Y3,410 Y959 Y13,688
Consolidated sales - - - 89,146
Overseas portion in 10.5% 3.8% 1.1% 15.4%
consolidated sales
Year ended March 31, 2001
(Millions of yen)
Americas Europe Other Total
Overseas sales Y8,687 Y8,154 Y3,485 Y 20,327
Consolidated sales 171,480
Overseas portion in 5.1% 4.8% 2.0% 11.9%
consolidated sales
Notes:
1. Geographic areas are categorized by geographical proximity.
2. Each overseas segment consists of the following countries:
Americas: United States of America, Canada, etc.
Europe: United Kingdom, Germany, France, etc.
Asia: Hong Kong, Singapore, Australia, etc.
3. Overseas sales consist of the sales outside Japan of the parent company
and consolidated subsidiaries.
Leases
1. Finance leases other than those that deem to transfer ownership of leased
property to the lessee:
Since the year ended March 31, 2001, the amount of obligations and depreciation
under finance leases has been calculated excluding the imputed interest portion
due to the increase in the portion for obligations under finance leases in the
total amount of the obligations and tangible fixed assets, while the amount of
obligations and depreciation had been calculated including the imputed interest
portion until the six months ended September 30, 2000.
a. Acquisition cost, accumulated depreciation, and ending balance of leased
assets
(Millions of yen)
September 30,2000 September 30,2001
Acquisition Accumulated Ending Acquisition Accumulated Ending
cost depreciation balance cost depreciation balance
Tangible
fixed
assets
-Other Y5,325 Y2,903 Y2,422 Y11,220 Y5,576 Y5,643
Total Y5,325 Y2,903 Y2,422 Y11,220 Y5,576 Y5,643
March 31, 2001
Acquisition Accumulated Ending
cost depreciation balance
Tangible
fixed
assets
-Other Y11,600 Y6,051 Y5,548
Total Y11,600 Y6,051 Y5,548
b. Obligations under finance leases
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Due within one year Y1,390 Y2,581 Y2,678
Due after one year 1,031 3,183 3,135
Total Y2,422 Y5,764 Y5,814
c. Lease payments, depreciation expense and interest expense
(Millions of yen)
Six months ended Six months ended Year ended
September 30, 2000 September 31, 2001 March 31, 2001
Lease payments Y694 Y1,526 Y1,673
Depreciation expense 694 1,437 1,610
Interest expense - 86 133
d. Depreciation expense is computed by the straight-line method with lease
term as useful life and salvage value of zero.
f. Interest expense is defined as the difference between total lease payment
and equivalent of acquisition cost, and allocated using the effective
interest method to each period.
2. Obligations under operating leases
(Millions of yen)
September 30, 2000 September 30, 2001 March 31,2001
Due within one year Y142 Y 1,675 Y 1,722
Due after one year 205 24,384 25,177
Total Y348 Y26,059 Y26,899
Marketable and Investment Securities
1. 'Other investment securities' valued at market value
(Millions of yen)
September 30, 2000 September 30, 2001
Net Net
Acquisition Balance unrealized Acquisition Balance Unrealized
cost sheet gains cost sheet gains
amount (losses) amount (losses)
Equity securities - - - Y 21 Y115 Y93
Other securities Y200 Y152 Y(47) 200 102 (97)
Total Y200 Y152 Y(47) Y221 Y217 Y(4)
March 31, 2001
Net
Acquisition Balance unrealized
cost sheet gains
amount (losses)
Equity securities Y 51 Y631 Y579
Other securities 200 126 (73)
Total Y251 Y757 Y505
2. Major securities for which the fair value is not readily determinable as
of each balance sheet date.
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Unlisted stock other
than over-the-counter
stock Y726 Y726 Y826
Derivative Financial Instruments
Derivative financial instruments as of each balance sheet date are as follows:
(Millions of yen)
September 30, 2000 September 30, 2001
Unrealized Unrealized
Contract Fair holding gains Contract Fair holding gains
amount value (losses) amount value (losses)
Foreign exchange
forward contracts:
(Short position)
USD Y106 Y106 Y(0) Y 668 Y 653 Y 15
GBP 132 130 1 12 13 (0)
EUR 319 309 9 1,245 1,273 (28)
AUD 118 109 8 50 46 4
HKD - - - - - -
Total Y676 Y656 Y19 Y1,978 Y1,987 Y(8)
March 31, 2001
Unrealized
Contract Fair holding gains
amount value (losses)
Foreign exchange
forward contracts:
(Short position)
USD Y1,550 Y1,636 Y (85)
GBP 212 220 (7)
EUR 1,051 1,073 (21)
AUD 158 155 2
HKD 44 45 (0)
Total Y3,017 Y3,130 Y(112)
Note:
Fair values of the contracts stated above are calculated using the forward
exchange rates at each balance sheet date.
5. Summary of Non-consolidated Financial Results
for the Six Month Ended September 30, 2001
KONAMI CORPORATION
Address: 3-1, Toranomon 4-chome, Minato-ku, Tokyo, Japan
Stock Code Number: 9766
Shares Listed: Tokyo Stock Exchange, Osaka Securities Exchange, London Stock
Exchange and Singapore Exchange
Contact: Noriaki Yamaguchi, Representative Director and CFO (Phone: 03-3578-
0573)
Date of Board Meeting on the financial results: November 15, 2001
Date of commencement of interim dividend payment: November 22, 2001
1. Financial Results for the Six Months Ended September 30,2001
(1) Results of Operations
(Figures truncated)
Net Year-on-Year Operating Year-on-year Ordinary Year-on-year
Sales Change Income Change Income Change
(Y (Y (Y (%)
million) (%) million) (%) million)
Six months
ended
September
30, 2001 45,682 (31.3) 3,882 (74.8) 4,214 (72.6)
Six months
ended
September
30, 2000 66,506 (4.3) 15,427 (7.4) 15,369 (7.3)
Year ended
March
31, 2001 148,470 34,092 33,238
Year-on-year Net income
Net Income Change per share
(Y million) (%) (Y)
Six months ended
September 30, 2001 2,149 (75.5) 16.69
Six months ended
September 30, 2000 8,777 (24.1) 77.17
Year ended
March 31, 2001 18,042 158.12
Notes:
1. Average number of shares issued and outstanding
Six months ended September 30, 2001: 128,737,479 shares
Six months ended September 30, 2000: 113,737,566 shares
Year ended March 31, 2001: 114,107,429 shares
2. There is no change in accounting policies.
3. Change (%) of net sales, operating income, ordinary income and net income
represents the increase or decrease ratio in relation with the same period of
the previous year.
(2) Dividends
Cash Dividends per Share
Interim Annual
(Y) (Y)
Six months ended September 30, 2001 27.00 -
Six months ended September 30, 2000 26.00 -
Year ended March 31,2001 - 54.00
(3) Financial Position
Total Total Equity-Assets Total
Assets Shareholders' Ratio (%) Shareholders'
(Y million) Equity Equity per
(Y million) Share
(Y)
September 210,911 144,525 68.5 1,122.64
30, 2001
September 125.319 76,806 61.3 675.29
30, 2000
March 201,090 146,309 72.8 1,136.49
31,2001
Notes:
Number of shares issued and outstanding
September 30, 2001: 128,737,431 shares
September 30, 2000: 113,737,566 shares
March 31, 2001: 128,737,566 shares
Number of treasury stock
September 30, 2001; 135 shares
2. Financial Forecast for the Year Ended March 31, 2002
Cash dividends per
Net Sales Ordinary Income Net Income share
(Y million) (Y million) (Y million) Year-end Annual
(Y) (Y)
Year ended
March 31,2002 27.00 54.00
Notes:
1. Non-consolidated financial forecast for the year ended March 31, 2002 is
not disclosed.
2. Annual cash dividends per share may change depending on the consolidated
net income for the year, since the total amount of cash dividends should be
30% or more of consolidated net income.
6. Non-consolidated Financial Statements
(1) Non-consolidated Balance Sheets (Unaudited) (Millions of yen)
September 30, September 30, March 31, 2001
2000 2001
Component Component Component
Ratio Ratio Ratio
ASSETS:
I Current Assets Y 94,383 75.3% Y103,768 49.2% Y 99,545 49.5%
Cash and cash equivalents 38,993 53,692 48,702
Trade notes receivable 19 - 49
Trade accounts receivable 34,989 27,375 33,347
Inventories 4,660 4,878 3,670
Short-term loans receivable 9,932 8,832 6,293
Other 5,805 8,999 7,493
Allowance for bad debts (17) (10) (11)
II Fixed Assets 30,935 24.7 107,143 50.8 101,545 50.5
1. Tangible fixed assets 10,075 9,543 9,782
Buildings 5,243 4,848 5,048
Land 3,488 3,488 3,488
Other 1,342 1,206 1,245
2. Intangible fixed assets 1,152 1,180 1,156
3. Investments and other 19,707 96,420 90,606
assets
Investment securities 17,058 93,762 88,432
Other 2,649 2,657 2,174
Allowance for bad debts - - (0)
TOTAL ASSETS Y125,319 100.0% Y210,911 100.0% Y201,090 100%
LIABILITIES
I Current Liabilities Y 45,462 36.3% Y 17,978 8.5% Y 51,273 25.5%
Trade notes payable 13,747 7,772 14,676
Trade accounts payable 8,099 5,357 11,362
Short-term borrowings 324 - -
Current portion of 10,000 - 10,000
straight bonds
Income taxes payable 6,443 1,486 9,386
Allowance for bonuses 554 - 600
Other 6,294 3,362 5,248
II Long-term Liabilities 3,050 2.4 48,408 23.0 3,507 1.7
Straight bonds - 45,000 -
Liability for directors'
retirement benefits 1,542 1,344 1,545
Long-term deposits received 78 633 532
Allowance for loss incurred
by a subsidiary 1,430 1,430 1,430
TOTAL LIABILITIES 48,513 38.7 66,386 31.5 54,781 27.2
SHAREHOLDERS' EQUITY:
I Common stock 15,793 12.6 47,398 22.5 47,398 23.6
II Additional Paid-in capital 15,516 12.4 47,106 22.3 47,106 23.4
III Legal Reserve 1,474 1.2 2,163 1.0 1,770 0.9
IV Retained Earnings 44,020 35.1 47,856 22.7 50,033 24.9
Voluntary earned surplus 33,243 42,107 33,243
Unappropriated earned 10,777 5,749 16,790
surplus
V Treasury stock - - (0) (0.0) - -
TOTAL SHAREHOLDERS' EQUITY 76,806 61.3 144,525 68.5 146,309 72.8
TOTAL LIABILITIES AND
TOTAL SHAREHOLDERS' EQUITY Y125,319 100.0% Y210,911 100.0% Y201,090 100.0%
EQUITY
(2) Non-consolidated Statements of income (Unaudited)
Six months ended Six months ended Year ended
September 30, 2000 September 30, 2001 March 31, 2001
Share Share Share
of of of
net net net
sales sales sales
I. Net Sales Y66,506 100.0% Y45,682 100.0% Y148,470 100.0%
II Cost of Sales 42,092 63.3 33,909 74.2 96,292 64.8
Gross Profit 24,414 36.7 11,772 25.8 52,177 35.2
III Selling, General and
Administrative Expenses 8,986 13.5 7,890 17.3 18,085 12.2
Operating Income 15,427 23.2 3,882 8.5 34,092 23.0
IV Non-operating Income 369 0.5 780 1.7 681 0.4
V Non-operating Expenses 427 0.6 448 1.0 1,535 1.0
Ordinary Income 15,369 23.1 4,214 9.2 33,238 22.4
VI Extraordinary Income 172 0.2 60 0.1 168 0.1
VII Extraordinary Losses 17 0.0 700 1.5 684 0.5
Income before 15,524 23.3 3,574 7.8 32,722 22.0
Income Taxes
Income taxes - current 6,420 9.6 1,297 2.8 15,995 10.8
Income taxes - deferred 326 0.5 127 0.3 (1,316) (0.9)
Net Income 8,777 13.2 2,149 4.7 18,042 12.1
Unappropriated earned
surplus carried forward 2,000 3,600 2,000
Interim cash dividends - - 2,956
Transfer to legal reserve
due to interim cash
dividends - - 295
Unappropriated Earned Y10,777 Y5,749 Y16,790
surplus
Summary of Significant Accounting Policies
1. Marketable and Investment Securities
Investments in subsidiaries and affiliated companies and 'other investment
securities' for which the market value is not readily determinable are stated
at cost based on the moving average method.
2. Derivative Financial Instruments
Derivative financial instruments are stated at fair value.
3. Inventories
Inventories other than work in process are stated at cost determined by the
moving average method.
Work in process consisting of hardware products is stated at cost determined
by the moving average method while work in process consisting of software
products is stated at cost determined by the specific identification method.
4. Depreciation Methods
Tangible fixed assets are depreciated using the declining balance method
while intangible fixed assets are amortized using the straight-line method.
For in-house software, amortization is computed using the straight-line
method based on the estimated useful life of 5 years.
5. Provisions
(a) Allowance for bad debts
Generally, allowance for bad debts is calculated based on the actual ratio of
bad debt losses incurred. For specific accounts with higher possibility of
bad debt loss, the allowance is determined by independent judgment.
(b) Liability for employees' retirement benefits (Prepaid pension costs)
Liability for retirement benefits to be paid to employees as of the balance
sheet date is provided based on the estimated amount of the projected benefit
obligation and the plan assets at the fiscal year-end. Unrecognized net
transition asset of Y81 million is credited to expense over 13 years on a
straight-line basis. Unrecognized actuarial net gain or loss will be
amortized from the following fiscal year within the average remaining service
period of 13 years on a straight-line basis.
(c) Liability for directors' retirement benefits
Required amount for retirement benefits to be paid to directors of the
Company as of the balance sheet date is reserved as liability.
(d) Allowance for loss incurred by a subsidiary
The Company provides an allowance for loss incurred by a subsidiary at amount
determined based on its financial condition.
6. Foreign Currency Translation
Monetary assets and liabilities denominated in foreign currencies are
translated into Japanese yen at the current exchange rates as of the balance
sheet date, and the gains and losses in translation are credited or charged
to income.
7. Leases
Finance leases other than those that deem to transfer ownership of the leased
property to the lessee are accounted for as operating lease transactions.
8. Consumption Tax
Consumption tax is excluded from the stated amount of revenue and expenses.
9. Income Taxes
Current and deferred income taxes for the six months ended September 30, 2001
are calculated on the assumption of the reversal of reserve for advanced
depreciation in appropriations of retained earnings planned at the fiscal
year-end.
Additional Information
(Treasury Stock)
Treasury stock has been stated as a deduction of shareholders' equity at the
bottom of shareholders' equity section since the six-month period ended
September 30, 2001 due to the amendment of the regulations for interim
financial statements. It had been stated in current assets and 'Other' in
investments and other assets. The amount of treasury stock in current assets
and 'Other' in investments and other assets were Y0 million and Y15 million
for the six months ended September 30, 2000 and Y0 million and Y- million
(not applicable) for the year ended March 31, 2001, respectively.
(Allowance for Bonuses)
'Allowance for bonuses' (Y584 million) is included in 'Other' of current
liabilities based on the release on February 14, 2001 regarding presentation
of allowance for bonuses by the Japanese Institute of Certified Public
Accountant although it had been stated separately as part of estimated bonus
payment to employees in the following period.
Notes to Non-consolidated Financial Statements
Notes to Balance Sheets
1 Accumulated depreciation of tangible fixed assets is as follows:
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Accumulated depreciation
of tangible fixed assets Y6,129 Y6,604 Y6,227
2. The Company guarantees subsidiaries' loans payable to financial institutions
as follows:
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Konami Capital, Inc. Y5,151 Y4,188 Y4,667
- - -
Konami of America, Inc. 2,592 1,528 2,044
(USD 24.0 million) (USD 12.8 million) (USD 16.5
million)
Konami of Europe GmbH 318 - 559
(EUR 5.1 million) - (DEM 10.0
million)
Konami Computer 496 - 520
Entertainment America,Inc. (USD 4.6 million) - (USD 4.2
million)
Konami (Singapore) Pte. Ltd. 30 - -
(SGD 0.5 million) - -
Konami Gaming, Inc. - 727 -
- (USD 6.0 million) -
Total Y8,587 Y6,443 Y7,791
3. Net amount of consumption tax payable and consumption tax to be refunded
is included in other current liabilities.
4. Trade notes matured on the balance sheet date are settled on the exchange
date of the notes. Since each balance sheet date, September 30, 2000,
September 30, 2001 and March 31, 2001, was a holiday for financial
institutions, the following matured trade notes are included in each ending
balance.
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Trade notes receivable Y16 - Y49
Trade notes payable 2,137 Y1,491 3,049
Notes to Statements of Income
1. Non-operating income mainly consists of the following:
Six months ended September 30, 2000: Dividend income: Y220 million.
Interest income: Y57 million.
Rental income: Y7 million
Six months ended September 30, 2001: Dividend income: Y660 million.
Interest income: Y29 million
Year ended March 31,2001: Dividend income: Y220 million.
Interest income: Y171 million
2. Non-operating expenses mainly consists of the following:
Six months ended September 30,2000: Loss on impairment of membership: Y204
million. Bond interest expenses: Y132
million. Interest expenses: Y34 million
Six months ended September 30, 2001: Bond issue expenses: Y242 million. Bond
interest expenses: Y125 million
Year ended March 31, 2001: Stock issue expenses: Y639, Commission for
syndicate loan: Y302, Bond interest
expenses: Y264 million. Interest
expenses: Y110 million
3. Extraordinary income mainly consists of the following:
Six months ended September 30, 2000: Gain on reversal of allowance for bad
debts: Y168 million
Six months ended September 30, 2001: -
Year ended March 31, 2001: Gain on reversal of allowance for bad
debts: Y164 million
Note:
Extraordinary income for the six months ended September 30, 2001 does not
include items with significant amount to be disclosed.
4. Extraordinary losses mainly consists of the following:
Six months ended September 30, 2000: Loss on disposal of tools, furniture and
fixtures: Y15 million
Six months ended September 30, 2001: Loss on impairment of investments in
subsidiaries: Y693 million
Year ended March 31, 2001: Loss on impairment of investments in
subsidiaries: Y599 million
5. Depreciation expense for each period is as follows:
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Tangible fixed assets Y473 Y415 Y995
Intangible fixed assets 191 199 371
Leases
Finance leases other than those that deem to transfer ownership of leased
property to the lessee:
The amount of obligations and depreciation under finance leases for the six
months ended September 30, 2001 is calculated excluding the imputed interest
portion while the amount for the previous fiscal year was calculated
including the interest portion.
1. Acquisition cost, accumulated depreciation, and ending balance of leased
assets
(Millions of yen)
September 30, 2000 September 30, 2001
Acquisition Accumulated Ending Acquisition Accumulated Ending
cost depreciation balance Cost depreciation balance
Tangible fixed assets
-other Y609 Y262 Y346 Y1,161 Y364 Y797
Total Y609 Y262 Y346 Y1,161 Y364 Y797
March 31, 2001
Acquisition Accumulated Ending
cost depreciation balance
Tangible fixed assets
-other Y1,250 Y307 Y942
Total Y1,250 Y307 Y942
2. Obligations under finance leases
(Millions of yen)
September 30, 2000 September 30, 2001 March 31, 2001
Due within one year Y174 Y374 Y395
Due after one year 171 430 547
Total Y346 Y804 Y942
3. Lease payments, depreciation expense and interest expense
(Millions of yen)
Six month ended Six month ended Year ended
September 30, 2000 September 30, 2001 March 31, 2001
Lease payments Y83 Y205 Y132
Depreciation expense 83 197 132
Interest expense - 10 -
4. Depreciation expense is computed according to the straight-line method
with lease term as useful life and salvage value of zero.
5. Interest expense is defined as the difference between total lease payment
and equivalent of acquisition cost, and allocated using the effective
interest method to each period.
Investments in subsidiaries and affiliated companies
Investments in subsidiaries and affiliated companies as of each balance sheet
date are as follows:
September 30, 2000 September 30, 2001
Balance Balance
sheet Market sheet Market
amount value Differences amount value Differences
Investment Y725 Y29,677 Y28,951 Y69,770 Y64,990 Y(4,779)
in subsidiaries
Investments
in affiliated
companies 3,372 4,088 716 8,686 17,197 8,510
TOTAL Y4,097 Y33,766 Y29,668 Y78,457 Y82,188 Y3,731
March 31, 2001
Balance
sheet Market
amount value Differences
Investments Y69,770 Y86,739 Y16,969
in subsidiaries
Investments
in affiliated
companies 3,686 9,015 5,329
TOTAL Y73,456 Y95,755 Y22,299
Friday, 17th May 2024
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