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Financial Information: Annual Report 2003


Ten-Year Summary
NSK Ltd. and Subsidiaries

Millions of yen
For the years ended March 31 2003 2002 2001 2000 1999
Net sales ¥522,820 ¥480,902 ¥533,144 ¥486,539 ¥472,614
Cost of sales and SGA expenses 504,972 476,954 507,303 471,837 459,622
Operating income 17,847 3,947 25,841 14,701 12,992
Other income (expenses) (19,974) (14,271) (2,528) (6,101) (21,312)
Income (loss) before income taxes and minority interests (2,127) (10,324) 23,312 8,599 (8,319)
Income taxes 970 7,181 11,132 4,932 (3,696)
Net income (loss) (2,670) (17,696) 11,425 2,798 (4,094)
           
Current assets 285,749 291,490 321,575 392,459 389,091
Non-current assets 307,349 351,332 358,881 247,631 257,212
Other assets - - - - -
Total assets 593,098 642,823 680,457 640,090 646,303
           
Current liabilities 227,314 239,378 261,952 282,719 243,544
Long-term liabilities 183,481 182,455 179,749 160,951 199,395
Minority interests 11,736 12,810 11,372 9,112 4,891
Shareholders' equity 170,566 208,179 227,383 187,307 198,471
Total liabilities and shareholders' equity 593,098 642,823 680,457 640,090 646,303
           
Number of employees 20,351 22,337 23,283 24,295 22,482
           
(%)          
Gross profit margin 19.6 18.1 19.7 19.1 19.3
Operating income margin 3.4 0.8 4.8 3.0 2.7
SGA expenses/net sales 16.2 17.3 14.8 16.1 16.6
Net income margin (0.5) (3.7) 2.1 0.6 (0.9)
Return on average assets (ROA) (0.4) (2.7) 1.7 0.4 (0.6)
Return on average shareholders' equity (ROE) (1.4) (8.1) 5.5 1.5 (2.0)
Ratio of net worth to total capital 28.8 32.4 33.4 29.3 30.7
Current ratio 125.7 121.8 122.8 138.8 159.8
Ratio of fixed assets to long-term capital 86.8 89.9 88.1 71.1 64.6
(Times)          
Asset turnover 0.85 0.73 0.81 0.76 0.72
Inventory turnover 5.8 4.8 5.2 4.6 4.3
(Millions of yen)          
R&D expenditures 8,307 8,036 9,268 8,777 13,800
Depreciation and Amortization 28,812 27,536 26,210 26,349 26,155
Cash flow (A) 23,249 6,699 34,349 26,181 18,863
Capital expenditures (B) 23,010 36,183 33,872 26,701 24,157
Free cash flow (A)-(B) 239 (29,484) 477 (520) (5,294)
(Yen)          
Net income (loss) per share* (5.22) (31.79) 20.35 4.98 (7.27)
Cash flow per share 42.71 12.04 61.19 46.63 33.49
Shareholders' equity per share* 316.27 378.03 405.12 333.57 353.29
(Times)          
D/E ratio 1.57 1.31 1.08 1.40 1.41
Interest coverage 2.99 0.78 3.01 1.71 1.47
* Net income (loss) per share and shareholders' equity per share for the year ended March 31, 2003 were computed in accordance with a new accounting standard which became effective April 1, 2002. (Refer to Note 16 of the Notes to Consolidated Financial Statements.)
 
Millions of yen
For the years ended March 31 1998 1997 1996 1995 1994
Net sales ¥493,151 ¥481,339 ¥440,001 ¥415,713 ¥380,067
Cost of sales and SGA expenses 470,380 454,094 418,081 407,029 387,426
Operating income 22,771 27,243 21,919 12,524 (7,359)
Other income (expenses) (35,166) (8,187) (5,479) (4,552) 2,907
Income (loss) before income taxes and minority interests (12,395) 19,056 16,441 7,973 (4,452)
Income taxes 2,872 10,241 9,348 4,452 1,547
Net income (loss) (15,173) 8,810 6,870 4,282 (1,410)
           
Current assets 417,188 426,692 421,822 390,530 366,558
Non-current assets 257,361 247,306 232,347 249,119 223,305
Other assets - 17,630 19,099 20,568 22,038
Total assets 674,549 691,629 673,270 660,219 611,902
           
Current liabilities 289,045 288,375 229,954 214,876 172,027
Long-term liabilities 169,766 173,592 224,994 223,006 218,775
Minority interests 5,713 4,271 4,028 3,837 542
Shareholders' equity 210,023 225,389 214,293 218,499 220,557
Total liabilities and shareholders' equity 674,549 691,629 673,270 660,219 611,902
           
Number of employees 22,322 18,286 17,568 17,905 17,866
           
(%)          
Gross profit margin 20.7 21.0 20.2 17.1 12.9
Operating income margin 4.6 5.7 5.0 3.0 (1.9)
SGA expenses/net sales 16.1 15.4 15.2 15.0 14.8
Net income margin (3.1) 1.8 1.6 1.0 (0.4)
Return on average assets (ROA) (2.2) 1.3 1.0 0.7 (0.2)
Return on average shareholders' equity (ROE) (7.0) 4.0 3.2 2.0 (0.6)
Ratio of net worth to total capital 31.1 32.6 31.8 33.1 36.0
Current ratio 144.3 148.0 183.4 181.7 213.1
Ratio of fixed assets to long-term capital 67.8 62.0 52.9 56.4 50.8
(Times)          
Asset turnover 0.72 0.71 0.66 0.65 0.60
Inventory turnover 4.7 5.1 5.2 5.6 5.1
(Millions of yen)          
R&D expenditures 12,700 12,000 11,100 10,100 10,700
Depreciation and Amortization 26,073 23,541 21,632 24,026 23,544
Cash flow (A) 25,021 28,470 25,004 24,767 18,690
Capital expenditures (B) 33,373 32,238 22,062 20,941 18,921
Free cash flow (A)-(B) (8,352) (3,768) 2,942 3,826 (231)
(Yen)          
Net income (loss) per share* (26.92) 15.64 12.24 7.66 (2.53)
Cash flow per share 44.37 50.52 44.29 44.30 33.54
Shareholders' equity per share* 387.18 421.34 413.22 406.48 407.09
(Times)          
D/E ratio 1.42 1.32 1.38 1.35 1.22
Interest coverage 2.15 2.62 2.22 1.34 (0.26)
* Net income (loss) per share and shareholders' equity per share for the year ended March 31, 2003 were computed in accordance with a new accounting standard which became effective April 1, 2002. (Refer to Note 16 of the Notes to Consolidated Financial Statements.)
 
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