Financial Information: Annual Report 2004

	Ten-Year Summary
	NSK Ltd. and Subsidiaries

Millions of yen (Unless otherwise specified)
For the years ended March 31	2004	2003	2002	2001	2000
Net sales	¥522,217	¥522,820	¥480,902	¥533,144	¥486,539
Cost of sales and SGA expenses	496,245	504,972	476,954	507,303	471,837
Operating income	25,972	17,847	3,947	25,841	14,701
Other income (expenses)	479	(19,974)	(14,271)	(2,528)	(6,101)
Income (loss) before income taxes and minority interests	26,451	(2,127)	(10,324)	23,312	8,599
Income taxes	11,473	970	7,181	11,132	4,932
Net income (loss)	14,293	(2,670)	(17,696)	11,425	2,798
Current assets	295,491	285,749	291,490	321,575	392,459
Non-current assets	326,386	307,349	351,332	358,881	247,631
Other assets	-	-	-	-	-
Total assets	621,877	593,098	642,823	680,457	640,090
Current liabilities	245,588	227,314	239,378	261,952	282,719
Long-term liabilities	175,548	183,481	182,455	179,749	160,951
Minority interests	12,077	11,736	12,810	11,372	9,112
Shareholders' equity	188,662	170,566	208,179	227,383	187,307
Total liabilities and shareholders' equity	621,877	593,098	642,823	680,457	640,090
Number of employees	19,772	20,351	22,337	23,283	24,295
(%)
Gross profit margin	21.5	19.6	18.1	19.7	19.1
Operating income margin	5.0	3.4	0.8	4.8	3.0
SGA expenses/net sales	16.5	16.2	17.3	14.8	16.1
Net income margin	2.7	(0.5)	(3.7)	2.1	0.6
Return on average assets (ROA)	2.4	(0.4)	(2.7)	1.7	0.4
Return on average shareholders' equity (ROE)	8.0	(1.4)	(8.1)	5.5	1.5
Ratio of net worth to total capital	30.3	28.8	32.4	33.4	29.3
Current ratio	120.3	125.7	121.8	122.8	138.8
Ratio of fixed assets to long-term capital	89.6	86.8	89.9	88.1	71.1
(Times)
Asset turnover	0.86	0.85	0.73	0.81	0.76
Inventory turnover	6.6	5.8	4.8	5.2	4.6
(Millions of yen)
R&D expenditures	8,722	8,307	8,036	9,268	8,777
Depreciation and Amortization	26,909	28,812	27,536	26,210	26,349
Cash flow (A)	38,296	23,249	6,699	34,349	26,181
Capital expenditures (B)	25,502	23,010	36,183	33,872	26,701
Free cash flow (A)-(B)	12,794	239	(29,484)	477	(520)
(Yen)
Net income (loss) per share*	26.12	(5.22)	(31.79)	20.35	4.98
Cash flow per share	71.01	42.71	12.04	61.19	46.63
Shareholders' equity per share*	349.83	316.27	378.03	405.12	333.57
(Times)
D/E ratio	1.31	1.57	1.31	1.08	1.40
Interest coverage	4.52	2.99	0.78	3.01	1.71

Millions of yen (Unless otherwise specified)
For the years ended March 31	1999	1998	1997	1996	1995
Net sales	¥472,614	¥493,151	¥481,339	¥440,001	¥415.713
Cost of sales and SGA expenses	459,622	470,380	454,094	418,081	407,029
Operating income	12,992	22,771	27,243	21,919	12,524
Other income (expenses)	(21,312)	(35,166)	(8,187)	(5,479)	(4,552)
Income (loss) before income taxes and minority interests	(8,319)	(12,395)	19,056	16,441	7,973
Income taxes	(3,696)	2,872	10,241	9,348	4,452
Net income (loss)	(4,094)	(15,173)	8,810	6,870	4,282
Current assets	389,091	417,188	426,692	421,822	390,530
Non-current assets	257,212	257,361	247,306	232,347	249,119
Other assets	-	-	17,630	19,099	20,568
Total assets	646,303	674,549	691,629	673,270	660,219
Current liabilities	243,544	289,045	288,375	229,954	214,876
Long-term liabilities	199,395	169,766	173,592	224,994	223,006
Minority interests	4,891	5,713	4,271	4,028	3,837
Shareholders' equity	198,471	210,023	225,389	214,293	218,499
Total liabilities and shareholders' equity	646,303	674,549	691,629	673,270	660,219
Number of employees	22,482	22,322	18,286	17,568	17,905
(%)
Gross profit margin	19.3	20.7	21.0	20.2	17.1
Operating income margin	2.7	4.6	5.7	5.0	3.0
SGA expenses/net sales	16.6	16.1	15.4	15.2	15.0
Net income margin	(0.9)	(3.1)	1.8	1.6	1.0
Return on average assets (ROA)	(0.6)	(2.2)	1.3	1.0	0.7
Return on average shareholders' equity (ROE)	(2.0)	(7.0)	4.0	3.2	2.0
Ratio of net worth to total capital	30.7	31.1	32.6	31.8	33.1
Current ratio	159.8	144.3	148.0	183.4	181.7
Ratio of fixed assets to long-term capital	64.6	67.8	62.0	52.9	56.4
(Times)
Asset turnover	0.72	0.72	0.71	0.66	0.65
Inventory turnover	4.3	4.7	5.1	5.2	5.6
(Millions of yen)
R&D expenditures	13,800	12,700	12,000	11,100	10,100
Depreciation and Amortization	26,155	26,073	23,541	21,632	24,026
Cash flow (A)	18,863	25,021	28,470	25,004	24,767
Capital expenditures (B)	24,157	33,373	32,238	22,062	20,941
Free cash flow (A)-(B)	(5,294)	(8,352)	(3,768)	2,942	3,826
(Yen)
Net income (loss) per share*	(7.27)	(26.92)	15.64	12.24	7.66
Cash flow per share	33.49	44.37	50.52	44.29	44.30
Shareholders' equity per share*	353.29	387.18	421.34	413.22	406.48
(Times)
D/E ratio	1.41	1.42	1.32	1.38	1.35
Interest coverage	1.47	2.15	2.62	2.22	1.34