Financial Information: Annual Report 2005

	Eleven-year Summary
	NSK Ltd. and Subsidiaries

Millions of yen (Unless otherwise specified)
Year ended March 31	2005	2004	2003	2002	2001
Net sales	¥580,989	¥522,217	¥522,820	¥480,902	¥533,144
Cost of sales and SGA expenses	542,706	496,245	504,972	476,954	507,303
Operating income	38,283	25,972	17,847	3,947	25,841
Other income (expenses)	(3,251)	479	(19,974)	(14,271)	(2,528)
Income (loss) before income taxes and minority interests	35,031	26,451	(2,127)	(10,324)	23,312
Income taxes	11,601	11,473	970	7,181	11,132
Net income (loss)	22,349	14,293	(2,670)	(17,696)	11,425
Current assets	278,678	295,491	285,749	291,490	321,575
Non-current assets	349,905	326,386	307,349	351,332	358,881
Other assets	-	-	-	-	-
Total assets	628,583	621,877	593,098	642,823	680,457
Current liabilities	234,300	245,588	227,314	239,378	261,952
Long-term liabilities	194,420	175,548	183,481	182,455	179,749
Minority interests	11,596	12,077	11,736	12,810	11,372
Shareholders’ equity	188,265	188,662	170,566	208,179	227,383
Total liabilities and shareholders’ equity	628,583	621,877	593,098	642,823	680,457
Number of employees	20,737	19,772	20,351	22,337	23,283
(%)
Gross profit margin	22.5	21.5	19.6	18.1	19.7
Operating income margin	6.6	5.0	3.4	0.8	4.8
SGA expenses / net sales	15.9	16.5	16.2	17.3	14.8
Net income margin	3.8	2.7	(0.5)	(3.7)	2.1
Return on average assets (ROA)	3.6	2.4	(0.4)	(2.7)	1.7
Return on average shareholders’ equity (ROE)	11.9	8.0	(1.4)	(8.1)	5.5
Ratio of net worth to total capital	30.0	30.3	28.8	32.4	33.4
Current ratio	118.9	120.3	125.7	121.8	122.8
Ratio of fixed assets to long-term capital	91.4	89.6	86.8	89.9	88.1
(Times)
Asset turnover	0.93	0.86	0.85	0.73	0.81
Inventory turnover	7.4	6.6	5.8	4.8	5.2
(Millions of yen)
R&D expenditures	9,806	8,722	8,307	8,036	9,268
Depreciation and amortization	27,435	26,909	28,812	27,536	26,210
Cash flow (A)	44,609	38,296	23,249	6,699	34,349
Capital expenditures (B)	36.912	25,502	23,010	36,183	33,872
Free cash flows (A)–(B)	7,697	12,794	239	(29,484)	477
(Yen)
Net income (loss) per share	41.35	26.12	(5.22)	(31.79)	20.35
Cash flow per share	82.73	71.01	42.71	12.04	61.19
Shareholders’ equity per share	349.07	349.83	316.27	378.03	405.12
(Times)
D/E ratio	1.10	1.31	1.57	1.31	1.08
Interest coverage	7.93	4.52	2.99	0.78	3.01

Millions of yen (Unless otherwise specified)
Year ended March 31	2000	1999	1998	1997	1996	1995
Net sales	¥486,539	¥472,614	¥493,151	¥481,339	¥440,001	¥415,713
Cost of sales and SGA expenses	471,837	459,622	470,380	454,094	418,081	407,029
Operating income	14,701	12,992	22,771	27,243	21,919	12,524
Other income (expenses)	(6,101)	(21,312)	(35,166)	(8,187)	(5,479)	(4,552)
Income (loss) before income taxes and minority interests	8,599	(8,319)	(12,395)	19,056	16,441	7,973
Income taxes	4,932	(3,696)	2,872	10,241	9,348	4,452
Net income (loss)	2,798	(4,094)	(15,173)	8,810	6,870	4,282
Current assets	392,459	389,091	417,188	426,692	421,822	390,530
Non-current assets	247,631	257,212	257,361	247,306	232,347	249,119
Other assets	-	-	-	17,630	19,099	20,568
Total assets	640,090	646,303	674,549	691,629	673,270	660,219
Current liabilities	282,719	243,544	289,045	288,375	229,954	214,876
Long-term liabilities	160,951	199,395	169,766	173,592	224,994	223,006
Minority interests	9,112	4,891	5,713	4,271	4,028	3,837
Shareholders’ equity	187,307	198,471	210,023	225,389	214,293	218,499
Total liabilities and shareholders’ equity	640,090	646,303	674,549	691,629	673,270	660,219
Number of employees	24,295	22,482	22,322	18,286	17,568	17,905
(%)
Gross profit margin	19.1	19.3	20.7	21.0	20.2	17.1
Operating income margin	3.0	2.7	4.6	5.7	5.0	3.0
SGA expenses / net sales	16.1	16.6	16.1	15.4	15.2	15.0
Net income margin	0.6	(0.9)	(3.1)	1.8	1.6	1.0
Return on average assets (ROA)	0.4	(0.6)	(2.2)	1.3	1.0	0.7
Return on average shareholders’ equity (ROE)	1.5	(2.0)	(7.0)	4.0	3.2	2.0
Ratio of net worth to total capital	29.3	30.7	31.1	32.6	31.8	33.1
Current ratio	138.8	159.8	144.3	148.0	183.4	181.7
Ratio of fixed assets to long-term capital	71.1	64.6	67.8	62.0	52.9	56.4
(Times)
Asset turnover	0.76	0.72	0.72	0.71	0.66	0.65
Inventory turnover	4.6	4.3	4.7	5.1	5.2	5.6
(Millions of yen)
R&D expenditures	8,777	13,800	12,700	12,000	11,100	10,100
Depreciation and amortization	26,349	26,155	26,073	23,541	21,632	24,026
Cash flow (A)	26,181	18,863	25,021	28,470	25,004	24,767
Capital expenditures (B)	26,701	24,157	33,373	32,238	22,062	20,941
Free cash flows (A)–(B)	(520)	(5,294)	(8,352)	(3,768)	2,942	3,826
(Yen)
Net income (loss) per share	4.98	(7.27)	(26.92)	15.64	12.24	7.66
Cash flow per share	46.63	33.49	44.37	50.52	44.29	44.30
Shareholders’ equity per share	333.57	353.29	387.18	421.34	413.22	406.48
(Times)
D/E ratio	1.40	1.41	1.42	1.32	1.38	1.35
Interest coverage	1.71	1.47	2.15	2.62	2.22	1.34

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