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Annual Report 2006
Eleven-year Summary
NSK Ltd. and Subsidiaries
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Millions of yen
(Unless otherwise specified)
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| Year ended March 31 |
2006 |
2005 |
2004 |
2003 |
2002 |
| Net sales |
¥628,474 |
¥580,989 |
¥522,217 |
¥522,820 |
¥480,902 |
| Cost of sales and SGA expenses |
585,922 |
542,706 |
496,245 |
504,972 |
476,954 |
| Operating income |
42,552 |
38,283 |
25,972 |
17,847 |
3,947 |
| Other income (expenses) |
516 |
(3,251) |
479 |
(19,974) |
(14,271) |
Income (loss) before income taxes and
minority interests |
43,068 |
35,031 |
26,451 |
(2,127) |
(10,324) |
| Income taxes |
16,412 |
11,601 |
11,473 |
970 |
7,181 |
| Net income (loss) |
25,586 |
22,349 |
14,293 |
(2,670) |
(17,696) |
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| Current assets |
313,569 |
278,678 |
295,491 |
285,749 |
291,490 |
| Non-current assets |
429,462 |
349,905 |
326,386 |
307,349 |
351,332 |
| Other assets |
- |
- |
- |
- |
- |
| Total assets |
743,032 |
628,583 |
621,877 |
593,098 |
642,823 |
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| Current liabilities |
266,834 |
234,300 |
245,588 |
227,314 |
239,378 |
| Long-term liabilities |
228,373 |
194,420 |
175,548 |
183,481 |
182,455 |
| Minority interests |
12,107 |
11,596 |
12,077 |
11,736 |
12,810 |
| Shareholders’ equity |
235,716 |
188,265 |
188,662 |
170,566 |
208,179 |
| Total liabilities and shareholders’ equity |
743,032 |
628,583 |
621,877 |
593,098 |
642,823 |
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| Number of employees |
22,639 |
20,737 |
19,772 |
20,351 |
22,337 |
| (%) |
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| Gross profit margin |
22.4 |
22.5 |
21.5 |
19.6 |
18.1 |
| Operating income margin |
6.8 |
6.6 |
5.0 |
3.4 |
0.8 |
| SGA expenses/net sales |
15.6 |
15.9 |
16.5 |
16.2 |
17.3 |
| Net income margin |
4.1 |
3.8 |
2.7 |
(0.5) |
(3.7) |
| Return on average assets (ROA) |
3.7 |
3.6 |
2.4 |
(0.4) |
(2.7) |
| Return on average shareholders’ equity (ROE) |
12.1 |
11.9 |
8.0 |
(1.4) |
(8.1) |
| Ratio of net worth to total capital |
31.7 |
30.0 |
30.3 |
28.8 |
32.4 |
| Current ratio |
117.5 |
118.9 |
120.3 |
125.7 |
121.8 |
| Ratio of fixed assets to long-term capital |
92.5 |
91.4 |
89.6 |
86.8 |
89.9 |
| (Times) |
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| Asset turnover |
0.92 |
0.93 |
0.86 |
0.85 |
0.73 |
| Inventory turnover |
6.9 |
7.4 |
6.6 |
5.8 |
4.8 |
| (Millions of yen) |
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| R&D expenditures |
9,728 |
9,806 |
8,722 |
8,307 |
8,036 |
| Depreciation and amortization |
30,099 |
27,435 |
26,909 |
28,812 |
27,536 |
| Cash flow (A) |
49,750 |
44,609 |
38,296 |
23,249 |
6,699 |
| Capital expenditures (B) |
47,293 |
36,912 |
25,502 |
23,010 |
36,183 |
| Free cash flows (A)–(B) |
2,457 |
7,697 |
12,794 |
239 |
(29,484) |
| (Yen) |
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| Net income (loss) per share |
47.28 |
41.35 |
26.12 |
(5.22) |
(31.79) |
| Cash flow per share |
92.24 |
82.73 |
71.01 |
42.71 |
12.04 |
| Shareholders’ equity per share |
436.48 |
349.07 |
349.83 |
316.27 |
278.03 |
| (Times) |
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| D/E ratio |
0.95 |
1.10 |
1.31 |
1.57 |
1.31 |
| Interest coverage |
9.71 |
7.93 |
4.52 |
2.99 |
0.78 |
| Year ended March 31 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
| Net sales |
¥533,144 |
¥486,539 |
¥472,614 |
¥493,151 |
¥481,339 |
¥440,001 |
| Cost of sales and SGA expenses |
507,303 |
471,837 |
459,622 |
470,380 |
454,094 |
418,081 |
| Operating income |
25,841 |
14,701 |
12,992 |
22,771 |
27,243 |
21,919 |
| Other income (expenses) |
(2,528) |
(6,101) |
(21,312) |
(35,166) |
(8,187) |
(5,479) |
Income (loss) before income taxes and
minority interests |
23,312 |
8,599 |
(8,319) |
(12,395) |
19,056 |
16,441 |
| Income taxes |
11,132 |
4,932 |
(3,696) |
2,872 |
10,241 |
9,348 |
| Net income (loss) |
11,425 |
2,798 |
(4,094) |
(15,173) |
8,810 |
6,870 |
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| Current assets |
321,575 |
392,459 |
389,091 |
417,188 |
426,692 |
421,822 |
| Non-current assets |
358,881 |
247,631 |
257,212 |
257,361 |
247,306 |
232,347 |
| Other assets |
- |
- |
- |
- |
17,630 |
19,099 |
| Total assets |
680,457 |
640,090 |
646,303 |
674,549 |
691,629 |
673,270 |
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| Current liabilities |
261,952 |
282,719 |
243,544 |
289,045 |
288,375 |
229,954 |
| Long-term liabilities |
179,749 |
160,951 |
199,395 |
169,766 |
173,592 |
224,994 |
| Minority interests |
11,372 |
9,112 |
4,891 |
5,713 |
4,271 |
4,028 |
| Shareholders’ equity |
227,383 |
187,307 |
198,471 |
210,023 |
225,389 |
214,293 |
| Total liabilities and shareholders’ equity |
680,457 |
640,090 |
646,303 |
674,549 |
691,629 |
673,270 |
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| Number of employees |
23,283 |
24,295 |
22,482 |
22,322 |
18,286 |
17,568 |
| (%) |
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| Gross profit margin |
19.7 |
19.1 |
19.3 |
20.7 |
21.0 |
20.2 |
| Operating income margin |
4.8 |
3.0 |
2.7 |
4.6 |
5.7 |
5.0 |
| SGA expenses/net sales |
14.8 |
16.1 |
16.6 |
16.1 |
15.4 |
15.2 |
| Net income margin |
2.1 |
0.6 |
(0.9) |
(3.1) |
1.8 |
1.6 |
| Return on average assets (ROA) |
1.7 |
0.4 |
(0.6) |
(2.2) |
1.3 |
1.0 |
| Return on average shareholders’ equity (ROE) |
5.5 |
1.5 |
(2.0) |
(7.0) |
4.0 |
3.2 |
| Ratio of net worth to total capital |
33.4 |
29.3 |
30.7 |
31.1 |
32.6 |
31.8 |
| Current ratio |
122.8 |
138.8 |
159.8 |
144.3 |
148.0 |
183.4 |
| Ratio of fixed assets to long-term capital |
88.1 |
71.1 |
64.6 |
67.8 |
62.0 |
52.9 |
| (Times) |
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| Asset turnover |
0.81 |
0.76 |
0.72 |
0.72 |
0.71 |
0.66 |
| Inventory turnover |
5.2 |
4.6 |
4.3 |
4.7 |
5.1 |
5.2 |
| (Millions of yen) |
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| R&D expenditures |
9,268 |
8,777 |
13,800 |
12,700 |
12,000 |
11,100 |
| Depreciation and amortization |
26,210 |
26,349 |
26,155 |
26,073 |
23,541 |
21,632 |
| Cash flow (A) |
34,349 |
26,181 |
18,863 |
25,021 |
28,470 |
25,004 |
| Capital expenditures (B) |
33,872 |
26,701 |
24,157 |
33,373 |
32,238 |
22,062 |
| Free cash flows (A)–(B) |
477 |
(520) |
(5,294) |
(8,352) |
(3,768) |
2,942 |
| (Yen) |
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| Net income (loss) per share |
20.35 |
4.98 |
(7.27) |
(26.92) |
15.64 |
12.24 |
| Cash flow per share |
61.19 |
46.63 |
33.49 |
44.37 |
50.52 |
44.29 |
| Shareholders’ equity per share |
405.12 |
333.57 |
353.29 |
387.18 |
421.34 |
413.22 |
| (Times) |
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| D/E ratio |
1.08 |
1.40 |
1.41 |
1.42 |
1.32 |
1.38 |
| Interest coverage |
3.01 |
1.71 |
1.47 |
2.15 |
2.62 |
2.22 |
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