Interim Results - Part 2
Konami Corporation
28 November 2002
Consolidated Financial Results
for the Six Months Ended September 30, 2002
(Prepared in Accordance with U.S. GAAP)
November 28, 2002
KONAMI CORPORATION
Address: 4-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan
Stock code number: 9766
URL: http://www.konami.com
Shares listed: Tokyo Stock Exchange, Osaka Securities Exchange,
New York Stock Exchange, London Stock Exchange and Singapore Exchange
Representative: Kagemasa Kozuki, Representative Director and CEO
Contact: Noriaki Yamaguchi, Representative Director and CFO (Phone: 03-5220-0163)
Date of Board Meeting to
approve the financial November 28, 2002
results:
Adoption of U.S. GAAP: Yes
Note: Financial information presented herein was not audited by independent public accountants.
12. Segment Information
Under SFAS No. 131, 'Disclosures about Segments of an Enterprise and
Related Information' operating segments are defined as components of an
enterprise about which separate financial information is available that is
regularly evaluated by the chief operating decision maker in deciding how to
allocate resources and in assessing performance. The operating segments are
managed separately as each segment represents a strategic business unit that
offers different products and serves different markets.
Konami and its subsidiaries operate on a worldwide basis principally
with the following five business segments:
(a) Consumer Software ('CS')-production and sale of home-use video game software
(b) Character Products ('CP')-production and sale of character related products
(c) Amusement Content ('AC')-manufacture and sale of amusement arcade games and related components
(d) Gaming Content ('GC')-manufacture and sale of gaming machines for overseas market and
token-operated games for domestic market
(e) Health and Fitness ('HF')-operation of health and fitness clubs
The Character Products (CP) segment and the Health and Fitness (HF) segment changed their names to Toy &
Hobby (T&H) and Health & Fitness (H&F), respectively, on October 1, 2002.
'Other' includes financial and real estate management services provided
primarily to our subsidiaries. The following table summarizes revenue and
operating income/loss by operating segment which are the primary measures used
by Konami and its subsidiaries' chief operating decision maker to measure Konami
and its subsidiaries' operating results and to measure segment profitability and
performance. This information is derived from Konami and its subsidiaries'
management reports which are based on U.S. GAAP.
a . Operations in Different Industries
(1) Revenue and operating income (loss) Eliminations
and
Six months CS CP AC GC HF Other Total Corporate Consolidated
ended
September
30, 2002
(Millions of Yen)
Net revenue:
Customers Y 34,403 Y 19,425 Y 12,115 Y 8,304 Y 37,986 Y 962 Y 113,195 - Y 113,195
Intersegment 995 19 6,494 111 153 1,741 9,513 Y (9,513) -
Total 35,398 19,444 18,609 8,415 38,139 2,703 122,708 (9,513) 113,195
Operating 29,485 12,542 15,468 8,287 38,377 2,886 107,045 (4,015) 103,030
expenses
Operating Y 5,913 Y 6,902 Y 3,141 Y 128 Y (238) Y (183) Y 15,663 Y (5,498) Y 10,165
income
(loss)
Eliminations
and
Year ended CS CP AC GC HF Other Total Corporate Consolidated
March 31,
2002
(Millions of Yen)
Net revenue:
Customers Y 88,762 Y 25,213 Y 31,641 Y 13,264 Y 60,426 Y 6,274 Y 225,580 - Y 225,580
Intersegment 1,367 388 7,092 382 120 2,622 11,971 Y (11,971) -
Total 90,129 25,601 38,733 13,646 60,546 8,896 237,551 (11,971) 225,580
Operating 71,777 18,400 32,346 14,285 65,042 9,241 211,091 (3,598) 207,493
expenses
Operating Y 18,352 Y 7,201 Y 6,387 Y (639) Y (4,496) Y (345) Y 26,460 Y (8,373) Y 18,087
income
(loss)
Eliminations
and
Six months CS CP AC GC HF Other Total Corporate Consolidated
ended
September
30, 2002
(Thousands of U.S. Dollars)
Net
revenue:
Customers $280,612 $158,442 $98,817 $67,733 $309,837 $7,846 $923,287 - $923,287
Intersegment 8,116 155 52,969 905 1,248 14,201 77,594 $(77,594) -
Total 288,728 158,597 151,786 68,638 311,085 22,047 1,000,881 (77,594) 923,287
Operating 240,498 102,300 126,166 67,594 313,026 23,540 873,124 (32,749) 840,375
expenses
Operating $ 48,230 $ 56,297 $25,620 $ 1,044 $ (1,941) $(1,493) $127,757 $(44,845) $82,912
income
(loss)
Intersegment revenues primarily consists of sub-licensing of
intellectual property rights from CS and CP to AC and GC, sales of hardware and
components from AC and GC to CS and HF, and administrative services provided by
shared-service subsidiaries included in other. Eliminations and corporate
primarily consist of eliminations of intercompany profits on inventories and
expenses for corporate headquarters.
b . Operations in Geographic Areas
Six months ended Asia
September 30, Japan Americas Europe /Oceania Total Eliminations Consolidated
2002
(Millions of Yen)
Net revenue:
Customers Y 91,796 Y 13,878 Y 4,005 Y 3,516 Y 113,195 - Y 113,195
Intersegment 15,805 189 27 235 16,256 Y (16,256) -
Total 107,601 14,067 4,032 3,751 129,451 (16,256) 113,195
Operating 96,299 15,047 4,473 2,996 118,815 (15,785) 103,030
expenses
Operating income Y 11,302 Y (980) Y (441) Y 755 Y 10,636 Y (471) Y 10,165
(loss)
Year ended Asia
March 31, 2002 Japan Americas Europe /Oceania Total Eliminations Consolidated
(Millions of Yen)
Net revenue:
Customers Y 177,618 Y 26,002 Y 19,320 Y 2,640 Y 225,580 - Y 225,580
Intersegment 31,446 2,860 6 199 34,511 Y (34,511) -
Total 209,064 28,862 19,326 2,839 260,091 (34,511) 225,580
Operating 185,089 30,438 14,944 2,695 233,166 (25,673) 207,493
expenses
Operating income Y 23,975 Y (1,576)) Y 4,382 Y 144 Y 26,925 Y (8,838)) Y 18,087
(loss)
Six months ended Asia
September 30, Japan Americas Europe /Oceania Total Eliminations Consolidated
2002
(Thousands of U.S. Dollars)
Net revenue:
Customers $ 748,744 $ 113,197 $ 32,667 $28,679 $ 923,287 - $ 923,287
Intersegment 128,915 1,542 220 1,917 132,594 $ (132,594) -
Total 877,659 114,739 32,887 30,596 1,055,881 (132,594) 923,287
Operating 785,473 122,732 36,484 24,438 969,127 (128,752) 840,375
expenses
Operating income $ 92,186 $ (7,993) $ (3,597) $ 6,158 $ 86,754 $ (3,842) $ 82,912
(loss)
For the purpose of presenting its operations in geographic areas above,
Konami and its subsidiaries attribute revenues from external customers to
individual countries in each area based on where products are sold and services
are provided.
13. Commitments and Contingencies
Konami and its subsidiaries are subject to pending claims and
litigation. Management, after review and consultation with counsel, considers
that any liability from the disposition of such lawsuits would not have a
material adverse effect on the consolidated financial condition and results of
operations of Konami.
Konami and its subsidiaries have placed firm orders for purchases of
property, plant and equipment and other assets amounting to approximately Y1,544
million ($12,594 thousand) as of September 30, 2002.
14. Subsequent Events
On June 20, 2002, Konami's shareholders approved a subscription-rights
option plan and the grant of subscription rights exercisable for an aggregate of
up to 2,200,000 ordinary shares of Konami to directors and employees of Konami
and its subsidiaries at an exercise price of Y3,640 per share. On October 16,
2002, subscription rights for 1,787,900 ordinary shares were granted under this
plan. These subscription rights will vest in three equal installments beginning
on July 1, 2004 through June 30, 2007. Konami has accounted for the subscription
rights according to APB No. 25 and FIN No. 44 and has record no compensation
expense as there was no intrinsic value to the subscription rights at the date
of grant.
5. Summary of Non-consolidated Financial Results
for the Six Months Ended September 30, 2002
(Prepared in Accordance with Japanese GAAP)
November 28, 2002
KONAMI CORPORATION
Stock code number: 9766
Shares listed: Tokyo Stock Exchange, Osaka Securities Exchange,
New York Stock Exchange, London Stock Exchange and Singapore Exchange
Address of head office: Tokyo, Japan
Representative: Kagemasa Kozuki, Representative Director and CEO
Contact: Noriaki Yamaguchi, Representative Director and CFO (Phone: 03-5220-0163)
URL: http://www.konami.com
Date of Board Meeting to
approve the financial November 28, 2002
results:
Date of commencement of
interim dividend payment: November 29, 2002
Adoption of
interim dividend system: Yes
Adoption of
unit trading system: Yes (1 unit: 100 shares)
1. Financial Results for the Six Months Ended September 30, 2002
(1) Results of Operations
(Figures truncated)
Net Year-on-year Operating Year-on-year Ordinary Year-on-year
revenues change income change income change
(Y million) (%) (Y million) (%) (Y million) (%)
Six months ended Y54,433 19.2 Y4,740 22.1 Y5,701 35.3
September 30,
2002
Six months ended 45,682 (31.3) 3,882 (74.8) 4,214 (72.6)
September 30,
2001
Year ended 123,283 N/A 11,083 N/A 11,792 N/A
March 31, 2002
Year-on-year Net income
Net income change per share
(Y million) (%) (Y)
Six months ended Y3,909 81.9 Y31.91
September 30, 2002
Six months ended 2,149 (75.5) 16.69
September 30, 2001
Year ended 8,675 N/A 67.96
March 31, 2002
Notes:
1. Weighted-average common shares outstanding
Six months ended September 30, 2002: 122,503,419 shares
Six months ended September 30, 2001: 128,737,488 shares
Year ended March 31, 2002: 127,647,120 shares
2. Change in accounting policies: None
3. Change (%) of net revenues, operating income, ordinary income and net income
represents the percentage change of the increase or decrease compared to the
same period of the previous year.
(2) Dividends
Cash dividends per share
Interim Annual
(Y) (Y)
Six months ended September 30, 2002 Y19.00 -
Six months ended September 30, 2001 27.00 -
Year ended March 31, 2002 - Y54.00
(3) Financial Position
Total shareholders' Equity-assets Total shareholders'
Total assets equity ratio equity per share
(Y million) (Y million) (%) (Y)
September 30, 2002 Y190,493 Y122,271 64.2 Y1,014.80
September 30, 2001 210,911 144,525 68.5 1,122.63
March 31, 2002 208,896 132,573 63.5 1,065.01
Notes:
Number of shares outstanding
September 30, 2002: 120,488,459 shares
September 30, 2001: 128,737,431 shares
March 31, 2002: 124,479,815 shares
Number of treasury stock
September 30, 2002: 8,249,107 shares
September 30, 2001: 135 shares
March 31, 2002: 4,257,751 shares
2. Financial Forecast for the Year Ending March 31, 2003
Ordinary Net Cash dividends per share
Net revenues income income Year-end Annual
(Y million) (Y million) (Y million) (Y) (Y)
Year ending March 31, 2003 N/A N/A N/A Y35.00 Y54.00
Notes:
1. Non-consolidated financial forecast for the year ending March 31, 2003 is not disclosed.
2. Annual cash dividends per share may change depending on the consolidated net income for the year, since
the targeted total amount of cash dividends is 30% or more of consolidated net income.
6. Non-consolidated Financial Statements
(1) Non-consolidated Balance Sheets (Unaudited)
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
% % %
ASSETS
CURRENT ASSETS:
Cash and cash equivalents Y53,692 Y23,892 Y36,389
Trade notes receivable - 32 163
Trade accounts receivable 27,375 24,482 35,383
Inventories 4,878 5,704 4,246
Short-term loans receivable 8,832 10,935 8,400
Other 8,999 11,257 9,607
Allowance for bad debts (10 ) (245 ) (13 )
Total current assets 103,768 49.2 76,059 39.9 94,176 45.1
FIXED ASSETS (Note 1):
Tangible fixed assets 9,543 8,913 9,038
Buildings 4,848 4,491 4,636
Land 3,488 3,488 3,488
Other 1,206 933 914
Intangible fixed assets 1,180 1,417 1,178
Investments and other assets 96,420 104,103 104,501
Investment securities 93,762 101,608 101,850
Other 2,657 2,494 2,650
Total fixed assets 107,143 50.8 114,434 60.1 114,719 54.9
TOTAL ASSETS Y 210,911 100.0 Y190,493 100.0 Y 208,896 100.0
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
% % %
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade notes payable (Note 4) Y7,772 Y5,843 Y7,856
Trade accounts payable 5,357 7,313 9,146
Income taxes payable 1,486 1,577 6,387
Other (Notes 3 and 4) 3,362 5,380 4,741
Total current liabilities 17,978 8.5 20,114 10.6 28,130 13.4
LONG-TERM LIABILITIES:
Straight bonds 45,000 45,000 45,000
Liability for directors'
retirement
Benefits 1,344 1,350 1,346
Long-term deposits received 633 327 414
Allowance for loss incurred 1,430 1,430 1,430
by a subsidiary
Total long-term liabilities 48,408 23.0 48,107 25.2 48,191 23.1
Total liabilities 66,386 31.5 68,222 35.8 76,322 36.5
SHAREHOLDERS' EQUITY:
Common Stock 47,398 22.5 - - 47,398 22.7
Additional Paid-in Capital 47,106 22.3 - - 47,106 22.6
Legal Reserve 2,163 1.0 - - 2,163 1.0
Retained Earnings 47,856 22.7 - - 50,907 24.4
Voluntary earned surplus 42,107 - 42,107
Unappropriated earned surplus 5,749 - 8,800
Treasury Stock (0 ) (0.0 ) - - (15,003 ) (7.2 )
Total shareholders' equity 144,525 68.5 - - 132,573 63.5
SHAREHOLDERS' EQUITY:
Common Stock - - 47,398 24.9 - -
Additional Paid-in Capital - - 47,106 24.7 - -
Retained Earnings - - 53,417 28.0 - -
Legal Reserve - 2,163 -
Voluntary earned surplus - 44,301 -
Unappropriated earned surplus - 6,951 -
Treasury Stock - - (25,651 ) (13.4 ) - -
Total shareholders' equity - - 122,271 64.2 - -
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY Y 210,911 100.0 Y190,493 100.0 Y208,896 100.0
(2) Non-consolidated Statements of Income (Unaudited)
(Millions of yen)
Six months ended Six months ended Year ended
September 30, 2001 September 30, 2002 March 31, 2002
% % %
Net revenues Y45,682 100.0 Y54,433 100.0 Y123,283 100.0
Cost of revenues 33,909 74.2 42,486 78.1 97,690 79.2
Gross profit 11,772 25.8 11,946 21.9 25,592 20.8
Selling, general and administrative 7,890 17.3 7,206 13.2 14,508 11.8
expenses
Operating income 3,882 8.5 4,740 8.7 11,083 9.0
Non-operating income (Note 1) 780 1.7 1,709 3.1 1,485 1.2
Non-operating expenses (Note 2) 448 1.0 747 1.4 776 0.6
Ordinary income 4,214 9.2 5,701 10.5 11,792 9.6
Extraordinary income (Note 3) 60 0.1 0 0.0 3,049 2.5
Extraordinary losses (Note 4) 700 1.5 83 0.2 874 0.7
Income before income taxes 3,574 7.8 5,618 10.3 13,967 11.4
Income taxes:
Current 1,297 1,931 7,612
Deferred 127 (222 ) (2,320 )
Total income taxes 1,425 3.1 1,708 3.1 5,291 4.3
Net income 2,149 4.7 3,909 7.2 8,675 7.1
Unappropriated earned surplus 3,600 3,042 3,600
carried forward
Interim cash dividends - - 3,475
Unappropriated earned surplus Y5,749 Y6,951 Y8,800
Basis of Presentation
The accompanying interim non-consolidated financial statements of the Company have been prepared in
accordance with accounting principles generally accepted in Japan.
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 or
obligation is amortized over 13 years.
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, 2002 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
1. Accounting for treasury stock and reversal of legal reserve
Effective from this interim period, the Company adopted 'Accounting Standard on Treasury Stock and
Reversal of Legal Reserves' (Accounting Standard Board statement No. 1), which was issued by Accounting
Standard Board of Japan. The effect of adoption on the Company' net income was immaterial.
Due to revision of 'Regulations Concerning the Terminology, Forms and Preparation Methods of interim
Financial Statements,' the Company discloses shareholders' equity section of its balance sheet as of
September 30, 2002 in accordance with the revised regulation.
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, 2001 September 30, 2002 March 31, 2002
Accumulated depreciation of
tangible fixed assets Y6,604 Y6,766 Y6,782
2. The Company guarantees subsidiaries' loans payable to financial institutions
as follows:
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
Konami Capital, Inc. Y4,188 - Y2,398
Konami of America, Inc 1,528 Y245 319
(US$ 12,800 thousand) (US$ 2,000 thousand) (US$ 2,400 thousand)
Konami Gaming, Inc. 727 1,851 1,830
(US$ 6,090 thousand) (US$ 15,100 thousand) (US$ 13,740 thousand)
Total Y6,443 Y2,096 Y4,548
3. Net amount of consumption tax payable and consumption tax to be refunded is included in 'Other' of 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, 2001 and March 31, 2002, was a holiday for financial institutions, the
following matured trade notes are included in each ending balance.
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
Trade notes payable Y1,491 - Y1,615
Trade notes payable for capital - - 3
expenditures
Notes to Statements of Income
1. Non-operating income consists mainly of the following:
Six months ended September 30, 2001: Dividend income: Y660 million, Interest income: Y29 million
Six months ended September 30, 2002: Dividend income: Y1,628 million, Interest income: Y4 million
Year ended March 31, 2002: Dividend income: Y981million, Interest income: Y47 million
Foreign exchange gains: Y243 million
2. Non-operating expenses consist mainly of the following:
Six months ended September 30, 2001: Bond issue expenses: Y242 million, Bond interest expenses: Y125
million
Six months ended September 30, 2002: Bond interest expenses: Y200 million, Foreign exchange losses:
154 million, Related expenses for NYSE listing: Y366 million
Year ended March 31, 2002: Bond issue expenses: Y318 million, Bond interest expenses: Y325
million
3. Extraordinary income consists mainly of the following:
Six months ended September 30, 2001: -
Six months ended September 30, 2002: -
Year ended March 31, 2002: Gain on sale of investments in subsidiaries: Y1,754 million,
Gain on transfer of a business of a subsidiary to an affiliated
company: Y1,145 million, Gain on transfer of intellectual
property rights: Y149 million
Note:
Extraordinary income for the six months ended September 30, 2002 and 2001 did not include any items
significant enough to require separate disclosure.
4. Extraordinary losses consist mainly of the following:
Six months ended September 30, 2001: Loss on impairment of investments in subsidiaries: Y693 million
Six months ended September 30, 2002: Loss on disposal of buildings: Y56 million,
Loss on disposal of tools, furniture and fixtures: Y22 million
Year ended March 31, 2002: Loss on impairment of investments in subsidiaries: Y843 million
5. Depreciation expense for each period is as follows:
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
Tangible fixed assets Y415 Y323 Y827
Intangible fixed assets 199 211 401
Leases
Finance leases other than those deemed to transfer ownership of leased property
to the lessee:
1. Acquisition cost, accumulated depreciation, and ending balance of leased
assets
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
Acquisition Accumulated Ending Acquisition Accumulated Ending Acquisition Accumulated Ending
Cost depreciation balance Cost depreciation balance Cost depreciation balance
Tangible
fixed Y1,161 Y364 Y797 Y1,511 Y750 Y761 Y1,222 Y553 Y669
assets
-other
Total Y1,161 Y364 Y797 Y1,511 Y750 Y761 Y1,222 Y553 Y669
2. Obligations under finance leases
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
Due within one year Y374 Y455 Y412
Due after one year 430 341 286
Total Y804 Y796 Y699
3. Lease payments, depreciation expense and interest expense
(Millions of yen)
Six month ended Six month ended Year ended
September 30, 2001 September 30, 2002 March 31, 2002
Lease payments Y205 Y225 Y411
Depreciation expense 197 216 395
Interest expense 10 9 20
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 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:
(Millions of yen)
September 30, 2001 September 30, 2002 March 31, 2002
Balance Balance Balance
sheet Market sheet Market sheet Market
amount value Differences amount value Differences amount value Differences
Investments Y69,770 Y64,990 Y(4,779) Y70,327 Y74,513 Y4,185 Y70,327 Y91,364 Y21,036
in
subsidiaries
Investments 8,686 17,197 8,510 11,905 22,191 10,286 11,905 23,076 11,171
in
affiliated
companies
Total Y78,457 Y82,188 Y3,731 Y82,233 Y96,705 Y14,471 Y82,233 Y114,441 Y32,208
Subsequent Events
The Company's shareholders approved a subscription-rights option plan and the grant of subscription rights at the
shareholders' general meeting held on June 20, 2002. The subscription rights under this plan were granted on October
16, 2002. The terms and conditions are summarized as follows:
1. Issue date of the subscription rights October 16, 2002
2. Type and number of shares subject to the 1,787,900 common shares of the Company
subscription rights
(Number of shares subject to each subscription
right is 100 shares)
3. Amount to be paid upon exercise of the subscription Y364,000 (Y3,640 per share)
rights
4. Aggregate amount of shares to be issued or Y6,507,956,000
transferred through the exercise of the
subscription rights
5. Amount which will not be capitalized by the Y1,820 per share
issuance of new shares through the exercise of the
subscription rights
6. Period in which the subscription rights may be July 1, 2004 to June 30, 2007
exercised
7. Type and number of shares under subscription rights Not exceeding 2,200,000 common shares of the
Company
8. Exercise price Y3,640 per share
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