Interim Results

Maruwa Co Ld 05 November 2003 5 November 2003 MARUWA CO., LTD. 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN FOR IMMEDIATE RELEASE Nagoya- MARUWA CO., LTD. today announced its consolidated business results for the first half of fiscal 2004, the six-month period ended 30 September, 2003 is as follows; *The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. *US dollar amounts are converted for convenience only at the rate of US$1 = 118.08 yen. *Consolidated subsidiaries: 5 companies 1. Summary of Consolidated Results (1) Summary of consolidated statement of income JPY million JPY million USD thousand ---------- ---------- ------- ----------- For six-month For six-month For six-month period ended period ended period ended 30th Sept. 30th Sept. Change % 30th Sept. 2003 2002 2003 ---------- ---------- ------- ------------ Net sales 5,723 5,430 5.4% 48,470 Operating income 128 272 -52.9% 1,081 Income before income taxes 224 227 -1.3% 1,895 Net income 115 139 -17.3% 973 JPY USD Net income per share 10.45 12.62 0.10 (2) Summary of consolidated financial condition JPY million JPY million USD thousand ---------- ---------- ------- ----------- As of 30th As of 30th Change % As of 30th Sept. Sept. Sept. 2003 2002 2003 ---------- ---------- ------- --------- Total Assets 26,750 26,447 1.1% 226,538 Shareholders' equity 23,520 23,746 -1.0% 199,184 Shareholders' equity ratio 87.9% 89.8% -2.1% 87.9% JPY USD Shareholders' equity per 2,139.55 2,160.06 18.10 share (3) Summary of consolidated statement of cash flows JPY million JPY million USD thousand ---------- ---------- ------- ----------- For six-month For six-month For six-month period ended period ended period ended 30th Sept. 30th Sept. Change % 30th Sept. 2003 2002 2003 ---------- ---------- ------- --------- Cash flows from operating 1,125 975 15.4% 9,527 activities Cash flows from investing (432) (358) -- (3,657) activities Cash flows from financing (155) (245) -- (1,316) activities Cash and cash equivalents 5,782 5,841 -1.0% 48,969 at the end of the period 2. Projections Consolidated earnings forecast for full fiscal 2004 ending 31st March 2004 JPY million Net sales 11,600 Net income 300 *Cautionary statements: the above forecasts are forward-looking statements involving risks and uncertainties. Due to a number of factors, actual results may differ significantly from these estimates. 3. Management Policies (1) Basic management policy 'MARUWA OF CERAMIC MATERIAL TECHNOLOGY' is MARUWA's corporate vision. MARUWA strives to enhance the corporate value by following consistently 'quality first' policy, which entails constant technological innovation and to meet the expectations of all the stakeholders including shareholders, customers, and employees as well as local communities. Under this vision, it is MARUWA's management policy to survive among severe business competition by reinforcing its core business with 'selection and concentration' strategy, building up a highly profitable structure, and boosting the share of the global niche markets. (2) Dividend policy The basic principle of MARUWA's dividend policy is to share profits stably with shareholders. Dividend ratio will be determined based on the comprehensive assessment of the financial conditions and operation results. At the same time, as stated in the basic management policy, the company continues aggressive investment on R&D activities, especially on technological innovation, to fill the needs from the market. As for retained earnings, MARUWA considers effective uses, while keeping high availability, to promote further improvements of the corporate structure so that MARUWA meets market needs more appropriately and promptly. (3) The number of shares per unit MARUWA's basic policy for company shares is to increase liquidity at the stock market since the company is currently on a growth phase. Based on this policy, MARUWA lowered the number of shares per unit to 100 in August 1999 to increase the accessibility of shares for individual investors. As a result, the number of total shareholders doubled from 2,800 in August 1999 to 6,059 in September 2003, proving that the individual shareholder base was successfully broadened. (4) Business strategy and management issues As for management issues, MARUWA is determined to make intensive and collective efforts on management objectives set our as plain as possible, taking advantage of small corporate size that is right for company-wide efforts. In regard to manufacturing, the company started to focus on 'reduction of production lead- time' in fiscal 2003. This effort has been continued in fiscal 2004 to promote its effect. It is MARUWA's primary commitment to meet resiliently the needs from the electronic components market that are dynamically shifting to high-mix low- volume production and quick delivery along with electronics' progress in multi- functioning, downsizing, and shortening the life-cycles. MARUWA has enhanced the manufacturing system for prompt supply of products by improving manufacturing process and inventory control in addition to reducing lead-time. In fiscal 2003, 'material technological innovation' is adopted as a new commitment. This means to enhance MARUWA's core competence, material technology, in order to survive among both severe price competition to come centered around China and quality competition with rivals. MARUWA focuses on the reconstruction of the flexible material-manufacturing system and the R&D system that is directly linked to the needs from the market. Regarding management, the paradigm-shift is currently progressing from management with emphasis on consolidated operating income to management that values consolidated cash flows. MARUWA, as a growing company, is not focusing only on the amount of profits that the company gains, but on the structural strength of the company as a manufacturer. According to this policy, MARUWA builds up itself as a strong company by introducing indicators for asset efficiency in each production division and enhancing human resources development. In addition, M&A is considered as an important strategy for further growth of the company, and is continuously planned especially for material technological development. MARUWA holds larger amounts of retained earnings than other companies do, but this purposes to deal with M&A issues timely and successfully with adequate funds. (5) Corporate governance policy and current issues MARUWA's corporate governance policy is also based on the company's primary commitment to respond to the rapidly changing market and to realize flexible management. Taking advantage of small corporate size, every each production division was reorganized as a mini-company in order to foster greater profitability of a division and swift communication of the management's decisions throughout a division. The reorganization leads to realize open and transparent management system, including division-based evaluation. In addition, the term of company directors was cut to one year for greater exercise of directorship with clear roles and responsibilities. MARUWA is determined to continue to enhance the corporate governance for more transparent and open management as a global company. Review of Operations and Financial Condition I. Interim Operating Results JPY million Previous Current ----------------------------------------------------------------- 1Q 2Q 3Q 4Q 1Q 2Q ------ ------ ------ ------ ------ ------ Net sales 2,797 2,633 2,445 2,462 2,852 2,871 Operating income 102 170 16 19 43 84 Net income 92 47 15 (49) 54 60 JPY million Previous Current Previous Current -------------------------------------------------------------------------------- For six-month For six-month For six-month For fiscal year peiod ended peiod ended peiod ended 2003 2004 30th Sept. 2002 31st Mar. 2003 30th Sept. 2003 (forecast*) --------------- -------------- --------------- --------- ------------ Net sales 5,430 4,907 5,723 10,337 11,600 Operating income 272 35 128 307 640 Net income 139 (34) 115 105 300 *Issued on 9 May 2003. (1) Review of operations In this term, electronic components market showed a strong recovery in Asia as well as a recovery trend at global markets. Especially, information communications equipment and digital devices became the drivers in Asian markets while computerization of automobile-related parts has been promoted. On the other hand, however, markets require prompt response at components' level since multi-functioning, miniaturization and integration of end products are promoted at an accelerating pace. Also, cost pressure at components level from users is becoming severer with acceleration of the domestic deflation and brisk Chinese market. At MARUWA, corporate management policy was more clarified that the Company achieves profits by expanding global market shares that are already high in the core businesses such as Circuit Ceramics and Machinery Ceramics and by such profits continually invensts in research and developement activities for the growing businesses such as Radio Frequency Products and EMC Components. As a result, net sales in the first half of this year ended in 5,723 million yen, a slight increase of 293 million yen (5.4%) compared with the previous interim result. In comparison with net sales of the second half of the previous year, 4,907 million yen, net sales increased 816 million yen (16.6%), showing that sales are generally on a recovery trend. As for profits, operating income decreased 144 million yen compared to the previous interim result to 128 million yen because the transition and restructuring costs for MARUWA TFG Co., Ltd. (former TOKYO FINE GLASS, the name was changed in June 2003), a new consolidated subsidiary after acquiring all the shares in March 2003, worked as a negative factor. Net income was 115 million yen, a decrease of 24 million yen compared to the first half of the last year. There is no important item for other income and loss. In addition, the Company previously forecasted that MARUWA TFG Co., Ltd. would become profitable in the second half of this fiscal year; however, the subsidiary already turned into black and is expected to contribute to overall corporate profits in the next six months period in this year. Meanwhile, interim dividend will be 7.00 yen per share. (2) Review of interim operating results by product divisions Consolidated sales results by product divisions JPY million Previous Current ----------------------------------------------------------------- 1Q 2Q 3Q 4Q 1Q 2Q ------- ------- ------ ------- ------- ------- Circuit Ceramics 1,194 1,157 1,137 1,194 1,239 1,288 Machinery Ceramics 326 407 288 264 637 673 RF Products 421 334 262 251 253 203 EMC Components 856 735 758 753 723 660 ------- ------- ------ ------- ------- ------ Total 2,797 2,633 2,445 2,462 2,852 2,824 JPY million Previous Current Previous Current ------------------------------------------------------------------------------- For six-month For six-month For six-month For fiscal year period period period ended 30th ended 31st ended 30th 2003 2004 Sept. 2002 Mar. 2003 Sept. 2003 (forecast*) ------------- -------------- ------------- ------ ----------- Circuit Ceramics 2,351 2,331 2,545 4,682 5,056 Machinery Ceramics 733 552 1,308 1,285 2,219 RF Products 755 513 462 1,268 1,200 EMC Components 1,591 1,511 1,408 3,102 3,125 ------------- -------------- ------------- ------ ----------- Total 5,430 4,907 5,723 10,337 11,600 *Issued on 9 May 2003. Circuit Ceramics Circuit Ceramics include ceramic substrates for chip resistors which are essential for a wide range of electronic appliances, glazed ceramic substrates for thermal printer head (TPH) which are used for FAX or bar code label printers, large ceramic substrates for hybrid ICs, and Aluminium Nitride for power modules and automobiles. Total sales of this division were 2,545 million yen, an increase of 193 million yen (8.3%) compared with the first half period of the last year. The first quarter enjoyed solid demand mainly for ceramic high value-added or 1005-sized general-purpose ceramic substrates for resistors as the shift to high- functioning mobile phones became apparent in the Taiwan market in addition to favorable demand for Playstation 2. Since the second quarter, sales of Alumina substrates and Aluminum Nitride substrates for power modules have tended to increase. Also, substrates for resistors for PCs started to recover in Taiwan and Chinese markets. Machinery Ceramics Machinery Ceramics include quarts glass products mainly for semiconductor equipment, magnetic head-supporting blocks for personal computers, and ceramic facet valves. The products in this division require high precision process techniques. Quarts glass products sold well with the recovery of demand for semiconductor equipment. Although ceramics for supporting magnetic heads struggled amid a long inventory adjustment period at MARUWA's main customers, sales showed a recovery trend as orders restarted from the third quarter. As a result, total sales for the first half of this year were 1,308 million yen, an increase of 575 million yen (78.6%) compared with the previous year's first half result. Radio Frequency Products Radio Frequency Products include dielectric ceramic filters for mobile phones, base stations and GPS (global positioning system,) electronic devices such as VCO (voltage controlled oscillator) for mobile phones and other wireless communication appliances, and thin film substrates for optical information devices and communications. Dielectric ceramics for filters are greatly affected by fluctuations in demand at mobile phone parts manufacturers. Orders remained flat throughout the first half period of this year that put us into a difficult condition; in the second half period, however, sales are on a moderate recovery trend as there were orders to new antenna-related products. As for device products, the market of VCOs for mobile phones has contracted due to the shift in the market since the second quarter. Currently sales are recovered by VCOs for general use including wireless communications while sales expansion for LTCC multi-layer ceramic substrates is planned. Sales of thin film substrates are increasing as DVD devices grew due to recovery of the optical information market from the second quarter. As a result, total interim sales are 462 million yen, a decrease of 293 million yen (38.8%) compared to the previous interim result. EMC Components EMC Components include EMI filters for circuit-protection against electromagnetic waves, chip varistors as a solution for noise/surge, and multi- layer ceramic capacitors of high-voltage high-capacitance types mainly used for digital cameras and power supply of computers. Chip varistors sold well for customer products and communications from the second quarter, expanding other applications. Multi-layer ceramic capacitors are supplied as strobe parts of digital cameras that have kept good demands. In this first half period, MARUWA had a tough time of switching characteristics among the market where multi-functioning and downsizing of capacitors were promoted. Although sales decreased especially in the Taiwan market, improvement measures at the material level successfully progressed in addition to a sales expansion plan for the semiconductor equipment market in the second half period. Total sales were 1,408 million yen, a decrease of 183 million yen (11.5%) compared to the previous interim result. II. Outlook of the Full Fiscal 2004 In regard to outlook for full fiscal year, at the electronic components market, laptop PCs recovered boldly and kept favorable sales; as for mobile phones, colorization started in a full swing in Europe, and mass production of high- function mobile devices has been expanded. In household appliances markets, DVD devices and digital cameras increased replacement demand with further high functioning of such products. In automobile industry, computerization was accelerated as well as such trend for mechanical components. Amid both full recovery of the entire electronic components market and speeding up deflation trend, MARUWA considers that it is required to achieve results by responding promptly to changing market needs rather than to seek for volume efficiency. For this purpose, the company intends to deal accurately with orders of small lots or quick delivery, taking maximum advantage of the small, practical corporate size. Circuit Ceramics had favorable sales since the second quarter thanks to a brisk laptop PCs market and demands regarding a shift to mobile phones with high functions. MARUWA will keep stable profits by improving response to new orders and enhancing global market shares. Machinery Ceramics are expected to recover with resumption of orders to magnetic head-supporting parts; quarts glass products, which have solid sales for semiconductor equipment, will expand sales including overseas. Radio Frequency Products will enhance a system for prompt supply targeting markets in Asia and Europe and promote to provide products developed at MARUWA or samples in small lot for the information communications industry. EMC Components are on increasing trend of orders from automobile components and customer electronics markets as well as digital cameras and mobile phones markets. Considering the above, operating results for full fiscal year are expected to exceed the f orecasts at May 2003 that net sales 11,600 million yen (an increase of 12% compared to the previous year), operating income 640 million yen (an increase of 109 %), and net income 300 million yen (an increase of 186 %). *Cautionary statements: the above forecasts are forward-looking statements involving risks and uncertainties. Due to a number of factors, actual results may differ significantly from these estimates. III. Financial Condition JPY million As of 30th As of 31st As of 30th Sept. 2002 Mar.2003 Sept. 2003 ---------- ---------- ---------- Total assets 26,447 26,880 26,750 Total liabilities 2,701 3,392 3,230 Total shareholders' equity 23,746 23,488 23,520 Shareholders' equity ratio 89.8% 87.4% 87.9% For six-month For six-month For six-month period period period ended 30th ended 31st ended 30th Sept. 2002 Mar. 2003 Sept. 2003 ------------- ------------- ------------- Net cash provided by 975 916 1,125 operating activities Net cash used in (358) (688) (432) investing activities Net cash used in (245) (768) (155) financing activities Cash and cash equivalents 5,841 5,291 5,782 at end of term Net sales 5,430 4,907 5,723 Capital investment 430 621 372 Depreciation 683 777 714 Total assets at the end of the first half of this year were 26,750 million yen, down 130 million yen compared to the end of the previous year. Cash and deposits increased 491 million yen while inventories decreased 311 million yen. Net property, plant and equipment declined 653 as the result of expenditure in selected areas. Considering operating results, MARUWA holds the relatively large amount of internal reserve and consequently high shareholders' ratio since the company aims to pursue high proactiveness and timely M&A strategies as important corporate growth strategies. Net cash provided from operating activities rose 150 million yen to 1,125 million yen from the previous interim result. For the first half of this year, income before income taxes was 224 million yen, a decrease of 33 million yen compared to the first half of the previous year while cash increased 256 million yen thanks to contraction of inventories and a decrease of accounts receivable. Depreciation cost increased 31 million yen to 714 million yen compared to the first half of the last year. Taxes paid were 59 million yen while cash increased 159 million yen due to the receipt of tax refunds for the first half of the previous year. Net cash used in investing activities totaled 432 million yen, up 74 million yen compared to the previous interim result. The majority of expenditure went to payments for the purchase and the renewal of property, plant and equipment, primarily metal molds both domestically and overseas worth a total of 358 million yen, up 67 million yen compared to the last year. Net cash used in financing activities amounted to 155 million yen, down 90 million yen compared to the first half of the previous year due especially to the payments for the long-term debt of 78 million yen and dividends paid of 78 million yen. Consequently, cash and cash equivalents at the end of the first half period of this year decreased 59 million yen compared to the previous interim result to 5,782 million yen. Consolidated Balance Sheet JPY million JPY million JPY million USD thousand --------- --------- ------- --------- ------- -------- As of As of As of As of 30th Sept. 30th Sept. 31st Mar. 30th Sept. 2003 2002 Change % 2003 Change % 2003 --------- --------- ------- --------- -------- --------- ASSETS Current assets: Cash & deposits 5,782 5,741 0.7% 5,291 9.3% 48,969 Notes and accounts 3,261 2,889 12.9% 3,249 0.4% 27,620 receivable, trade Inventories 3,536 3,451 2.5% 3,847 -8.1% 29,947 Other current assets 365 505 -27.7% 311 17.4% 3,079 Allowance for doubtful (1) (2) -- (2) -- (5) accounts --------- --------- --------- ---------- Total current assets 12,943 12,584 2.9% 12,696 1.9% 109,610 --------- --------- --------- ---------- Property, plant & equipment: Building & structures 3,597 3,701 -2.8% 3,789 -5.1% 30,461 Machinery & equipments 4,381 4,908 -10.7% 4,890 -10.4% 37,104 Land 2,536 2,471 2.6% 2,541 -0.2% 21,477 Other 591 586 0.9% 564 4.8% 5,003 Construction in progress 154 85 81.2% 128 20.3% 1,303 --------- -------- --------- ---------- Net property, plant & 11,259 11,751 -4.2% 11,912 -5.5% 95,348 equipment --------- -------- --------- ---------- Investment & other assets: Investment securities 630 580 8.6% 661 -4.7% 5,339 Other 1,918 1,532 25.2% 1,611 19.1% 16,241 --------- -------- --------- ---------- Total investments & 2,548 2,112 20.6% 2,272 12.1% 21,580 other assets --------- -------- --------- ---------- Total assets 26,750 26,447 1.1% 26,880 -0.5% 226,538 --------- -------- --------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes & accounts 482 711 -32.2% 489 -1.4% 4,083 payable, trade Accrued bonus 127 119 6.7% 136 -6.6% 1,076 Other 1,312 1,054 24.5% 1,326 -1.1% 11,113 -------- -------- -------- --------- Total current liabilities 1,921 1,884 2.0% 1,951 -1.5% 16,272 -------- -------- -------- --------- Long-term liabilities: Long-term debt 556 705 -21.1% 630 -11.7% 4,710 Accrued pension & 143 30 376.7% 139 2.9% 1,208 severance costs Other 610 82 643.9% 672 -9.2% 5,164 -------- -------- -------- --------- Total long-term liabilities 1,309 817 60.2% 1,441 -9.2% 11,082 -------- -------- -------- --------- Total liabilities 3,230 2,701 19.6% 3,392 -4.8% 27,354 -------- -------- -------- --------- Shareholders' equity: Common stock, authorized: 6,683 6,683 0.0% 6,683 0.0% 56,601 26,000,000 shares; issued & outstanding: 11,050,000 shares in 2002 Additional paid-in capital 9,710 9,710 0.0% 9,710 0.0% 82,236 Retained earnings 8,232 7,859 4.7% 7,748 6.2% 69,716 Net unrealized gains on 28 22 27.3% (7) -- 233 other securities Foreign currency (931) (327) -- (444) -- (7,891) translation adjustment Treasury stock, at cost (202) (201) -- (202) -- (1,711) -------- -------- -------- --------- Total shareholders' equity 23,520 23,746 -1.0% 23,488 0.1% 199,184 -------- -------- -------- --------- Total liabilities & 26,750 26,447 1.1% 26,880 -0.5% 226,538 -------- -------- -------- --------- shareholders' equity Consolidated Statements of Income JPY million JPY million USD thousand ----------- ----------- -------- ----------- Six-month Six-month Six-month period ended period ended period ended 30th Sept. 30th Sept. Change % 30th Sept. 2003 2002 2003 --------- -------- -------- ---------- Net sales 5,723 5,430 5.4% 48,470 Cost of sales 4,463 4,165 7.2% 37,800 --------- -------- --------- Gross profit 1,260 1,265 -0.4% 10,670 --------- -------- --------- Selling, general & 1,132 993 14.0% 9,589 administrative expenses --------- -------- --------- Operating income 128 272 -52.9% 1,081 --------- -------- --------- Other income (expenses): Interest & dividend income 5 2 150.0% 39 Interest expenses 8 8 0.0% 65 Foreign exchange gain 6 (63) -- 51 (loss), net Other, net 77 8 862.5% 659 --------- -------- --------- Other income, net 96 (45) -- 814 --------- -------- --------- Income before income taxes 224 227 -1.3% 1,895 Income taxes: Current 65 6 983.3% 552 Deferred 44 82 -46.3% 370 --------- -------- --------- 109 88 23.9% 922 --------- -------- --------- Net income 115 139 -17.3% 973 --------- -------- --------- Consolidated Statement of Cash Flows JPY million JPY million JPY million USD thousand --------- -------- -------- --------- ------------ Six-month Six-month Six-month period ended period ended Year ended period ended 30th Sept. 30th Sept. Change % 31st March 30th Sept. 2003 2002 2003 2003 --------- -------- -------- --------- ------------ Operating activities: Income before income taxes 224 227 -1.3% 233 1,895 Adjustments for: Depreciation 714 683 4.5% 1,460 6,044 Increase (decrease) in (1) (18) -- (13) (11) allowance for doubtful accounts Decrease in accrued 3 13 -76.9% 28 27 pension & severance costs Loss on disposal of 22 25 -12.0% 82 184 property, plant & equipment Interest & dividend income (6) (2) -- (6) (51) Foreign exchange (gain) loss 5 35 -85.7% 43 44 (Increase) decrease in (76) (476) -- (310) (641) notes & accounts receivable (Increase) decrease in 256 (18) -- (46) 2,164 inventories Increase (decrease) in 2 222 -99.1% (66) 21 accounts payable Other 42 131 -67.9% 375 358 Sub total 1,185 822 44.2% 1,780 10,034 --------- -------- --------- --------- Interest & dividend income 6 2 200.0% 7 52 received Interest expenses paid (7) (8) -- (15) (63) Income taxes paid (refund) (59) 159 -- 119 (496) --------- -------- --------- --------- Net cash provided by 1,125 975 15.4% 1,891 9,527 --------- -------- --------- --------- operating activities Investment activities: Payments for purchase of (358) (291) -- (783) (3,032) property, plant & equipment Proceeds from sales of 21 58 -63.8% 88 178 property, plant & equipment Payments for purchase of (26) (108) -- (267) (217) investment securities Acquisition of new subsidiary -- (16) -- -- -- Acquisition of new -- -- (55) -- consolidated subsidiary Increase in intangible fixed (103) -- -- (33) (872) assets Other 34 (1) -- 4 286 --------- -------- --------- --------- Net cash used in investing (432) (358) -- (1,046) (3,657) --------- -------- --------- --------- activities Financing activities: Payments of long-term (78) (168) -- (858) (663) debt Purchase of treasury stock 0 0 -- (1) (1) Cash dividends paid (77) (77) -- (154) (652) --------- -------- --------- --------- Net cash provided by (155) (245) -- (1,013) (1,316) --------- -------- --------- --------- (used in) financing activities Effect of exchange rate (47) (23) -- (33) (392) --------- -------- --------- --------- changes on cash & cash equivalents Net increase (decrease) in 491 349 40.7% (201) 4,162 cash & cash equivalents Cash and cash equivalents 5,291 5,492 -3.7% 5,492 44,807 at beginning of year --------- -------- --------- --------- Cash and cash equivalents 5,782 5,841 -1.0% 5,291 48,969 --------- -------- --------- --------- at end of the period Segment Information (1) Consolidated business segment information MARUWA's business is comprised of one segment. Therefore, segment breakdown is not applicable. (2) Consolidated geographic segment information JPY million JPY million USD thousand --------- -------- -------- --------- Six-month Six-month Six-month period ended period ended period ended 30th Sept. 30th Sept. Change % 30th Sept. 2003 2002 2003 --------- -------- -------- --------- JAPAN Net sales: Unaffiliated customers 4,316 3,798 13.6% 36,550 Intersegment 192 293 -34.5% 1,628 --------- -------- --------- Total 4,508 4,091 10.2% 38,178 Operating cost 4,267 3,715 14.9% 36,141 --------- -------- --------- Operating income (loss) 241 376 -35.9% 2,037 --------- -------- --------- ASIA Net sales: Unaffiliated customers 1,231 1,494 -17.6% 10,423 Intersegment 413 457 -9.6% 3,498 --------- -------- --------- Total 1,644 1,951 -15.7% 13,921 Operating cost 1,458 1,760 -17.2% 12,344 --------- -------- --------- Operating income (loss) 186 191 -2.6% 1,577 --------- -------- --------- EUROPE Net sales: Unaffiliated customers 176 138 27.5% 1,496 Intersegment 1 1 0.0% 6 --------- -------- --------- Total 177 139 27.3% 1,502 Operating cost 225 187 20.3% 1,910 --------- -------- --------- Operating income (loss) (48) (48) -- (408) --------- -------- --------- TOTAL Net sales: Unaffiliated customers 5,723 5,430 5.4% 48,470 Intersegment 606 751 -19.3% 5,132 --------- -------- --------- Total 6,329 6,181 2.4% 53,602 Operating cost 5,950 5,662 5.1% 50,395 --------- -------- --------- Operating income (loss) 379 519 -27.0% 3,207 --------- -------- --------- ELIMINATION Net sales: Total 606 751 -19.3% 5,132 Operating cost 355 504 -29.6% 3,006 --------- -------- --------- Operating income (loss) 251 247 1.6% 2,126 --------- -------- --------- CONSOLIDATED Net sales: Total 5,723 5,430 5.4% 48,470 Operating cost 5,595 5,158 8.5% 47,389 --------- -------- --------- Operating income (loss) 128 272 -52.9% 1,081 --------- -------- --------- (3) Net overseas sales by customer's geographic location JPY million JPY million JPY million USD thousand --------- -------- -------- ---------- --------- Six-month Six-month Six-month period ended period ended Year ended period ended 30th Sept. 30th Sept. Change % 31st March 30th Sept. 2003 2002 2003 2003 --------- -------- -------- ---------- --------- Overseas sales: Asia 2,294 2,603 -11.9% 4,925 19,426 Europe 128 114 12.3% 294 1,085 Others 170 120 41.7% 143 1,443 Total 2,592 2,837 -8.6% 5,362 21,954 Consolidated net sales 5,723 5,430 5.4% 10,337 48,470 % to consolidated net sales: Asia 40.1% 48.0% 47.7% Europe 2.2% 2.1% 2.8% Others 3.0% 2.2% 1.4% Total 45.3% 52.3% 51.9% *Overseas sales indicate net sales of the Company and its subsidiaries to customers outside Japan. *Countries are divided in geographical vicinity. *Main countries included in each area are indicated below; Asia - Malaysia, Taiwan, Korea, Hong Kong Europe - Germany, England Others - United States END. This information is provided by RNS The company news service from the London Stock Exchange GMGMDKVGFZG

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