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| For the fiscal year
ended March 31, 2001, net sales (total trading transactions) decreased 11.1%
to ¥6,474.4 billion down ¥806.9 billion from the previous year,
owing to the Company's withdrawal from low-margin transactions with low
capital efficiency and reforms to the revenue structure by focusing on core
businesses, as outlined in the management policy described previously. By trade category, exports were down 16.7% to ¥797.6 billion due to fewer exports in the chemicals and machinery and information industries segment. Imports rose 7.2% to ¥1,420.3 billion as a result of higher imports in the energy segment. Offshore transactions declined 14.4% to ¥1,527.5 billion, mainly due to a decline in activity in the housing materials and general merchandise segment. Domestic transactions declined 15.1% to ¥2,729.0 billion, as activity decreased in the machinery and information industries as well as housing materials and general merchandise segments. By commodity category, energy grew 25.9%, while other segments declined: housing materials and general merchandise by 28.3%, machinery and information industries by 18.8%, chemicals by 15.2%, construction and urban development by 11.9%, consumer products by 9.6% and metals by 8.1%. Gross trading profit increased 7.5% (¥20.0 billion) to ¥287.7 billion, and the gross profit margin improved 0.76 percentage point to 4.44%. After deducting selling, general and administrative (SG&A) expenses, operating income amounted to ¥62.3 billion, an increase of 26.8%, or ¥13.2 billion, the highest on record for the Company. Recurring profit increased 21.9% (¥7.0 billion) to ¥39.1 billion, owing to the rise in operating income and a reduction of ¥3.4 billion in net interest expense. Owing to special measures taken for dealing with mark-to-market accounting rules and further efforts to reinforce our financial structure, extraordinary losses of ¥126.9 billion were booked, including investment securities revaluation losses of ¥33.8 billion, interest-rate swaps revaluation losses of ¥30.7 billion, provision for overseas doubtful receivables of ¥21.9 billion and a loss on translation of receivables and payables in foreign currencies of ¥6.5 billion. On the other hand, extraordinary profits of ¥118.7 billion were recorded mainly due to the sale of investment securities, which helped offset extraordinary losses to a net of ¥8.1 billion. Income before income taxes were ¥30.9 billion, and income taxes amounted to ¥10.9 billion, resulting in net income of ¥20.0 billion for the fiscal year under review. |
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| Consolidated Financial Statements Non-Consolidated Financial Statements To Our Stakeholders Business Results (Consolidated) Outlook for Fiscal Year 2001 (Consolidated) |
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