Consolidated Financial Statements
For the Six-Month Period Ended September 30, 2001 		November 15, 2001


Nissho Iwai Corporation
Listed Stock Exchange: The first sections of Tokyo, Osaka, and Nagoya Stock Exchange
Headquarters: Osaka, Tokyo
Securities Code: No. 8063
Contact Information: Seiichi Aoki, General Manager, Public Relations Dept.
Tel. (03) 5520-2400
Board of Directors' Meeting: November 15, 2001


1. Consolidated Business Results for the Six-Month Period Ended September 30, 2001
(1) Results of Operations
  Net Sales Operating Income Recurring Profit
Millions of Yen % Millions of Yen % Millions of Yen %
September 30, 2001 2,704,759 - 18.0 26,705 - 7.0 13,928 - 13.0
September 30, 2000 3,298,876 - 12.1 28,727 37.8 16,017 - 0.9
March 31, 2001 6,474,402   62,253   39,063  

  Net Income EPS EPS(Diluted)
Millions of Yen % Yen Yen
September 30, 2001 4,209 - 25.1 4.81 4.59
September 30, 2000 5,623 - 6.43 6.09
March 31, 2001 20,041   22.92 21.59
Notes:
1. Equity in earnings of unconsolidated subsidiaries and affiliates during the current interim period :  -1,329 million yen
preceding interim period
 :  -4,729 million yen
last fiscal year
 :  -6,535 million yen
2. Average number of outstanding shares during the current interim period :  874,432,404 shares
 
preceding interim period
 :  874,427,319 shares  
 
last fiscal year
 :  874,430,543 shares  
3. Changes in accounting policies during the period: YES
4. Percentages indicate changes in net sales, operating income, recurring profit and net income
compared with the preceding interim period.

(2) Financial Position
  Total Assets Shareholders' Equity Shareholders' Equity
Ratio		 BPS
Millions of Yen Millions of Yen % Yen
September 30, 2001 3,308,173 101,000 3.1 115.50
September 30,2000 3,806,695 112,627 3.0 128.80
March 31, 2001 3,613,977 120,276 3.3 137.55
Note:
 
Number of outstanding shares at the end of the current interim period
:  874,433,402 shares
preceding interim period 
 :  874,427,097 shares
last fiscal year 
 :  874,431,407 shares
 
(3) Cash Flows
  Cash Flows from
Operating Activities		 Cash Flows from
Investing Activities		 Cash Flows from
Financing Activities		 Cash and Cash Equivalents
at End of Period
Millions of Yen Millions of Yen Millions of Yen Millions of Yen
September 30, 2001 1,170 106,159 - 110,313 273,771
September 30, 2000 63,789 209,807 - 232,036 340,627
March 31, 2001 132,977 308,448 - 470,305 274,909
 
(4)   Items Related to Consolidation and Application of Equity Method
  Consolidated subsidiaries : 333
  Unconsolidated subsidiaries under Equity Method :   17
  Unconsolidated affiliates under Equity Method : 167  
  Total : 517

(5)   Changes in the Scope of Consolidation and Application of Equity Method
  Consolidated companies   Added : 10
    Removed : 27
  Equity method   Added : 12
    Removed : 15

2. Consolidated Business Projections for the Fiscal Year Ending March 31, 2002
  Net Sales Recurring Profit Net Income
Millions of Yen Millions of Yen Millions of Yen
Fiscal year ending
March 31, 2002		 5,300,000 35,000 12,000
Reference: Projected EPS for the fiscal year ending March 31, 2002: 13.72 yen

This report contains forward-looking statements, which reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those projected in the forward-looking statements due to factors such as changing economic environment, exchange rate fluctuations, M&A activities, and changes in competitive conditions as well as government regulations and litigation.

Note: Nissho Iwai Corporation and its consolidated domestic subsidiaries maintain their accounts and records in accordance with the provisions set forth in the Japanese Commercial Code and the Securities and Exchange Law and in conformity with accounting principles and practices generally accepted in Japan. The above statements are translated into English for the convenience of the readers outside Japan.

Consolidated Financial Statements
Non-Consolidated Financial Statements
To Our Stakeholders
Business Results (Consolidated)
Outlook for Fiscal Year 2001 (Consolidated)

Although due care has been taken to ensure data accuracy, under no circumstances will Nissho Iwai Corporation be liable for any direct, indirect, special, incidental, consequential, or other damages based on any use of this financial report.


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