|
<br />12
<br />
<br />'95
<br />
<br />'96
<br />
<br />'97
<br />
<br />o
<br />
<br />4
<br />
<br />6
<br />
<br />2
<br />
<br />'93
<br />
<br />
<br />'94
<br />
<br />'95
<br />
<br />'96
<br />
<br />'97
<br />
<br />3.000
<br />
<br />8
<br />
<br />10
<br />
<br />("to)
<br />
<br />5.000
<br />
<br />
<br />Share
<br />Number of Shareholders
<br />Number of Employees
<br />
<br />Cash Dividends per
<br />
<br />(Yen
<br />Net ,.
<br />Shareholders' Equity per Share
<br />
<br />Capital
<br />
<br />R&D Expenditure
<br />
<br />'ncome per Share
<br />
<br />Expenditure
<br />
<br />17.36
<br />222.56
<br />6.00
<br />22,409
<br />1,569
<br />
<br />10,718
<br />6,264
<br />
<br />Total Assets
<br />
<br />Return on Equity
<br />
<br />R&D Expenditure
<br />
<br />of sales to net sales fell by 1.2 percentage points to
<br />66.2%. Gross profit totaled \134,242 million (USS276
<br />
<br />Current assets declined by 6.7% to \176,948 million
<br />(USS620 million). This was accounted for by
<br />repayment of borrowings, which resulted in a drop
<br />
<br />sales was 1.8%, an increase of 0.2 percentage points.
<br />Cost of sales was \167,046 million (USS540 million),
<br />an increase of 2.5% over FY96, while the ratio of cost
<br />
<br />Fiscal Year
<br />(Millions of Yen)
<br />Net Sales
<br />Operating Income
<br />Net Income
<br />Total Assets
<br />Shareholders' Equity
<br />
<br />Shareholders' Equity Ratio (%)
<br />
<br />Return on Equity (%)
<br />
<br />30.8
<br />8.02
<br />
<br />129,283
<br />39,855
<br />
<br />14.06
<br />210.50
<br />5.00
<br />21,814
<br />1,561
<br />
<br />135,380
<br />37,695
<br />27.8
<br />6.83
<br />12,807
<br />5,784
<br />
<br />22,034
<br />1,611
<br />
<br />9.87
<br />201.72
<br />5.00
<br />
<br />12~639
<br />3~ln
<br />~5
<br />4~
<br />~5n
<br />~~
<br />
<br />8.47
<br />197.09
<br />5.00
<br />23,462
<br />1,666
<br />
<br />31.1
<br />4.34
<br />9,476
<br />5,467
<br />
<br />5.00
<br />23,593
<br />1,696
<br />
<br />12,22
<br />193.91
<br />
<br />11,168
<br />5,796
<br />
<br />13
<br />
<br />113,567
<br />35,294
<br />
<br />115,543
<br />34,725
<br />30.1
<br />6.40
<br />
<br />101,288
<br />9,338
<br />3,109
<br />
<br />97,098
<br />8,066
<br />2,517
<br />
<br />93,987
<br />6,860
<br />769
<br />
<br />88,311
<br />5,556
<br />1.516
<br />
<br />92,432
<br />7,007
<br />2,189
<br />
<br />percentage points,
<br />Net sales of the Agricultural Division amounted to
<br />Y50,381 million (USS406 million), up 3,2% over
<br />FY96. Despite the increase in sales, the Agricultural
<br />Division's share of total net sales declined by 0.5
<br />percentage points to 49.7%. Domestic sales of both
<br />agrochemicals and fertilizers increased despite the
<br />harsh business environment prevailing in the
<br />nation's agricultural industry. Export sales,
<br />particularly to North America and Asia, grew
<br />considerably, while those to Europe remained steady.
<br />The share of export sales to total divisional sales rose
<br />by 0.7 percentage points to 25.2%.
<br />Net sales of the Pharmaceuticals Division totaled
<br />\11,819 million (US$15 million), up 19.0% over FY96.
<br />The Pharmaceuticals Division's share of total net
<br />
<br />(IFY96").
<br />By division, net sales of the Chemicals Division
<br />totaled \149,087 million (USS396 million), up 5.0%
<br />over FY96. Sales of high-performance specialty
<br />chemicals were particularly strong, resulting in
<br />increases both in domestic and export sales. Active
<br />demand from Asian countries pushed up the share of
<br />export sales to total divisional sales by 0.7 percentage
<br />points to 17.0%. The Chemicals Division's share of
<br />total net sales was 48,5%, an increase of 0.3
<br />
<br />million (USSl,042 million),
<br />Total assets for FY96 registered an extraordinary
<br />increase attributable to an issuance of guaranteed
<br />notes with warrants, and the decline in the current
<br />to their
<br />
<br />term is explained by total assets returning
<br />normal level.
<br />
<br />Five-year Summary
<br />
<br />1997
<br />
<br />1996
<br />
<br />1995
<br />
<br />1994
<br />
<br />1993
<br />
<br />Operating Results
<br />For the fiscal year ended March 31,1997 ("FY97"),
<br />Nissan Chemical posted non-consolidated net sales
<br />of \1101,288 million
<br />4.3% over the fiscal
<br />
<br />Financial Review
<br />
<br />
<br />(USS816 million), an increase of
<br />year ended March 31, 1996
<br />
<br />e
<br />
<br />Financial Position
<br />Total assets as
<br />
<br />percentage points to 3.1%.
<br />Net income per share was \117.36 (USSO.14), up
<br />Y3.30 over FY96. ROE rose by 1.2 percentage points
<br />to 8.0%, The cash dividend per share was \16.00
<br />(USSO.05), an increase of \11.00 over FY96.
<br />ratio decreased by 1
<br />
<br />Other expenses posted a slight increase over FY96
<br />to Y2,198 million (US$18 million). Income before
<br />income taxes totaled \17,140 million (USS58 million),
<br />up 20.7% over FY96. Net income was \13,109 million
<br />(USS25 million), an increase of 23.5% over FY96. The
<br />ratio of net income to net sales rose by 0.5
<br />
<br />million), up 8.1 % over FY96. Selling, general, and
<br />administrative expenses increased by 5.4% to
<br />Y24,904 million (USS201 million).
<br />Nissan Chemical takes a two-pronged approach to
<br />increasing sales: vigorously promoting sales activities
<br />and concentrating on the development of high
<br />value-added products. At the same time, the
<br />Company makes every effort to reduce costs. As a
<br />result, operating income rose by 15.8% to \19,338
<br />million (US$75 million), while the ratio of operating
<br />income to net sales improved from 8.3% in FY96 to
<br />9.2%.
<br />
<br />of the end of FY97 stood at Y129,283
<br />down 4.5% from FY96.
<br />
<br />Payout
<br />.0 percentage points to 34.6%.
<br />
<br />Cash Flow Analysis
<br />Among cash flows from operating activities, net
<br />income was \13,109 million (USS25 million), up
<br />23.5% over FY96. Depreciation and amortization
<br />increased by 17,8% to \16,522 million (USS53
<br />
<br />million), a drop of 10.6% from FY96. Long-term
<br />liabilities decreased by 5.0% to \135,417 million
<br />(USS285 million). Total liabilities stood at \189,428
<br />million (USS721 million), down 8.5% from FY96.
<br />Shareholders' equity rose by 5.7% to \139,855
<br />million (USS321 million). Shareholders' equity ratio
<br />was 30.8%, up 3.0 percentage points, while
<br />shareholders' equity per share was \1222.56
<br />(USS1.79), compared with Y21O.50 for FY96.
<br />
<br />million (USSI40 million).
<br />Total property, plant and equipment was down lust
<br />0.9% to \132,986 million (USS266 million).
<br />Deferred assets, discount on bonds issued,
<br />by 39.9% to \11,055 million (USS9 million)
<br />Current liabilities totaled \154,011 million
<br />
<br />FY96.
<br />Among cash flows from financing activities, short-
<br />term bank loans decreased by \11,640 million (US$13
<br />million), and long-term bank loans decreased by
<br />\11,827 million (US$15 million). As a result, net cash
<br />used in financing activities totaled \14,461 million
<br />(USS36 million), an increase of \18,086 million.
<br />Cash and marketable securities as of the end of
<br />a
<br />
<br />FY97 stood at Y9,233 million
<br />decrease of \110,745 million.
<br />
<br />(US$74 million),
<br />
<br />(US$435
<br />
<br />declined
<br />
<br />e
<br />
<br />"
<br />
<br />in cash and time deposits of 67.3% to \14,585
<br />million (US$37 million). Inventories, on the other
<br />hand, increased by 23.4% to \117,884 million
<br />(US$144 million).
<br />Investments and advances rose by 2.5% to,\117,329
<br />
<br />e
<br />
<br />million). There were decreases in notes and accounts
<br />receivable of \1837 million (US$7 million), in
<br />inventories of Y3,390 million (US$27 million), and
<br />in notes and accounts payable of \15,002 million
<br />(USS40 million). Consequently, net cash provided
<br />by operating activities amounted to \163 million
<br />(US$0.5 million) after additions to and subtractions
<br />from net income of those items that are charged for
<br />or credited to income not requiring funds, and those
<br />items that arise as a result of operations. This
<br />represented a drastic decline of \113,155 million
<br />from net cash for FY96 of \113,178 million.
<br />Among cash flows from investing activities, net
<br />cash used in investing activities amounted to \16,347
<br />million (US$51 million), down \12,707 million from
<br />
<br />e
<br />
|