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<br />It ~
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<br />fA_. :';':;"",.,0 .....
<br />.1 ~..........
<br />
<br />
<br />
<br />
<br />525,052
<br />
<br />548
<br />346
<br />(5,230)
<br />
<br />1997
<br />
<br />52,554
<br />2,256
<br />
<br />1995
<br />
<br />Yl.769
<br />
<br />4,481
<br />455
<br />473
<br />(6)
<br />(71)
<br />(575)
<br />
<br />e
<br />
<br />Millions of Yen
<br />
<br />(3)
<br />(27)
<br />(1,798)
<br />
<br />\12,517
<br />
<br />5,535
<br />318
<br />
<br />1996
<br />
<br />NON-CONSOLIDATED ST,eMENTS OF CASH FLOWS
<br />
<br />Y3,109
<br />
<br />6,522
<br />280
<br />
<br />68
<br />43
<br />(649)
<br />
<br />1997
<br />
<br />NISSAN CHEMICAL INDUSTRIES, LTD.
<br />Years ended March 31,1997,1996 and 1995
<br />
<br />Operating activities
<br />
<br />Net income
<br />Adjustments to reconcile net income to net cash
<br />provided by operating ,activities:
<br />Depreciation and amortization..................
<br />Loss on disposal of fixed assets ..................
<br />Loss on sales of investments in securities..
<br />Reversal of allowance for doubtful receivables
<br />Reversal of accrued bonuses
<br />Other, net
<br />
<br />Soji Takahashi, Managing Director
<br />
<br />Changes in operating assets and liabilities:
<br />Notes and accounts receivable
<br />Inventories
<br />
<br />South Korea, China, and Vietnam. We expect a
<br />growth in demand for agrochemicals in Asian
<br />countries that are pursuing higher yield rates
<br />and safety as well as labor saving. The potential
<br />market in Asia, especially in China and
<br />Thailand, is huge. We will, of course, face
<br />severe competition, but we are planning to
<br />develop markets for our agrochemical products
<br />by taking advantage of their unique
<br />characteristics. In China, our joint venture has
<br />so far been engaged in the repackaging of
<br />products manufactured in Japan. We have now
<br />obtained permission from the Chinese
<br />government to begin formulation operations in
<br />1997, and this will enable us to increase the
<br />share of local production.
<br />
<br />scale commercialization. Our SANMITE
<br />acaricide is already renowned in the Japanese
<br />and European markets. We completed
<br />registration of SANMITE acaricide in the United
<br />States in May 1997, and anticipate strong sales
<br />
<br />(6,745)
<br />(27,317)
<br />(6,213)
<br />(40,306)
<br />2,176
<br />3,384
<br />508
<br />
<br />917
<br />596
<br />520
<br />406
<br />157
<br />5
<br />9,127
<br />
<br />(164)
<br />(1,009)
<br />720
<br />
<br />3,657
<br />1,429
<br />2,003
<br />13,178
<br />
<br />(837)
<br />(3,390)
<br />(771)
<br />(5,002)
<br />270
<br />420
<br />63
<br />
<br />Other current assets
<br />Notes and accounts payable
<br />
<br />Accrued income taxes
<br />Accrued expenses and other current liabilities
<br />Net cash provided by operating activities
<br />
<br />in the coming years.
<br />Our field test site for agrochemicals in Indiana,
<br />U.S., which we acquired in 1994, handles research
<br />and testing of products suitable for use with
<br />local crops. We will design our strategy to
<br />market new products based on the research and
<br />test results obtained there.
<br />
<br />(45,649)
<br />
<br />(21,564)
<br />
<br />(3,564)
<br />62
<br />(7,628)
<br />
<br />(6,024)
<br />2
<br />(4,278)
<br />
<br />(5,665)
<br />
<br />(2,676)
<br />
<br />Investing activities
<br />
<br />Additions to property, plant and equipment
<br />Proceeds from sales of fixed assets.................
<br />Payments for investments in securities and advances
<br />Proceeds from sales of investments in securities and
<br />collections of advances
<br />
<br />marketing strategies
<br />
<br />QoCan you describe your
<br />in other markets?
<br />
<br />12,264
<br />3,803
<br />{Sl,I44)
<br />
<br />5,023
<br />(113)
<br />(6,220)
<br />
<br />1,183
<br />63
<br />(9,054)
<br />
<br />1,522
<br />472
<br />(6,347)
<br />
<br />net
<br />Net cash used in investing activities
<br />
<br />Other,
<br />
<br />Sales Breakdown by
<br />Country (FY97)
<br />Agricultural Div.
<br />
<br />
<br />(%)
<br />
<br />Changes in Export Ratio
<br />Agricultural Div.
<br />
<br />36
<br />
<br />A.In western Europe, the market has
<br />stabilized since the 1992 stagnation resulting
<br />from the Common Agricultural Policy. This
<br />market accounts for 12% of our total
<br />
<br />agrochemical exports. We have affiliate
<br />companies in France and Spain. We have
<br />launched product research and development in
<br />a field test site jointly operated with Philagro
<br />France. Our market development efforts have
<br />enabled us to achieve steady results, and we
<br />intend to build on this in the future.
<br />
<br />(13,215)
<br />(14,722)
<br />(7,220)
<br />(435)
<br />(355)
<br />(35,947)
<br />(86,583)
<br />160,983
<br />
<br />(2,485)
<br />9,363
<br />(896)
<br />(44)
<br />(494)
<br />5,444
<br />8,351
<br />3,878
<br />
<br />(4,265)
<br />7,683
<br />
<br />(896)
<br />(49)
<br />1,152
<br />3,625
<br />7,749
<br />12,229
<br />
<br />(1,640)
<br />(1,827)
<br />(896)
<br />(54)
<br />(44)
<br />(4,461)
<br />(10,745)
<br />19,978
<br />
<br />auditors
<br />
<br />net
<br />Net cash used in financing activities.
<br />(Decrease) in cash and marketable securities
<br />Cash and marketable securities at beginning of
<br />
<br />Financing activities
<br />
<br />Decrease in short-term bank loans
<br />Increase (Decrease) in long-term debt
<br />Cash dividends paid.......
<br />Bonuses to directors and
<br />Other,
<br />
<br />statutory
<br />
<br />year
<br />Cash and marketable securities at end of year
<br />
<br />Increase
<br />
<br />
<br />27
<br />
<br />we are boosting our
<br />mainly in Poland,
<br />
<br />In eastern Europe,
<br />marketing operations,
<br />Ukraine and Russia.
<br />
<br />574,400
<br />
<br />Yl2,229
<br />
<br />Yl9,978
<br />
<br />Y9,233
<br />
<br />The accompanying notes are an integral part of these statements.
<br />
<br />18
<br />
<br />7
<br />
<br />Ii 5,498 Million
<br />Ii 3,341 Million
<br />Ii 1,442 Million
<br />Ii 998 Million
<br />Ii 1,417 Million
<br />
<br />North America
<br />Asia
<br />Western Europe
<br />Eastern Europe
<br />Others
<br />
<br />CJ
<br />CJ
<br />I!!!!I
<br />o
<br />.
<br />
<br />'97
<br />
<br />'96
<br />
<br />'95
<br />
<br />'94
<br />
<br />'93
<br />
<br />9
<br />
<br />
<br />o
<br />
<br />The Asian market accounts for 25% of OIJr
<br />total agrochemical exports, with sales of SIRIUS
<br />herbicide for paddy rice particularly strong in
<br />
<br />18
<br />
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