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e Hideichi Takushima (left), Chairman, and Shira Kashiwagi, President e 1997 were as follows: both may be used to reduce or eliminate a deficit by resolution of the shareholders or may be transferred to stated capital (common stock) by resolution of the Board of Directors, US$ Thousands of 1997 $12,998 March, 1996 and At 31st March of Yen 1997 Yl,613 In accordance with provisions of the Commercial Code of Japan, the Company has provided a legal reserve as an appropriation of retained earnings. The Code provides that neither additional paid-in capital nor the legal reserve is available for dividends, but e for pension costs for the years ended 31st 13. Legal Reserve Millions 1996 n,634 ension costs income for 12. Pension Costs Charges to income es to Char 14. Contingent Liabilities structure our business operations to fulfi obligations in this field. In systematically carrying out these activities, we are also committed to maintain growth in both sales and profit, and meet the trust shareholders, customers and friends place in us. In this and a we request your our our endeavors, continued understanding and support. Outlook In 1996, we introduced a S-year medium-term management plan designed to prepare ourselves for business in the coming century. FY97 was the first year of the plan, and we succeeded in realizing most of our target figures. We intend to become a highly profitable, productive company "having a unique, internationally-competitive product lineup and a capability to accomplish a high level of profit, and providing training for employees to improve their skills." Our R&D activities provide the driving force 1996 and 1997, the Company had the following contingent liabilities: At 31st March Yen Thousands of US$ 1997 $18,807 1997 Y2,334 Millions of 1996 Y2,922 March, As guarantor of indebtedness of affiliated companies and others At 31 st dividends declared as applicable to the year. Net assets per share is based on the number of shares outstanding at year-end. of 15. Amounts per Share Net income per share is based on the weighted average number shares of common stock outstanding during the year. Cash dividends per share attributable to the period 1997, were as follows: 1996 and March, represent Amounts per share of net income and cash dividends for the years ended 31st ~ /e--; t-:-~ J-ht~eJ--: Hideichi Tokushima Chairman reqUIred to achieve our goals. We will promote development of new products by increasing investment in R&D. Fully aware that a global marketing strategy is extremely important for the future, we established Nissan Chemical Houston Corporation (NCHC) in 1996. The US$ 1997 $0.140 0.048 1997 Y17.36 6.00 Yen 1996 Y14.06 5.00 Net income Cash dividends respectively. 793) 1997 were Y210.50 ($1.696) and ~222,56 ($1 Net assets per share for 1996 and 3 1<R;d ~~ Shiro Kashiwagi President new company will start production of organosilicasol in August 1997. In today's business environment, corporations which wish to sustain their growth must earn the respect and trust of society. To this end, we are promoting "Responsible Care" activities designed to natura and 1997. meeting held on 27th June, were approved at a shareholders' 16. Subsequent Event The following appropriations of retained earnings environment, protect the global 'I " ,I " " I 'I US$ Thousands of $5,052 548 355 Millions of Yen Y627 68 44 auditors Cash dividends (Y3.50=$0.028 per share) Transfer to legal reserve Bonuses to directors and statutor 22