Financials

Kanebo: FYE Mar 2007 and ten years of results (37 metrics)

FYE Mar 2007 · Revenue¥6.8bnYoY −95.1%

FYE Mar 2007 · Operating profit-¥1.5bn

FYE Mar 2007 · Net profit¥16bn

FYE Mar 2007 · Equity ratio91.7%YoY +45.6pp

FYE Mar 2007 · Group employees48YoY −1,772

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 1998Consolidated	¥579bn	n/a	n/a	n/a	n/a	¥0.5bn	Ito Junji	—
FYE Mar 1999Consolidated	¥537bn	−7.2%	n/a	n/a	n/a	¥1.6bn	Ito Junji	Hoashi Takashi becomes president; a three-year 10 per cent pay cut for 15,000 union members
FYE Mar 2000Consolidated	¥568bn	+5.8%	n/a	n/a	n/a	¥3.1bn	Ito Junji	Prescription drugs sold to Nippon Organon; consolidated ordinary profit back in surplus
FYE Mar 2001Consolidated	¥555bn	−2.3%	n/a	n/a	n/a	¥12bn	Ito Junji	—
FYE Mar 2002Consolidated	¥534bn	−3.9%	n/a	n/a	n/a	¥0.0bn	Ito Junji	Trading name changed to Kanebo, written in katakana
FYE Mar 2003Consolidated	¥518bn	−2.8%	n/a	n/a	n/a	¥0.5bn	Ito Junji	—
FYE Mar 2004Consolidated	¥456bn	−12.1%	n/a	n/a	n/a	n/a	Ito Junji	Interim results point to a consolidated net-asset shortfall of about ¥63bn
FYE Mar 2005Consolidated	¥269bn	−41.1%	¥1.6bn	n/a	0.6%	¥315bn	Ito Junji	Talks with Kao broken off; the Industrial Revitalization Corporation backs the whole group
FYE Mar 2006Consolidated	¥139bn	−48.1%	-¥0.1bn	−103.8%	-0.0%	-¥2.2bn	—	Shares delisted in June; cosmetics sold to Kao for about ¥410bn in December
FYE Mar 2007Consolidated	¥6.8bn	−95.1%	-¥1.5bn	n/a	-21.4%	¥16bn	Komori Tetsuo	The three core businesses transferred to a fund consortium for ¥43.4bn

How it compares

Nisshinbo Holdings¥502bnFY2025Operating margin 5.3%Toyobo¥422bnFY2025Operating margin 6.6%Seiren¥172bnFY2025Operating margin 12.1%Kurabo Industries¥144bnFY2025Operating margin 6.4%

GUNZE LIMITED¥131bnFY2025Operating margin 3.7%

Nikke (Japan Wool Textile)¥119bnFY2025Operating margin 10.0%Unitika¥119bnFY2025Operating margin 8.9%Nitto Boseki¥118bnFY2025Operating margin 17.6%Fujibo Holdings¥46bnFY2025Operating margin 17.7%

SHIKIBO LTD.¥45bnFY2025Operating margin 2.2%

KaneboDelisted 2005

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2007 ¥6.8bn

CAGR · 10 yrs −39.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 1998	579	n/a	Cons. · Japanese GAAP
FYE Mar 1999	537	−7.2%	Cons. · Japanese GAAP
FYE Mar 2000	568	+5.8%	Cons. · Japanese GAAP
FYE Mar 2001	555	−2.3%	Cons. · Japanese GAAP
FYE Mar 2002	534	−3.9%	Cons. · Japanese GAAP
FYE Mar 2003	518	−2.8%	Cons. · Japanese GAAP
FYE Mar 2004	456	−12.1%	Cons. · Japanese GAAP
FYE Mar 2005	269	−41.1%	Cons. · Japanese GAAP
FYE Mar 2006	139	−48.1%	Cons. · Japanese GAAP
FYE Mar 2007	6.8	−95.1%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2007 ¥3.5bn

CAGR · 3 yrs −85.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	173	n/a	Cons. · Japanese GAAP
FYE Mar 2006	83.2	−52.0%	Cons. · Japanese GAAP
FYE Mar 2007	3.5	−95.8%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2007 ¥3.3bn

CAGR · 3 yrs −81.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	95.1	n/a	Cons. · Japanese GAAP
FYE Mar 2006	56.2	−40.9%	Cons. · Japanese GAAP
FYE Mar 2007	3.3	−94.2%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2007 ¥4.8bn

CAGR · 3 yrs −77.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	93.5	n/a	Cons. · Japanese GAAP
FYE Mar 2006	56.3	−39.8%	Cons. · Japanese GAAP
FYE Mar 2007	4.8	−91.6%	Cons. · Japanese GAAP

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2007 -¥1.5bn

Average · 3 yrs ¥0.0bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-0.1	−103.8%	Cons. · Japanese GAAP
FYE Mar 2007	-1.5	n/a	Cons. · Japanese GAAP

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Mar 2007 ¥1.0bn

CAGR · 3 yrs −41.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2006	1.8	−39.8%	Cons. · Japanese GAAP
FYE Mar 2007	1.0	−43.3%	Cons. · Japanese GAAP

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2007 ¥1.1bn

CAGR · 3 yrs −72.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2006	5.8	−59.0%	Cons. · Japanese GAAP
FYE Mar 2007	1.1	−80.9%	Cons. · Japanese GAAP

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Ordinary profit keijo rieki

FYE Mar 2007 -¥1.6bn

Average · 7 yrs ¥6.3bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 1998	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 1999	10.6	+89.3%	Cons. · Japanese GAAP
FYE Mar 2000	19.2	+81.1%	Cons. · Japanese GAAP
FYE Mar 2001	23.8	+24.0%	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-9.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-1.6	n/a	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2007 ¥29bn

CAGR · 3 yrs −74.9%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	459	n/a	Cons. · Japanese GAAP
FYE Mar 2006	36.3	−92.1%	Cons. · Japanese GAAP
FYE Mar 2007	28.9	−20.3%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Mar 2007 ¥3.1bn

CAGR · 3 yrs −75.4%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	51.2	n/a	Cons. · Japanese GAAP
FYE Mar 2006	45.9	−10.2%	Cons. · Japanese GAAP
FYE Mar 2007	3.1	−93.3%	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2007 ¥16bn

CAGR · 9 yrs +53.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 1998	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 1999	1.6	+220.0%	Cons. · Japanese GAAP
FYE Mar 2000	3.1	+93.8%	Cons. · Japanese GAAP
FYE Mar 2001	11.6	+274.2%	Cons. · Japanese GAAP
FYE Mar 2002	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2003	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	315	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-2.2	−100.7%	Cons. · Japanese GAAP
FYE Mar 2007	15.7	n/a	Cons. · Japanese GAAP

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Mar 2007 48.2%

Average · 3 yrs 41.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	35.4	n/a	Cons. · Japanese GAAP
FYE Mar 2006	40.3	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2007	48.2	+7.9pp	Cons. · Japanese GAAP

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2007 -21.4%

Average · 3 yrs -7.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-0.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2007	-21.4	−21.4pp	Cons. · Japanese GAAP

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Ordinary margin

FYE Mar 2007 -23.0%

Average · 7 yrs -2.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 1998	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 1999	2.0	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2000	3.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2001	4.3	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-2.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2007	-23.0	−20.1pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2007 230.4%

Average · 9 yrs 38.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 1998	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 1999	0.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2000	0.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2001	2.1	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2002	0.0	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2003	0.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	117.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-1.6	−118.9pp	Cons. · Japanese GAAP
FYE Mar 2007	230.4	+232.0pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2007 51.8%

Average · 3 yrs 58.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	64.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	59.7	−4.9pp	Cons. · Japanese GAAP
FYE Mar 2007	51.8	−7.9pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2007 69.7%

Average · 3 yrs 48.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	34.8	n/a	Cons. · Japanese GAAP
FYE Mar 2006	40.4	+5.6pp	Cons. · Japanese GAAP
FYE Mar 2007	69.7	+29.3pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2007 ¥58bn

CAGR · 6 yrs −36.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	569	n/a	Cons. · Japanese GAAP
FYE Mar 2003	512	−10.1%	Cons. · Japanese GAAP
FYE Mar 2004	432	−15.7%	Cons. · Japanese GAAP
FYE Mar 2005	195	−54.7%	Cons. · Japanese GAAP
FYE Mar 2006	82.0	−58.0%	Cons. · Japanese GAAP
FYE Mar 2007	58.0	−29.3%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2007 ¥53bn

Average · 6 yrs -¥113bn

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	-195	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-218	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-357	n/a	Cons. · Japanese GAAP
FYE Mar 2005	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2006	37.8	+750.3%	Cons. · Japanese GAAP
FYE Mar 2007	53.2	+40.6%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2007 ¥0.0bn

Average · 3 yrs ¥19bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	52.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	5.3	−89.7%	Cons. · Japanese GAAP
FYE Mar 2007	0.0	−100.0%	Cons. · Japanese GAAP

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Mar 2007 ¥0.0bn

Average · 3 yrs ¥1.9bn

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2006	5.3	+2266.8%	Cons. · Japanese GAAP
FYE Mar 2007	0.0	−100.0%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2007 ¥0.0bn

Average · 3 yrs ¥17bn

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	51.7	n/a	Cons. · Japanese GAAP
FYE Mar 2006	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2007	0.0	n/a	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Mar 2007 ¥0.0m

Average · 3 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2007	0.0	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2007 ¥0.0bn

CAGR · 3 yrs −95.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	0.7	−47.3%	Cons. · Japanese GAAP
FYE Mar 2007	0.0	−99.5%	Cons. · Japanese GAAP

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Mar 2007 ¥0.0m

Average · 3 yrs ¥0.0m

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2007	0.0	n/a	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2007 91.7%

Average · 6 yrs -3.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	-34.3	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-42.6	−8.3pp	Cons. · Japanese GAAP
FYE Mar 2004	-82.8	−40.2pp	Cons. · Japanese GAAP
FYE Mar 2005	2.3	+85.1pp	Cons. · Japanese GAAP
FYE Mar 2006	46.1	+43.8pp	Cons. · Japanese GAAP
FYE Mar 2007	91.7	+45.6pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2007 0.0%

Average · 3 yrs 394.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	1,168.7	n/a	Cons. · Japanese GAAP
FYE Mar 2006	14.1	−1154.6pp	Cons. · Japanese GAAP
FYE Mar 2007	0.0	−14.1pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2007 29.5%

Average · 5 yrs 1,421.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	-0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-0.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	7,084.2	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-5.9	−7090.1pp	Cons. · Japanese GAAP
FYE Mar 2007	29.5	+35.4pp	Cons. · Japanese GAAP

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Mar 2007 27.1%

Average · 5 yrs 37.1%

Fiscal year	ROA %	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	0.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	161.2	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-2.7	−164.0pp	Cons. · Japanese GAAP
FYE Mar 2007	27.1	+29.8pp	Cons. · Japanese GAAP

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Mar 2007 0.12×

CAGR · 6 yrs −34.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 1998	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 1999	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	0.94	n/a	Cons. · Japanese GAAP
FYE Mar 2003	1.01	+8.1%	Cons. · Japanese GAAP
FYE Mar 2004	1.06	+4.2%	Cons. · Japanese GAAP
FYE Mar 2005	1.37	+30.2%	Cons. · Japanese GAAP
FYE Mar 2006	1.70	+23.7%	Cons. · Japanese GAAP
FYE Mar 2007	0.12	−93.1%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2007 -¥5.7bn

Average · 6 yrs -¥14bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	-8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-21.9	−593.3%	Cons. · Japanese GAAP
FYE Mar 2005	-13.5	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-40.5	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-5.7	n/a	Cons. · Japanese GAAP

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Mar 2007 -¥3.3bn

Average · 6 yrs ¥68bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	-5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2005	382	n/a	Cons. · Japanese GAAP
FYE Mar 2006	46.2	−87.9%	Cons. · Japanese GAAP
FYE Mar 2007	-3.3	−107.1%	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2007 -¥3.9bn

Average · 6 yrs -¥56bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-7.3	−165.3%	Cons. · Japanese GAAP
FYE Mar 2004	40.7	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-381	−1035.2%	Cons. · Japanese GAAP
FYE Mar 2006	1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-3.9	−379.3%	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2007 ¥1.9bn

CAGR · 6 yrs −35.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	16.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	8.4	−49.9%	Cons. · Japanese GAAP
FYE Mar 2004	19.5	+132.9%	Cons. · Japanese GAAP
FYE Mar 2005	7.5	−61.8%	Cons. · Japanese GAAP
FYE Mar 2006	14.7	+97.3%	Cons. · Japanese GAAP
FYE Mar 2007	1.9	−87.3%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2007 -¥8.9bn

Average · 6 yrs ¥54bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	-13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-29.5	n/a	Cons. · Japanese GAAP
FYE Mar 2005	369	n/a	Cons. · Japanese GAAP
FYE Mar 2006	5.7	−98.5%	Cons. · Japanese GAAP
FYE Mar 2007	-8.9	−256.7%	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2007 -83.0%

Average · 6 yrs -20.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	-1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2003	0.9	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2004	-4.8	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2005	-5.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2006	-29.1	−24.0pp	Cons. · Japanese GAAP
FYE Mar 2007	-83.0	−53.9pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Mar 2007 ¥1.9bn

Average · 3 yrs -¥11bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 1998	n/a	n/a	n/a
FYE Mar 1999	n/a	n/a	n/a
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2003	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2004	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-44.5	n/a	Cons. · Japanese GAAP
FYE Mar 2006	9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2007	1.9	−80.0%	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

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