Financials

Elpida Memory, Inc.: FYE Mar 2011 and ten years of results (42 metrics)

FYE Mar 2011 · Revenue¥514bnYoY +10.1%

FYE Mar 2011 · Operating profit¥36bnYoY +33.3%

FYE Mar 2011 · Net profit¥2.1bnYoY −32.1%

FYE Mar 2011 · Equity ratio32.5%YoY +4.7pp

FYE Mar 2011 · Group employees5,898YoY −201

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2002Consolidated	¥78bn	n/a	n/a	n/a	n/a	-¥27bn	—	Construction starts on the E300Fab 300mm plant, Hiroshima
FYE Mar 2003Consolidated	¥63bn	−19.2%	n/a	n/a	n/a	-¥26bn	Sakamoto Yukio	Share down to ~4%; parents refuse further equity
FYE Mar 2004Consolidated	¥100bn	+58.8%	n/a	n/a	n/a	-¥27bn	Sakamoto Yukio	Mitsubishi Electric’s DRAM business absorbed; E300 Area 1 in volume production
FYE Mar 2005Consolidated	¥207bn	+106.1%	¥15bn	n/a	7.3%	¥8.2bn	Sakamoto Yukio	Listed on the Tokyo Stock Exchange, First Section
FYE Mar 2006Consolidated	¥242bn	+16.7%	¥0.1bn	−99.0%	0.1%	-¥4.7bn	Sakamoto Yukio	First profitable year; E300 Area 2 starts up
FYE Mar 2007Consolidated	¥490bn	+102.9%	¥68bn	+47413.9%	14.0%	¥53bn	Sakamoto Yukio	—
FYE Mar 2008Consolidated	¥405bn	−17.3%	-¥25bn	−136.5%	-6.2%	-¥24bn	Sakamoto Yukio	Rexchip JV agreed with Powerchip; record ¥52.9bn net profit
FYE Mar 2009Consolidated	¥331bn	−18.4%	-¥147bn	n/a	-44.5%	-¥179bn	Sakamoto Yukio	DRAM falls from $6 to under 60 cents; Hiroshima subsidiary absorbed
FYE Mar 2010Consolidated	¥467bn	+41.1%	¥27bn	n/a	5.7%	¥3.1bn	Sakamoto Yukio	First company certified under the revised Industrial Revitalisation Act; ¥30bn from DBJ
FYE Mar 2011Consolidated	¥514bn	+10.1%	¥36bn	+33.3%	7.0%	¥2.1bn	Sakamoto Yukio	Two profitable years as prices recover

How it compares

Kioxia Holdings¥2.34tnFY2025Operating margin 37.2%Renesas Electronics¥1.32tnFY2025Operating margin 15.2%

Elpida Memory, Inc.Delisted 2012

Rohm¥481bnFY2025Operating margin 2.3%Socionext¥103bnFY2019Operating margin 6.2%Sanken Electric¥80bnFY2025Operating margin −5.9%

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 2011 ¥514bn

CAGR · 10 yrs +23.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2002	78.3	n/a	Cons. · Japanese GAAP
FYE Mar 2003	63.2	−19.2%	Cons. · Japanese GAAP
FYE Mar 2004	100	+58.8%	Cons. · Japanese GAAP
FYE Mar 2005	207	+106.1%	Cons. · Japanese GAAP
FYE Mar 2006	242	+16.7%	Cons. · Japanese GAAP
FYE Mar 2007	490	+102.9%	Cons. · Japanese GAAP
FYE Mar 2008	405	−17.3%	Cons. · Japanese GAAP
FYE Mar 2009	331	−18.4%	Cons. · Japanese GAAP
FYE Mar 2010	467	+41.1%	Cons. · Japanese GAAP
FYE Mar 2011	514	+10.1%	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 2011 ¥413bn

CAGR · 7 yrs +17.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
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	157	n/a	Cons. · Japanese GAAP
FYE Mar 2006	199	+27.0%	Cons. · Japanese GAAP
FYE Mar 2007	367	+84.7%	Cons. · Japanese GAAP
FYE Mar 2008	372	+1.3%	Cons. · Japanese GAAP
FYE Mar 2009	417	+12.1%	Cons. · Japanese GAAP
FYE Mar 2010	378	−9.4%	Cons. · Japanese GAAP
FYE Mar 2011	413	+9.2%	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 2011 ¥101bn

CAGR · 7 yrs +12.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
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	50.4	n/a	Cons. · Japanese GAAP
FYE Mar 2006	42.6	−15.5%	Cons. · Japanese GAAP
FYE Mar 2007	123	+187.9%	Cons. · Japanese GAAP
FYE Mar 2008	33.3	−72.8%	Cons. · Japanese GAAP
FYE Mar 2009	-86.1	−358.2%	Cons. · Japanese GAAP
FYE Mar 2010	89.0	n/a	Cons. · Japanese GAAP
FYE Mar 2011	101	+14.1%	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 2011 ¥66bn

CAGR · 7 yrs +10.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
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	35.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	42.4	+20.3%	Cons. · Japanese GAAP
FYE Mar 2007	54.2	+27.7%	Cons. · Japanese GAAP
FYE Mar 2008	58.3	+7.6%	Cons. · Japanese GAAP
FYE Mar 2009	61.3	+5.2%	Cons. · Japanese GAAP
FYE Mar 2010	62.1	+1.3%	Cons. · Japanese GAAP
FYE Mar 2011	65.7	+5.8%	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 2011 ¥36bn

CAGR · 7 yrs +15.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
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	15.1	n/a	Cons. · Japanese GAAP
FYE Mar 2006	0.1	−99.0%	Cons. · Japanese GAAP
FYE Mar 2007	68.4	+47413.9%	Cons. · Japanese GAAP
FYE Mar 2008	-24.9	−136.5%	Cons. · Japanese GAAP
FYE Mar 2009	-147	n/a	Cons. · Japanese GAAP
FYE Mar 2010	26.8	n/a	Cons. · Japanese GAAP
FYE Mar 2011	35.8	+33.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2011 ¥2.3bn

CAGR · 3 yrs −25.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2006	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2007	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2008	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2009	4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2010	2.4	−41.2%	Cons. · Japanese GAAP
FYE Mar 2011	2.3	−6.1%	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 2011 ¥24bn

CAGR · 3 yrs −2.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2006	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2007	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2008	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2009	25.5	n/a	Cons. · Japanese GAAP
FYE Mar 2010	17.0	−33.4%	Cons. · Japanese GAAP
FYE Mar 2011	24.2	+42.5%	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 2011 ¥14bn

Average · 10 yrs -¥19bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2002	-26.2	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-22.6	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-25.5	n/a	Cons. · Japanese GAAP
FYE Mar 2005	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-3.1	−128.8%	Cons. · Japanese GAAP
FYE Mar 2007	63.6	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-39.6	−162.3%	Cons. · Japanese GAAP
FYE Mar 2009	-169	n/a	Cons. · Japanese GAAP
FYE Mar 2010	12.3	n/a	Cons. · Japanese GAAP
FYE Mar 2011	13.9	+12.7%	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 2011 ¥5.7bn

CAGR · 3 yrs +65.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2006	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2007	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2008	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2009	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2010	1.9	−6.7%	Cons. · Japanese GAAP
FYE Mar 2011	5.7	+194.4%	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 2011 ¥2.8bn

CAGR · 3 yrs −55.6%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2006	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2007	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2008	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2009	14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2010	5.3	−62.3%	Cons. · Japanese GAAP
FYE Mar 2011	2.8	−47.6%	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 2011 ¥2.1bn

Average · 10 yrs -¥22bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2002	-26.6	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-26.1	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-26.9	n/a	Cons. · Japanese GAAP
FYE Mar 2005	8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-4.7	−157.3%	Cons. · Japanese GAAP
FYE Mar 2007	52.9	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-23.5	−144.5%	Cons. · Japanese GAAP
FYE Mar 2009	-179	n/a	Cons. · Japanese GAAP
FYE Mar 2010	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2011	2.1	−32.1%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2011 19.7%

Average · 7 yrs 12.6%

Fiscal year	Gross margin %	YoY	Basis
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	24.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	17.6	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2007	25.0	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2008	8.2	−16.8pp	Cons. · Japanese GAAP
FYE Mar 2009	-26.0	−34.2pp	Cons. · Japanese GAAP
FYE Mar 2010	19.1	+45.1pp	Cons. · Japanese GAAP
FYE Mar 2011	19.7	+0.7pp	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 2011 7.0%

Average · 7 yrs -2.4%

Fiscal year	Operating margin %	YoY	Basis
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	7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	0.1	−7.2pp	Cons. · Japanese GAAP
FYE Mar 2007	14.0	+13.9pp	Cons. · Japanese GAAP
FYE Mar 2008	-6.2	−20.1pp	Cons. · Japanese GAAP
FYE Mar 2009	-44.5	−38.4pp	Cons. · Japanese GAAP
FYE Mar 2010	5.7	+50.3pp	Cons. · Japanese GAAP
FYE Mar 2011	7.0	+1.2pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2011 2.7%

Average · 10 yrs -13.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2002	-33.4	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-35.8	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2004	-25.3	+10.4pp	Cons. · Japanese GAAP
FYE Mar 2005	5.2	+30.5pp	Cons. · Japanese GAAP
FYE Mar 2006	-1.3	−6.4pp	Cons. · Japanese GAAP
FYE Mar 2007	13.0	+14.3pp	Cons. · Japanese GAAP
FYE Mar 2008	-9.8	−22.8pp	Cons. · Japanese GAAP
FYE Mar 2009	-51.0	−41.2pp	Cons. · Japanese GAAP
FYE Mar 2010	2.6	+53.6pp	Cons. · Japanese GAAP
FYE Mar 2011	2.7	+0.1pp	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 2011 0.4%

Average · 10 yrs -14.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2002	-33.9	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-41.2	−7.3pp	Cons. · Japanese GAAP
FYE Mar 2004	-26.7	+14.5pp	Cons. · Japanese GAAP
FYE Mar 2005	4.0	+30.7pp	Cons. · Japanese GAAP
FYE Mar 2006	-1.9	−5.9pp	Cons. · Japanese GAAP
FYE Mar 2007	10.8	+12.8pp	Cons. · Japanese GAAP
FYE Mar 2008	-5.8	−16.6pp	Cons. · Japanese GAAP
FYE Mar 2009	-54.0	−48.2pp	Cons. · Japanese GAAP
FYE Mar 2010	0.7	+54.7pp	Cons. · Japanese GAAP
FYE Mar 2011	0.4	−0.3pp	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 2011 80.3%

Average · 7 yrs 87.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
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	75.7	n/a	Cons. · Japanese GAAP
FYE Mar 2006	82.4	+6.7pp	Cons. · Japanese GAAP
FYE Mar 2007	75.0	−7.4pp	Cons. · Japanese GAAP
FYE Mar 2008	91.8	+16.8pp	Cons. · Japanese GAAP
FYE Mar 2009	126.0	+34.2pp	Cons. · Japanese GAAP
FYE Mar 2010	80.9	−45.1pp	Cons. · Japanese GAAP
FYE Mar 2011	80.3	−0.7pp	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 2011 12.8%

Average · 7 yrs 14.9%

Fiscal year	SG&A ratio %	YoY	Basis
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	17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	17.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2007	11.1	−6.5pp	Cons. · Japanese GAAP
FYE Mar 2008	14.4	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2009	18.5	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2010	13.3	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2011	12.8	−0.5pp	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 2011 ¥879bn

CAGR · 10 yrs +35.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2002	57.1	n/a	Cons. · Japanese GAAP
FYE Mar 2003	96.6	+69.2%	Cons. · Japanese GAAP
FYE Mar 2004	301	+211.2%	Cons. · Japanese GAAP
FYE Mar 2005	498	+65.7%	Cons. · Japanese GAAP
FYE Mar 2006	568	+14.0%	Cons. · Japanese GAAP
FYE Mar 2007	762	+34.2%	Cons. · Japanese GAAP
FYE Mar 2008	754	−1.1%	Cons. · Japanese GAAP
FYE Mar 2009	965	+28.0%	Cons. · Japanese GAAP
FYE Mar 2010	947	−1.8%	Cons. · Japanese GAAP
FYE Mar 2011	879	−7.2%	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 2011 ¥286bn

CAGR · 10 yrs +45.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2002	9.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	42.6	+339.0%	Cons. · Japanese GAAP
FYE Mar 2004	81.2	+90.5%	Cons. · Japanese GAAP
FYE Mar 2005	195	+140.6%	Cons. · Japanese GAAP
FYE Mar 2006	191	−2.3%	Cons. · Japanese GAAP
FYE Mar 2007	370	+94.0%	Cons. · Japanese GAAP
FYE Mar 2008	348	−6.0%	Cons. · Japanese GAAP
FYE Mar 2009	167	−51.9%	Cons. · Japanese GAAP
FYE Mar 2010	264	+57.6%	Cons. · Japanese GAAP
FYE Mar 2011	286	+8.4%	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 2011 ¥337bn

CAGR · 7 yrs +16.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
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	139	n/a	Cons. · Japanese GAAP
FYE Mar 2006	188	+35.9%	Cons. · Japanese GAAP
FYE Mar 2007	180	−4.3%	Cons. · Japanese GAAP
FYE Mar 2008	280	+55.5%	Cons. · Japanese GAAP
FYE Mar 2009	495	+76.6%	Cons. · Japanese GAAP
FYE Mar 2010	439	−11.3%	Cons. · Japanese GAAP
FYE Mar 2011	337	−23.2%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2011 ¥0.0bn

Average · 7 yrs ¥0.6bn

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
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
FYE Mar 2008	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2009	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2010	1.5	−49.1%	Cons. · Japanese GAAP
FYE Mar 2011	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 2011 ¥196bn

CAGR · 7 yrs +22.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
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	58.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	68.4	+16.7%	Cons. · Japanese GAAP
FYE Mar 2007	40.2	−41.2%	Cons. · Japanese GAAP
FYE Mar 2008	120	+199.0%	Cons. · Japanese GAAP
FYE Mar 2009	332	+176.3%	Cons. · Japanese GAAP
FYE Mar 2010	333	+0.1%	Cons. · Japanese GAAP
FYE Mar 2011	196	−41.1%	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 2011 ¥141bn

CAGR · 7 yrs +9.9%

Fiscal year	Bonds ¥ bn	YoY	Basis
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	80.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	120	+50.0%	Cons. · Japanese GAAP
FYE Mar 2007	140	+16.7%	Cons. · Japanese GAAP
FYE Mar 2008	160	+14.4%	Cons. · Japanese GAAP
FYE Mar 2009	160	−0.0%	Cons. · Japanese GAAP
FYE Mar 2010	105	−34.4%	Cons. · Japanese GAAP
FYE Mar 2011	141	+34.6%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2011 ¥0.7bn

Average · 7 yrs ¥0.7bn

Fiscal year	Goodwill ¥ bn	YoY	Basis
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
FYE Mar 2008	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2009	1.4	−27.1%	Cons. · Japanese GAAP
FYE Mar 2010	1.1	−26.0%	Cons. · Japanese GAAP
FYE Mar 2011	0.7	−33.4%	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 2011 32.5%

Average · 10 yrs 33.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2002	17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	44.1	+27.1pp	Cons. · Japanese GAAP
FYE Mar 2004	27.0	−17.1pp	Cons. · Japanese GAAP
FYE Mar 2005	39.2	+12.2pp	Cons. · Japanese GAAP
FYE Mar 2006	33.6	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2007	48.5	+15.0pp	Cons. · Japanese GAAP
FYE Mar 2008	46.1	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2009	17.3	−28.8pp	Cons. · Japanese GAAP
FYE Mar 2010	27.8	+10.5pp	Cons. · Japanese GAAP
FYE Mar 2011	32.5	+4.7pp	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 2011 118.0%

Average · 7 yrs 125.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
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	71.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	98.7	+27.8pp	Cons. · Japanese GAAP
FYE Mar 2007	48.7	−50.0pp	Cons. · Japanese GAAP
FYE Mar 2008	80.6	+31.9pp	Cons. · Japanese GAAP
FYE Mar 2009	295.9	+215.2pp	Cons. · Japanese GAAP
FYE Mar 2010	166.5	−129.3pp	Cons. · Japanese GAAP
FYE Mar 2011	118.0	−48.5pp	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 2011 0.7%

Average · 10 yrs -46.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2002	-273.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-61.2	+212.5pp	Cons. · Japanese GAAP
FYE Mar 2004	-33.1	+28.1pp	Cons. · Japanese GAAP
FYE Mar 2005	4.2	+37.3pp	Cons. · Japanese GAAP
FYE Mar 2006	-2.5	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2007	14.3	+16.8pp	Cons. · Japanese GAAP
FYE Mar 2008	-6.8	−21.1pp	Cons. · Japanese GAAP
FYE Mar 2009	-106.9	−100.1pp	Cons. · Japanese GAAP
FYE Mar 2010	1.2	+108.1pp	Cons. · Japanese GAAP
FYE Mar 2011	0.7	−0.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2011 0.2%

Average · 10 yrs -9.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2002	-46.5	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-27.0	+19.5pp	Cons. · Japanese GAAP
FYE Mar 2004	-8.9	+18.1pp	Cons. · Japanese GAAP
FYE Mar 2005	1.6	+10.6pp	Cons. · Japanese GAAP
FYE Mar 2006	-0.8	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2007	6.9	+7.8pp	Cons. · Japanese GAAP
FYE Mar 2008	-3.1	−10.1pp	Cons. · Japanese GAAP
FYE Mar 2009	-18.5	−15.4pp	Cons. · Japanese GAAP
FYE Mar 2010	0.3	+18.9pp	Cons. · Japanese GAAP
FYE Mar 2011	0.2	−0.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2011 0.59×

CAGR · 10 yrs −9.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2002	1.37	n/a	Cons. · Japanese GAAP
FYE Mar 2003	0.65	−52.3%	Cons. · Japanese GAAP
FYE Mar 2004	0.33	−49.0%	Cons. · Japanese GAAP
FYE Mar 2005	0.42	+24.4%	Cons. · Japanese GAAP
FYE Mar 2006	0.43	+2.3%	Cons. · Japanese GAAP
FYE Mar 2007	0.64	+51.2%	Cons. · Japanese GAAP
FYE Mar 2008	0.54	−16.4%	Cons. · Japanese GAAP
FYE Mar 2009	0.34	−36.2%	Cons. · Japanese GAAP
FYE Mar 2010	0.49	+43.7%	Cons. · Japanese GAAP
FYE Mar 2011	0.59	+18.7%	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 2011 ¥173bn

Average · 10 yrs ¥35bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2002	-30.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-21.0	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-31.2	n/a	Cons. · Japanese GAAP
FYE Mar 2005	21.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	33.9	+61.4%	Cons. · Japanese GAAP
FYE Mar 2007	99.9	+194.9%	Cons. · Japanese GAAP
FYE Mar 2008	83.1	−16.8%	Cons. · Japanese GAAP
FYE Mar 2009	-48.4	−158.2%	Cons. · Japanese GAAP
FYE Mar 2010	65.6	n/a	Cons. · Japanese GAAP
FYE Mar 2011	173	+163.8%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2011 -¥111bn

Average · 10 yrs -¥113bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2002	-9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-47.3	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-50.9	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-161	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-183	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-137	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-260	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-75.5	n/a	Cons. · Japanese GAAP
FYE Mar 2010	-95.8	n/a	Cons. · Japanese GAAP
FYE Mar 2011	-111	n/a	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 2011 -¥60bn

Average · 10 yrs ¥90bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2002	41.9	n/a	Cons. · Japanese GAAP
FYE Mar 2003	68.1	+62.7%	Cons. · Japanese GAAP
FYE Mar 2004	189	+177.1%	Cons. · Japanese GAAP
FYE Mar 2005	219	+15.8%	Cons. · Japanese GAAP
FYE Mar 2006	69.5	−68.2%	Cons. · Japanese GAAP
FYE Mar 2007	90.6	+30.4%	Cons. · Japanese GAAP
FYE Mar 2008	111	+22.2%	Cons. · Japanese GAAP
FYE Mar 2009	140	+26.8%	Cons. · Japanese GAAP
FYE Mar 2010	28.9	−79.4%	Cons. · Japanese GAAP
FYE Mar 2011	-60.5	−309.6%	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 2011 ¥113bn

CAGR · 10 yrs +44.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2002	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2003	4.0	−2.9%	Cons. · Japanese GAAP
FYE Mar 2004	111	+2636.5%	Cons. · Japanese GAAP
FYE Mar 2005	190	+71.7%	Cons. · Japanese GAAP
FYE Mar 2006	111	−41.3%	Cons. · Japanese GAAP
FYE Mar 2007	166	+48.5%	Cons. · Japanese GAAP
FYE Mar 2008	97.0	−41.4%	Cons. · Japanese GAAP
FYE Mar 2009	114	+17.3%	Cons. · Japanese GAAP
FYE Mar 2010	112	−1.3%	Cons. · Japanese GAAP
FYE Mar 2011	113	+0.6%	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 2011 ¥62bn

Average · 10 yrs -¥78bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2002	-39.0	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-68.3	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-82.1	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-140	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-149	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-36.8	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-177	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-124	n/a	Cons. · Japanese GAAP
FYE Mar 2010	-30.2	n/a	Cons. · Japanese GAAP
FYE Mar 2011	62.4	n/a	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 2011 33.6%

Average · 10 yrs -0.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2002	-38.4	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-33.1	+5.2pp	Cons. · Japanese GAAP
FYE Mar 2004	-31.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2005	10.1	+41.2pp	Cons. · Japanese GAAP
FYE Mar 2006	14.0	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2007	20.4	+6.4pp	Cons. · Japanese GAAP
FYE Mar 2008	20.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2009	-14.6	−35.1pp	Cons. · Japanese GAAP
FYE Mar 2010	14.0	+28.7pp	Cons. · Japanese GAAP
FYE Mar 2011	33.6	+19.6pp	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 2011 -¥224bn

Average · 7 yrs -¥165bn

Fiscal year	Net cash ¥ bn	YoY	Basis
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	-76.9	−250.2%	Cons. · Japanese GAAP
FYE Mar 2007	-14.7	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-183	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-381	n/a	Cons. · Japanese GAAP
FYE Mar 2010	-327	n/a	Cons. · Japanese GAAP
FYE Mar 2011	-224	n/a	Cons. · Japanese GAAP

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

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Mar 2011 5,898people

Change · 10 yrs +5,268 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2002	630	n/a	Cons.
FYE Mar 2003	582	−7.6%	Cons.
FYE Mar 2004	2,069	+255.5%	Cons.
FYE Mar 2005	2,333	+12.8%	Cons.
FYE Mar 2006	2,518	+7.9%	Cons.
FYE Mar 2007	3,227	+28.2%	Cons.
FYE Mar 2008	3,477	+7.7%	Cons.
FYE Mar 2009	5,863	+68.6%	Cons.
FYE Mar 2010	6,099	+4.0%	Cons.
FYE Mar 2011	5,898	−3.3%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2011 3,190people

Change · 6 yrs +2,419 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2002	n/a	n/a	Parent
FYE Mar 2003	n/a	n/a	Parent
FYE Mar 2004	n/a	n/a	Parent
FYE Mar 2005	n/a	n/a	Parent
FYE Mar 2006	771	n/a	Parent
FYE Mar 2007	907	+17.6%	Parent
FYE Mar 2008	1,017	+12.1%	Parent
FYE Mar 2009	3,089	+203.7%	Parent
FYE Mar 2010	3,169	+2.6%	Parent
FYE Mar 2011	3,190	+0.7%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2011 ¥7.0m

Change · 6 yrs −¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2002	n/a	n/a	Parent
FYE Mar 2003	n/a	n/a	Parent
FYE Mar 2004	n/a	n/a	Parent
FYE Mar 2005	n/a	n/a	Parent
FYE Mar 2006	8.2	n/a	Parent
FYE Mar 2007	8.6	+5.4%	Parent
FYE Mar 2008	8.0	−7.6%	Parent
FYE Mar 2009	5.8	−26.9%	Parent
FYE Mar 2010	5.9	+1.3%	Parent
FYE Mar 2011	7.0	+17.9%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2011 6.3years

Change · 6 yrs +2.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2002	n/a	n/a	Parent
FYE Mar 2003	n/a	n/a	Parent
FYE Mar 2004	n/a	n/a	Parent
FYE Mar 2005	n/a	n/a	Parent
FYE Mar 2006	3.8	n/a	Parent
FYE Mar 2007	4.0	+5.8%	Parent
FYE Mar 2008	4.5	+10.4%	Parent
FYE Mar 2009	4.6	+3.1%	Parent
FYE Mar 2010	5.5	+18.5%	Parent
FYE Mar 2011	6.3	+15.4%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2011 ¥87.2m

Change · 10 yrs −¥37.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2002	124	n/a	Cons.
FYE Mar 2003	109	−12.5%	Cons.
FYE Mar 2004	48.5	−55.3%	Cons.
FYE Mar 2005	88.7	+82.8%	Cons.
FYE Mar 2006	95.9	+8.1%	Cons.
FYE Mar 2007	152	+58.3%	Cons.
FYE Mar 2008	117	−23.2%	Cons.
FYE Mar 2009	56.5	−51.6%	Cons.
FYE Mar 2010	76.6	+35.6%	Cons.
FYE Mar 2011	87.2	+13.9%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Mar 2011 ¥6.1m

Change · 7 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2002	n/a	n/a	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	6.5	n/a	Cons.
FYE Mar 2006	0.1	−99.1%	Cons.
FYE Mar 2007	21.2	+36974.7%	Cons.
FYE Mar 2008	-7.2	−133.8%	Cons.
FYE Mar 2009	-25.1	n/a	Cons.
FYE Mar 2010	4.4	n/a	Cons.
FYE Mar 2011	6.1	+37.9%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
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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