Financials

JVC (Victor Company of Japan): FYE Mar 2009 and ten years of results (42 metrics)

FYE Mar 2009 · Revenue¥462bnYoY −29.8%

FYE Mar 2009 · Operating profit-¥0.9bnYoY −128.6%

FYE Mar 2009 · Net profit-¥24bn

FYE Mar 2009 · Equity ratio34.2%YoY −2.1pp

FYE Mar 2009 · Group employees16,512YoY −2,532

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2000Consolidated	¥870bn	n/a	n/a	n/a	n/a	-¥5.3bn	—	The company takes a stake in the record label Teichiku
FYE Mar 2001Consolidated	¥934bn	+7.4%	n/a	n/a	n/a	¥2.5bn	—	An in-house company system is introduced
FYE Mar 2002Consolidated	¥954bn	+2.1%	n/a	n/a	n/a	-¥45bn	Terada Masahiko	—
FYE Mar 2003Consolidated	¥968bn	+1.4%	n/a	n/a	n/a	¥6.3bn	Terada Masahiko	The “Leap 21 Plan” is drawn up to transform the business structure
FYE Mar 2004Consolidated	¥922bn	−4.7%	¥25bn	n/a	2.7%	¥16bn	Terada Masahiko	—
FYE Mar 2005Consolidated	¥841bn	−8.8%	¥10bn	−58.8%	1.2%	-¥1.9bn	Terada Masahiko	—
FYE Mar 2006Consolidated	¥807bn	−4.0%	-¥6.9bn	−166.4%	-0.9%	-¥31bn	Terada Masahiko	—
FYE Mar 2007Consolidated	¥743bn	−8.0%	-¥5.7bn	n/a	-0.8%	-¥7.9bn	Terada Masahiko	—
FYE Mar 2008Consolidated	¥658bn	−11.3%	¥3.3bn	n/a	0.5%	-¥48bn	Terada Masahiko	A third-party share allotment is made to Kenwood
FYE Mar 2009Consolidated	¥462bn	−29.8%	-¥0.9bn	−128.6%	-0.2%	-¥24bn	Sato Kunihiko	The motor business is sold to a new company set up by Japan Industrial Partners

How it compares

JVC (Victor Company of Japan)Delisted 2008

JVCKenwood¥357bnFY2025Operating margin 5.8%PioneerDelisted 2019

Clarion Co., Ltd.Delisted 2019

Noritsu Koki¥119bnFY2025Operating margin 17.5%

Funai ElectricDelisted 2021

Akai ElectricDelisted 2000

AIWA CO., LTD.Delisted 2002

Nippon ColumbiaDelisted 2017

Onkyo CorporationDelisted 2021

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 2009 ¥462bn

CAGR · 10 yrs −6.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2000	870	n/a	Cons. · Japanese GAAP
FYE Mar 2001	934	+7.4%	Cons. · Japanese GAAP
FYE Mar 2002	954	+2.1%	Cons. · Japanese GAAP
FYE Mar 2003	968	+1.4%	Cons. · Japanese GAAP
FYE Mar 2004	922	−4.7%	Cons. · Japanese GAAP
FYE Mar 2005	841	−8.8%	Cons. · Japanese GAAP
FYE Mar 2006	807	−4.0%	Cons. · Japanese GAAP
FYE Mar 2007	743	−8.0%	Cons. · Japanese GAAP
FYE Mar 2008	658	−11.3%	Cons. · Japanese GAAP
FYE Mar 2009	462	−29.8%	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 2009 ¥309bn

CAGR · 6 yrs −13.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
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	629	n/a	Cons. · Japanese GAAP
FYE Mar 2005	565	−10.2%	Cons. · Japanese GAAP
FYE Mar 2006	551	−2.4%	Cons. · Japanese GAAP
FYE Mar 2007	503	−8.8%	Cons. · Japanese GAAP
FYE Mar 2008	437	−13.2%	Cons. · Japanese GAAP
FYE Mar 2009	309	−29.3%	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 2009 ¥154bn

CAGR · 6 yrs −12.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
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	293	n/a	Cons. · Japanese GAAP
FYE Mar 2005	276	−5.9%	Cons. · Japanese GAAP
FYE Mar 2006	256	−7.2%	Cons. · Japanese GAAP
FYE Mar 2007	240	−6.2%	Cons. · Japanese GAAP
FYE Mar 2008	222	−7.4%	Cons. · Japanese GAAP
FYE Mar 2009	154	−30.8%	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 2009 ¥154bn

CAGR · 6 yrs −10.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
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	268	n/a	Cons. · Japanese GAAP
FYE Mar 2005	265	−0.9%	Cons. · Japanese GAAP
FYE Mar 2006	263	−1.0%	Cons. · Japanese GAAP
FYE Mar 2007	245	−6.5%	Cons. · Japanese GAAP
FYE Mar 2008	219	−10.9%	Cons. · Japanese GAAP
FYE Mar 2009	154	−29.4%	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 2009 -¥0.9bn

Average · 6 yrs ¥4.2bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
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	25.2	n/a	Cons. · Japanese GAAP
FYE Mar 2005	10.4	−58.8%	Cons. · Japanese GAAP
FYE Mar 2006	-6.9	−166.4%	Cons. · Japanese GAAP
FYE Mar 2007	-5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2008	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-0.9	−128.6%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2009 ¥1.6bn

CAGR · 4 yrs −10.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2006	2.3	n/a	Cons. · Japanese GAAP
FYE Mar 2007	3.6	+59.4%	Cons. · Japanese GAAP
FYE Mar 2008	2.4	−33.4%	Cons. · Japanese GAAP
FYE Mar 2009	1.6	−32.3%	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 2009 ¥11bn

CAGR · 4 yrs +1.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
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	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2006	10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2007	9.7	−7.3%	Cons. · Japanese GAAP
FYE Mar 2008	13.6	+41.1%	Cons. · Japanese GAAP
FYE Mar 2009	11.0	−19.2%	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 2009 -¥10bn

Average · 8 yrs -¥2.0bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	-15.6	n/a	Cons. · Japanese GAAP
FYE Mar 2003	17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2004	20.2	+16.7%	Cons. · Japanese GAAP
FYE Mar 2005	7.3	−63.9%	Cons. · Japanese GAAP
FYE Mar 2006	-15.0	−306.5%	Cons. · Japanese GAAP
FYE Mar 2007	-11.7	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-10.3	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 2009 ¥11bn

CAGR · 5 yrs +17.4%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
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	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2006	3.4	−41.6%	Cons. · Japanese GAAP
FYE Mar 2007	21.4	+524.9%	Cons. · Japanese GAAP
FYE Mar 2008	15.6	−27.0%	Cons. · Japanese GAAP
FYE Mar 2009	11.1	−28.7%	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 2009 ¥22bn

CAGR · 5 yrs +27.7%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
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	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2006	10.5	+24.6%	Cons. · Japanese GAAP
FYE Mar 2007	7.1	−31.9%	Cons. · Japanese GAAP
FYE Mar 2008	39.7	+456.8%	Cons. · Japanese GAAP
FYE Mar 2009	22.4	−43.8%	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 2009 -¥24bn

Average · 10 yrs -¥14bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2000	-5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2001	2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2002	-44.6	−1890.0%	Cons. · Japanese GAAP
FYE Mar 2003	6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2004	15.6	+146.4%	Cons. · Japanese GAAP
FYE Mar 2005	-1.9	−111.9%	Cons. · Japanese GAAP
FYE Mar 2006	-30.6	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-7.9	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-47.5	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-24.4	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 2009 33.2%

Average · 6 yrs 32.6%

Fiscal year	Gross margin %	YoY	Basis
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	31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2005	32.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2006	31.7	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2007	32.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2008	33.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2009	33.2	−0.5pp	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 2009 -0.2%

Average · 6 yrs 0.4%

Fiscal year	Operating margin %	YoY	Basis
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	2.7	n/a	Cons. · Japanese GAAP
FYE Mar 2005	1.2	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2006	-0.9	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2007	-0.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2008	0.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2009	-0.2	−0.7pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2009 -2.2%

Average · 8 yrs -0.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	-1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2003	1.8	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2004	2.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2005	0.9	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2006	-1.9	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2007	-1.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2008	-1.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2009	-2.2	−1.0pp	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 2009 -5.3%

Average · 10 yrs -2.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2000	-0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2001	0.3	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2002	-4.7	−4.9pp	Cons. · Japanese GAAP
FYE Mar 2003	0.7	+5.3pp	Cons. · Japanese GAAP
FYE Mar 2004	1.7	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2005	-0.2	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2006	-3.8	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2007	-1.1	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2008	-7.2	−6.2pp	Cons. · Japanese GAAP
FYE Mar 2009	-5.3	+1.9pp	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 2009 66.8%

Average · 6 yrs 67.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
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	68.2	n/a	Cons. · Japanese GAAP
FYE Mar 2005	67.2	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2006	68.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2007	67.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2008	66.3	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2009	66.8	+0.5pp	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 2009 33.4%

Average · 6 yrs 32.1%

Fiscal year	SG&A ratio %	YoY	Basis
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	29.0	n/a	Cons. · Japanese GAAP
FYE Mar 2005	31.6	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2006	32.5	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2007	33.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2008	33.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2009	33.4	+0.2pp	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 2009 ¥258bn

CAGR · 8 yrs −9.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	513	n/a	Cons. · Japanese GAAP
FYE Mar 2003	480	−6.5%	Cons. · Japanese GAAP
FYE Mar 2004	507	+5.7%	Cons. · Japanese GAAP
FYE Mar 2005	467	−8.0%	Cons. · Japanese GAAP
FYE Mar 2006	447	−4.2%	Cons. · Japanese GAAP
FYE Mar 2007	421	−5.8%	Cons. · Japanese GAAP
FYE Mar 2008	315	−25.1%	Cons. · Japanese GAAP
FYE Mar 2009	258	−18.1%	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 2009 ¥88bn

CAGR · 8 yrs −7.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	146	n/a	Cons. · Japanese GAAP
FYE Mar 2003	146	+0.1%	Cons. · Japanese GAAP
FYE Mar 2004	159	+8.8%	Cons. · Japanese GAAP
FYE Mar 2005	158	−0.7%	Cons. · Japanese GAAP
FYE Mar 2006	136	−13.9%	Cons. · Japanese GAAP
FYE Mar 2007	134	−1.8%	Cons. · Japanese GAAP
FYE Mar 2008	114	−14.7%	Cons. · Japanese GAAP
FYE Mar 2009	88.1	−22.8%	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 2009 ¥80bn

CAGR · 5 yrs −5.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
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	101	n/a	Cons. · Japanese GAAP
FYE Mar 2006	124	+22.1%	Cons. · Japanese GAAP
FYE Mar 2007	116	−5.9%	Cons. · Japanese GAAP
FYE Mar 2008	70.3	−39.6%	Cons. · Japanese GAAP
FYE Mar 2009	79.5	+13.1%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2009 ¥37bn

CAGR · 5 yrs −8.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
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	54.4	n/a	Cons. · Japanese GAAP
FYE Mar 2006	63.5	+16.7%	Cons. · Japanese GAAP
FYE Mar 2007	79.0	+24.5%	Cons. · Japanese GAAP
FYE Mar 2008	27.0	−65.8%	Cons. · Japanese GAAP
FYE Mar 2009	37.5	+38.6%	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 2009 ¥0.0bn

Average · 5 yrs ¥7.5bn

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
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	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	30.2	+8657.7%	Cons. · Japanese GAAP
FYE Mar 2007	6.7	−77.8%	Cons. · Japanese GAAP
FYE Mar 2008	0.1	−98.8%	Cons. · Japanese GAAP
FYE Mar 2009	0.0	−100.0%	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 2009 ¥42bn

CAGR · 5 yrs −2.5%

Fiscal year	Bonds ¥ bn	YoY	Basis
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	46.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	30.0	−35.6%	Cons. · Japanese GAAP
FYE Mar 2007	30.6	+2.1%	Cons. · Japanese GAAP
FYE Mar 2008	43.2	+40.9%	Cons. · Japanese GAAP
FYE Mar 2009	42.0	−2.6%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2009 ¥0.0m

Average · 5 yrs ¥0.0m

Fiscal year	Goodwill ¥ m	YoY	Basis
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
FYE Mar 2008	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2009	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 2009 34.2%

Average · 8 yrs 32.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2000	n/a	n/a	n/a
FYE Mar 2001	n/a	n/a	n/a
FYE Mar 2002	28.5	n/a	Cons. · Japanese GAAP
FYE Mar 2003	30.5	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2004	31.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2005	33.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2006	30.5	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2007	31.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2008	36.2	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2009	34.2	−2.1pp	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 2009 90.2%

Average · 5 yrs 78.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
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	64.0	n/a	Cons. · Japanese GAAP
FYE Mar 2006	90.7	+26.7pp	Cons. · Japanese GAAP
FYE Mar 2007	87.0	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2008	61.6	−25.4pp	Cons. · Japanese GAAP
FYE Mar 2009	90.2	+28.6pp	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 2009 -27.6%

Average · 8 yrs -14.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	-30.5	n/a	Cons. · Japanese GAAP
FYE Mar 2003	4.3	+34.8pp	Cons. · Japanese GAAP
FYE Mar 2004	9.8	+5.5pp	Cons. · Japanese GAAP
FYE Mar 2005	-1.2	−11.0pp	Cons. · Japanese GAAP
FYE Mar 2006	-22.5	−21.3pp	Cons. · Japanese GAAP
FYE Mar 2007	-5.9	+16.6pp	Cons. · Japanese GAAP
FYE Mar 2008	-41.6	−35.7pp	Cons. · Japanese GAAP
FYE Mar 2009	-27.6	+14.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2009 -9.4%

Average · 8 yrs -4.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	-8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	1.3	+10.0pp	Cons. · Japanese GAAP
FYE Mar 2004	3.1	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2005	-0.4	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2006	-6.9	−6.5pp	Cons. · Japanese GAAP
FYE Mar 2007	-1.9	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2008	-15.1	−13.2pp	Cons. · Japanese GAAP
FYE Mar 2009	-9.4	+5.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2009 1.79×

CAGR · 8 yrs −0.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2001	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2002	1.86	n/a	Cons. · Japanese GAAP
FYE Mar 2003	2.02	+8.5%	Cons. · Japanese GAAP
FYE Mar 2004	1.82	−9.9%	Cons. · Japanese GAAP
FYE Mar 2005	1.80	−0.9%	Cons. · Japanese GAAP
FYE Mar 2006	1.81	+0.2%	Cons. · Japanese GAAP
FYE Mar 2007	1.77	−2.2%	Cons. · Japanese GAAP
FYE Mar 2008	2.09	+18.4%	Cons. · Japanese GAAP
FYE Mar 2009	1.79	−14.3%	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 2009 -¥8.2bn

Average · 5 yrs ¥2.4bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	-6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2006	23.6	n/a	Cons. · Japanese GAAP
FYE Mar 2007	12.1	−48.7%	Cons. · Japanese GAAP
FYE Mar 2008	-9.2	−176.3%	Cons. · Japanese GAAP
FYE Mar 2009	-8.2	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 2009 -¥11bn

Average · 5 yrs -¥9.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	-13.9	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-25.3	n/a	Cons. · Japanese GAAP
FYE Mar 2007	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2008	3.9	+858.0%	Cons. · Japanese GAAP
FYE Mar 2009	-10.7	−374.7%	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 2009 ¥11bn

Average · 5 yrs -¥6.1bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	-15.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2009	11.4	n/a	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 2009 ¥35bn

CAGR · 5 yrs −13.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	62.7	n/a	Cons. · Japanese GAAP
FYE Mar 2006	60.1	−4.1%	Cons. · Japanese GAAP
FYE Mar 2007	70.0	+16.5%	Cons. · Japanese GAAP
FYE Mar 2008	43.4	−38.0%	Cons. · Japanese GAAP
FYE Mar 2009	35.3	−18.8%	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 2009 -¥19bn

Average · 5 yrs -¥6.7bn

Fiscal year	FCF ¥ bn	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	-20.1	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-1.7	n/a	Cons. · Japanese GAAP
FYE Mar 2007	12.5	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-5.3	−142.7%	Cons. · Japanese GAAP
FYE Mar 2009	-18.9	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 2009 -1.8%

Average · 5 yrs 0.1%

Fiscal year	OCF margin %	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	-0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2006	2.9	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2007	1.6	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2008	-1.4	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2009	-1.8	−0.4pp	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 2009 -¥44bn

Average · 5 yrs -¥44bn

Fiscal year	Net cash ¥ bn	YoY	Basis
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	n/a
FYE Mar 2003	n/a	n/a	n/a
FYE Mar 2004	n/a	n/a	n/a
FYE Mar 2005	-38.6	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-63.5	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-46.3	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-26.8	n/a	Cons. · Japanese GAAP
FYE Mar 2009	-44.2	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 2009 16,512people

Change · 4 yrs −13,969 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons.
FYE Mar 2001	n/a	n/a	Cons.
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	n/a	n/a	Cons.
FYE Mar 2006	30,481	n/a	Cons.
FYE Mar 2007	26,851	−11.9%	Cons.
FYE Mar 2008	19,044	−29.1%	Cons.
FYE Mar 2009	16,512	−13.3%	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 2009 3,460people

Change · 4 yrs −3,142 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2000	n/a	n/a	Parent
FYE Mar 2001	n/a	n/a	Parent
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	6,602	n/a	Parent
FYE Mar 2007	6,490	−1.7%	Parent
FYE Mar 2008	4,423	−31.8%	Parent
FYE Mar 2009	3,460	−21.8%	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 2009 ¥7.2m

Change · 4 yrs −¥0.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2000	n/a	n/a	Parent
FYE Mar 2001	n/a	n/a	Parent
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	7.5	n/a	Parent
FYE Mar 2007	7.6	+0.9%	Parent
FYE Mar 2008	7.2	−5.6%	Parent
FYE Mar 2009	7.2	+0.9%	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 2009 21.5years

Change · 4 yrs +1.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2000	n/a	n/a	Parent
FYE Mar 2001	n/a	n/a	Parent
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	20.0	n/a	Parent
FYE Mar 2007	21.0	+5.0%	Parent
FYE Mar 2008	20.7	−1.4%	Parent
FYE Mar 2009	21.5	+3.9%	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 2009 ¥28.0m

Change · 4 yrs +¥1.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons.
FYE Mar 2001	n/a	n/a	Cons.
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	n/a	n/a	Cons.
FYE Mar 2006	26.5	n/a	Cons.
FYE Mar 2007	27.7	+4.5%	Cons.
FYE Mar 2008	34.6	+25.0%	Cons.
FYE Mar 2009	28.0	−19.1%	Cons.

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

Operating profit per employee

FYE Mar 2009 -¥0.1m

Change · 4 yrs +¥0.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2000	n/a	n/a	Cons.
FYE Mar 2001	n/a	n/a	Cons.
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	n/a	n/a	Cons.
FYE Mar 2006	-0.2	n/a	Cons.
FYE Mar 2007	-0.2	n/a	Cons.
FYE Mar 2008	0.2	n/a	Cons.
FYE Mar 2009	-0.1	−133.0%	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.

Accuracy, liability, reuse and privacy — the full disclaimer →

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