Financials

Isetan Co., Ltd.: FYE Mar 2008 and ten years of results (33 metrics)

FYE Mar 2008 · Revenue¥786bnYoY +0.5%

FYE Mar 2008 · Operating profit¥33bnYoY +3.6%

FYE Mar 2008 · Net profit¥14bnYoY −24.8%

FYE Mar 2008 · Equity ratio43.6%YoY +1.9pp

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Nov 1982Parent only	¥265bn	n/a	n/a	n/a	n/a	¥4.5bn	Kosuge Tanji	—
FYE Nov 1983Parent only	¥271bn	+2.3%	n/a	n/a	n/a	¥4.7bn	Kosuge Tanji	—
FYE Nov 1984Parent only	¥282bn	+4.2%	n/a	n/a	n/a	¥3.0bn	Kosuge Tanji	—
FYE Mar 2002Consolidated	¥616bn	+118.1%	n/a	n/a	n/a	¥13bn	Koshiba Kazumasa	—
FYE Mar 2003Consolidated	¥602bn	−2.2%	n/a	n/a	n/a	¥7.7bn	Muto Nobukazu	—
FYE Mar 2004Consolidated	¥615bn	+2.1%	n/a	n/a	n/a	-¥3.1bn	Muto Nobukazu	The Men’s Building — a full rebuild with no added floor space
FYE Mar 2005Consolidated	¥629bn	+2.3%	¥19bn	n/a	3.1%	¥13bn	Muto Nobukazu	—
FYE Mar 2006Consolidated	¥760bn	+20.8%	¥30bn	+56.6%	4.0%	¥19bn	Muto Nobukazu	Iwataya acquired by tender offer
FYE Mar 2007Consolidated	¥782bn	+2.9%	¥32bn	+7.3%	4.1%	¥18bn	Muto Nobukazu	—
FYE Mar 2008Consolidated	¥786bn	+0.5%	¥33bn	+3.6%	4.3%	¥14bn	Muto Nobukazu	—

How it compares

DaimaruDelisted 2007

Isetan Co., Ltd.Delisted 2008

Mitsukoshi, Ltd.Delisted 2008

H2O Retailing¥680bnFY2025Operating margin 4.8%

Isetan Mitsukoshi Holdings¥546bnFY2025Operating margin 14.7%Takashimaya¥492bnFY2025Operating margin 10.9%J. Front Retailing¥445bnFY2025Operating margin 11.0%

Hankyu Department StoresDissolved 2007

MatsuzakayaDelisted 2007

Marui Group¥277bnFY2025Operating margin 18.1%

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 2008 ¥786bn

CAGR · 10 yrs +12.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Nov 1982	265	n/a	Parent · Japanese GAAP
FYE Nov 1983	271	+2.3%	Parent · Japanese GAAP
FYE Nov 1984	282	+4.2%	Parent · Japanese GAAP
FYE Mar 2002	616	moved to consolidated	Cons.
FYE Mar 2003	602	−2.2%	Cons.
FYE Mar 2004	615	+2.1%	Cons.
FYE Mar 2005	629	+2.3%	Cons.
FYE Mar 2006	760	+20.8%	Cons.
FYE Mar 2007	782	+2.9%	Cons.
FYE Mar 2008	786	+0.5%	Cons.

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 2008 ¥559bn

CAGR · 4 yrs +7.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	446	n/a	Cons.
FYE Mar 2006	538	+20.6%	Cons.
FYE Mar 2007	556	+3.3%	Cons.
FYE Mar 2008	559	+0.6%	Cons.

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

Gross profit

FYE Mar 2008 ¥227bn

CAGR · 4 yrs +7.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	183	n/a	Cons.
FYE Mar 2006	222	+21.3%	Cons.
FYE Mar 2007	226	+1.8%	Cons.
FYE Mar 2008	227	+0.4%	Cons.

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 2008 ¥193bn

CAGR · 4 yrs +5.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	164	n/a	Cons.
FYE Mar 2006	192	+17.2%	Cons.
FYE Mar 2007	193	+0.9%	Cons.
FYE Mar 2008	193	−0.1%	Cons.

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 2008 ¥33bn

CAGR · 4 yrs +20.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	19.2	n/a	Cons.
FYE Mar 2006	30.1	+56.6%	Cons.
FYE Mar 2007	32.3	+7.3%	Cons.
FYE Mar 2008	33.4	+3.6%	Cons.

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

Ordinary profit keijo rieki

FYE Mar 2008 ¥34bn

CAGR · 10 yrs +14.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Nov 1982	9.8	n/a	Parent · Japanese GAAP
FYE Nov 1983	10.3	+5.1%	Parent · Japanese GAAP
FYE Nov 1984	10.6	+2.9%	Parent · Japanese GAAP
FYE Mar 2002	21.7	moved to consolidated	Cons.
FYE Mar 2003	17.1	−21.1%	Cons.
FYE Mar 2004	16.2	−5.6%	Cons.
FYE Mar 2005	21.9	+35.6%	Cons.
FYE Mar 2006	30.9	+41.2%	Cons.
FYE Mar 2007	33.4	+8.1%	Cons.
FYE Mar 2008	33.7	+0.8%	Cons.

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

Net profit profit attributable to owners of the parent

FYE Mar 2008 ¥14bn

CAGR · 10 yrs +13.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Nov 1982	4.5	n/a	Parent · Japanese GAAP
FYE Nov 1983	4.7	+4.4%	Parent · Japanese GAAP
FYE Nov 1984	3.0	−36.2%	Parent · Japanese GAAP
FYE Mar 2002	12.5	moved to consolidated	Cons.
FYE Mar 2003	7.7	−38.5%	Cons.
FYE Mar 2004	-3.1	−140.2%	Cons.
FYE Mar 2005	12.6	n/a	Cons.
FYE Mar 2006	18.7	+48.3%	Cons.
FYE Mar 2007	18.3	−2.2%	Cons.
FYE Mar 2008	13.8	−24.8%	Cons.

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

Gross margin

FYE Mar 2008 28.8%

Average · 4 yrs 29.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	29.1	n/a	Cons.
FYE Mar 2006	29.2	+0.1pp	Cons.
FYE Mar 2007	28.9	−0.3pp	Cons.
FYE Mar 2008	28.8	−0.0pp	Cons.

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

Operating margin

FYE Mar 2008 4.3%

Average · 4 yrs 3.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	3.1	n/a	Cons.
FYE Mar 2006	4.0	+0.9pp	Cons.
FYE Mar 2007	4.1	+0.2pp	Cons.
FYE Mar 2008	4.3	+0.1pp	Cons.

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

Ordinary margin

FYE Mar 2008 4.3%

Average · 10 yrs 3.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Nov 1982	3.7	n/a	Parent · Japanese GAAP
FYE Nov 1983	3.8	+0.1pp	Parent · Japanese GAAP
FYE Nov 1984	3.8	−0.0pp	Parent · Japanese GAAP
FYE Mar 2002	3.5	moved to consolidated	Cons.
FYE Mar 2003	2.8	−0.7pp	Cons.
FYE Mar 2004	2.6	−0.2pp	Cons.
FYE Mar 2005	3.5	+0.9pp	Cons.
FYE Mar 2006	4.1	+0.6pp	Cons.
FYE Mar 2007	4.3	+0.2pp	Cons.
FYE Mar 2008	4.3	−0.0pp	Cons.

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

Net margin

FYE Mar 2008 1.8%

Average · 10 yrs 1.6%

Fiscal year	Net margin %	YoY	Basis
FYE Nov 1982	1.7	n/a	Parent · Japanese GAAP
FYE Nov 1983	1.7	−0.0pp	Parent · Japanese GAAP
FYE Nov 1984	1.1	−0.7pp	Parent · Japanese GAAP
FYE Mar 2002	2.0	moved to consolidated	Cons.
FYE Mar 2003	1.3	−0.8pp	Cons.
FYE Mar 2004	-0.5	−1.8pp	Cons.
FYE Mar 2005	2.0	+2.5pp	Cons.
FYE Mar 2006	2.5	+0.5pp	Cons.
FYE Mar 2007	2.3	−0.1pp	Cons.
FYE Mar 2008	1.8	−0.6pp	Cons.

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

Cost-of-sales ratio

FYE Mar 2008 71.2%

Average · 4 yrs 71.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	70.9	n/a	Cons.
FYE Mar 2006	70.8	−0.1pp	Cons.
FYE Mar 2007	71.1	+0.3pp	Cons.
FYE Mar 2008	71.2	−0.0pp	Cons.

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 2008 24.6%

Average · 4 yrs 25.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	n/a	moved to consolidated	Cons.
FYE Mar 2003	n/a	n/a	Cons.
FYE Mar 2004	n/a	n/a	Cons.
FYE Mar 2005	26.0	n/a	Cons.
FYE Mar 2006	25.2	−0.8pp	Cons.
FYE Mar 2007	24.7	−0.5pp	Cons.
FYE Mar 2008	24.6	−0.2pp	Cons.

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 2008 ¥467bn

CAGR · 7 yrs +0.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	449	n/a	Cons.
FYE Mar 2003	421	−6.2%	Cons.
FYE Mar 2004	424	+0.6%	Cons.
FYE Mar 2005	462	+9.0%	Cons.
FYE Mar 2006	494	+6.9%	Cons.
FYE Mar 2007	475	−3.8%	Cons.
FYE Mar 2008	467	−1.8%	Cons.

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

Equity net assets, shareholders' equity

FYE Mar 2008 ¥204bn

CAGR · 7 yrs +5.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	150	n/a	Cons.
FYE Mar 2003	155	+2.8%	Cons.
FYE Mar 2004	153	−1.0%	Cons.
FYE Mar 2005	164	+7.1%	Cons.
FYE Mar 2006	195	+18.8%	Cons.
FYE Mar 2007	199	+1.9%	Cons.
FYE Mar 2008	204	+2.6%	Cons.

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 2008 ¥45bn

CAGR · 4 yrs −26.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	112	n/a	Cons.
FYE Mar 2006	89.2	−20.5%	Cons.
FYE Mar 2007	60.5	−32.2%	Cons.
FYE Mar 2008	44.7	−26.1%	Cons.

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

Short-term borrowings

FYE Mar 2008 ¥24bn

CAGR · 4 yrs −13.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	37.0	n/a	Cons.
FYE Mar 2006	36.5	−1.4%	Cons.
FYE Mar 2007	27.5	−24.7%	Cons.
FYE Mar 2008	23.7	−13.7%	Cons.

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

Long-term borrowings

FYE Mar 2008 ¥11bn

CAGR · 4 yrs −28.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	30.1	n/a	Cons.
FYE Mar 2006	7.7	−74.6%	Cons.
FYE Mar 2007	3.0	−60.8%	Cons.
FYE Mar 2008	11.0	+266.7%	Cons.

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

Bonds

FYE Mar 2008 ¥10bn

CAGR · 4 yrs −39.4%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	45.0	n/a	Cons.
FYE Mar 2006	45.0	−0.0%	Cons.
FYE Mar 2007	30.0	−33.3%	Cons.
FYE Mar 2008	10.0	−66.7%	Cons.

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

Intangible assets

FYE Mar 2008 ¥10.0bn

CAGR · 4 yrs +8.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	7.8	n/a	Cons.
FYE Mar 2006	3.8	−51.6%	Cons.
FYE Mar 2007	3.5	−7.2%	Cons.
FYE Mar 2008	10.0	+183.8%	Cons.

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

Goodwill

FYE Mar 2008 ¥0.0m

Average · 4 yrs ¥0.0m

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	0.0	n/a	Cons.
FYE Mar 2006	0.0	n/a	Cons.
FYE Mar 2007	0.0	n/a	Cons.
FYE Mar 2008	0.0	n/a	Cons.

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 2008 43.6%

Average · 7 yrs 38.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	33.5	n/a	Cons.
FYE Mar 2003	36.7	+3.2pp	Cons.
FYE Mar 2004	36.2	−0.6pp	Cons.
FYE Mar 2005	35.5	−0.6pp	Cons.
FYE Mar 2006	39.5	+4.0pp	Cons.
FYE Mar 2007	41.8	+2.3pp	Cons.
FYE Mar 2008	43.6	+1.9pp	Cons.

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 2008 22.0%

Average · 4 yrs 41.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
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	68.4	n/a	Cons.
FYE Mar 2006	45.8	−22.6pp	Cons.
FYE Mar 2007	30.5	−15.3pp	Cons.
FYE Mar 2008	22.0	−8.5pp	Cons.

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

ROE return on equity

FYE Mar 2008 6.8%

Average · 7 yrs 6.4%

Fiscal year	ROE %	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	8.3	moved to consolidated	Cons.
FYE Mar 2003	5.0	−3.3pp	Cons.
FYE Mar 2004	-2.0	−7.0pp	Cons.
FYE Mar 2005	7.7	+9.7pp	Cons.
FYE Mar 2006	9.6	+1.9pp	Cons.
FYE Mar 2007	9.2	−0.4pp	Cons.
FYE Mar 2008	6.8	−2.5pp	Cons.

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

ROA return on assets

FYE Mar 2008 2.9%

Average · 7 yrs 2.5%

Fiscal year	ROA %	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	2.8	moved to consolidated	Cons.
FYE Mar 2003	1.8	−1.0pp	Cons.
FYE Mar 2004	-0.7	−2.6pp	Cons.
FYE Mar 2005	2.7	+3.5pp	Cons.
FYE Mar 2006	3.8	+1.1pp	Cons.
FYE Mar 2007	3.9	+0.1pp	Cons.
FYE Mar 2008	2.9	−0.9pp	Cons.

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

Asset turnover

FYE Mar 2008 1.68×

CAGR · 7 yrs +3.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Nov 1982	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1983	n/a	n/a	Parent · Japanese GAAP
FYE Nov 1984	n/a	n/a	Parent · Japanese GAAP
FYE Mar 2002	1.37	moved to consolidated	Cons.
FYE Mar 2003	1.43	+4.3%	Cons.
FYE Mar 2004	1.45	+1.5%	Cons.
FYE Mar 2005	1.36	−6.1%	Cons.
FYE Mar 2006	1.54	+13.0%	Cons.
FYE Mar 2007	1.65	+6.9%	Cons.
FYE Mar 2008	1.68	+2.3%	Cons.

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 2008 ¥29bn

CAGR · 7 yrs −1.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	31.7	n/a	Cons. · Japanese GAAP
FYE Mar 2003	26.0	−18.1%	Cons. · Japanese GAAP
FYE Mar 2004	9.8	−62.4%	Cons. · Japanese GAAP
FYE Mar 2005	28.5	+192.5%	Cons. · Japanese GAAP
FYE Mar 2006	35.6	+24.6%	Cons. · Japanese GAAP
FYE Mar 2007	35.5	−0.1%	Cons. · Japanese GAAP
FYE Mar 2008	28.8	−19.0%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2008 -¥23bn

Average · 7 yrs -¥3.6bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-9.4	−173.2%	Cons. · Japanese GAAP
FYE Mar 2004	-15.0	n/a	Cons. · Japanese GAAP
FYE Mar 2005	8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2006	1.4	−83.7%	Cons. · Japanese GAAP
FYE Mar 2007	-1.0	−170.8%	Cons. · Japanese GAAP
FYE Mar 2008	-22.6	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 2008 -¥12bn

Average · 7 yrs -¥27bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	-41.4	n/a	Cons. · Japanese GAAP
FYE Mar 2003	-29.5	n/a	Cons. · Japanese GAAP
FYE Mar 2004	-9.1	n/a	Cons. · Japanese GAAP
FYE Mar 2005	-37.9	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-38.8	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-11.8	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 2008 ¥27bn

CAGR · 7 yrs −10.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	51.5	n/a	Cons. · Japanese GAAP
FYE Mar 2003	38.2	−25.8%	Cons. · Japanese GAAP
FYE Mar 2004	23.4	−38.8%	Cons. · Japanese GAAP
FYE Mar 2005	22.2	−5.1%	Cons. · Japanese GAAP
FYE Mar 2006	36.3	+63.5%	Cons. · Japanese GAAP
FYE Mar 2007	33.0	−9.1%	Cons. · Japanese GAAP
FYE Mar 2008	27.2	−17.6%	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 2008 ¥6.1bn

CAGR · 7 yrs −28.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	44.6	n/a	Cons. · Japanese GAAP
FYE Mar 2003	16.6	−62.8%	Cons. · Japanese GAAP
FYE Mar 2004	-5.2	−131.5%	Cons. · Japanese GAAP
FYE Mar 2005	36.8	n/a	Cons. · Japanese GAAP
FYE Mar 2006	36.9	+0.2%	Cons. · Japanese GAAP
FYE Mar 2007	34.6	−6.4%	Cons. · Japanese GAAP
FYE Mar 2008	6.1	−82.3%	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 2008 3.7%

Average · 7 yrs 4.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	n/a	n/a	n/a
FYE Mar 2002	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2003	4.3	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2004	1.6	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2005	4.5	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2006	4.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2007	4.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2008	3.7	−0.9pp	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 2008 -¥18bn

Average · 4 yrs -¥47bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Nov 1982	n/a	n/a	n/a
FYE Nov 1983	n/a	n/a	n/a
FYE Nov 1984	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	-89.9	n/a	Cons. · Japanese GAAP
FYE Mar 2006	-52.8	n/a	Cons. · Japanese GAAP
FYE Mar 2007	-27.5	n/a	Cons. · Japanese GAAP
FYE Mar 2008	-17.5	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)

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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